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When you own a building that has numerous families in it, you own a multifamily property. The management of this property is thus called as multifamily property management. In order to stay on top of your game, you need to know about the latest trends in the industry. In this article, we will talk about multifamily property management and its current trends.
Some people may have some prejudges about owning multifamily properties. The main prejudge is that the owners of those properties have easy, that they just sit back and watch the money coming in. However, multifamily property management is not an easy task. There is a big list of challenges managers need to face.
There are two options when it comes to managing your properties:
And finding a good property manager to do all the work for you is not an easy task by any stretch of the imagination. Keep in mind, you need to find a person that has extensive knowledge of:
Naturally, it is up to the owner to decide how much the manager will have. A system needs to be put in place if you decide to hire a property manager. On the other hand, you can find a multifamily property management company like Buildium to help you with everything.
Now that you’re aware of what multifamily property is, let’s take a look at some of the biggest trends in the industry…
Investing in a little luxury can go a long way. That’s because small luxurious touches can attract tenants who want an apartment. This is a good idea especially if your property needs renovation. If you can’t afford to bring your apartment to the luxury market, no worries. You can still target the middle-class tenants, which means investing even less money into the property.
But, if you want that luxury touch, your property should include things such as:
There are two types of people that multifamily properties in the urban part of cities are trying to attract. The first are family people with children and second are younger people who want to experience the genuine urban lifestyle. Well-located property that is professionally landscaped and maintained, is what unites both of those groups. There are some things you can do to attract both groups.
For example, you could invest in soundproofing so that younger people wouldn’t bother their neighbors. Another option is to turn one of the rooms on your property into a mini-nursery. Meeting the demands and needs of those groups by investing in some of their needs will attract them. And by attracting them, your profits will rise, and you can invest further.
There is a number of multifamily property management companies that advising owners to look into sustainable properties. By offering pet-friendly or eco-friendly apartments, you will set your apartments apart from other at the market. And if you care for the environment, you should also consider the moral benefits of this.
And from the look of things, more and more people are looking into sustainable living every year. You can create a community of satisfied renters, which intend to stay there for a long time. After a couple of years, you’ll even have enough money to upgrade your property with energy-efficient windows and solar panels and in turn, start charging more.
This trend is so huge, that you can actually find some multifamily property management software that can help you with it. We’re talking about micro-apartments. As the name suggests, these are small apartments that are drawing young single people, who just need a roof over their head. These young people are looking for simplicity and not anything fancy.
These kinds of apartments are popular in big cities, such as New York, Chicago, Miami etc. People who turned their multifamily properties into micro-apartments have made a risk, however, it seems that the risk is paying off very well for them. Be the first person in your city to have this kind of property, and you'll definitely see a return on your investment.
If your apartments are completely stripped of any kind of technology, it means you are falling back behind. In recent times, tenants are expecting their apartments to have all of the new technology, including Wi-Fi, fiber optics, and smart home appliances. You need to make sure that their expectations are met if you don’t want to have an outdated property on your hands.
And this doesn't mean that you should 10K for a smart fridge to impress possible tenants. All you need to do is get a couple of appliances and put them in prominent places around the apartment. Considering the recent technological advancements, unlike the other trends that may come and go, this one is here to stay, so be prepared to make some much-needed improvements to your property.
Following the market trends in your line of work is something that is very important if you want to head a successful business. In this article, we talked about multifamily property management and trends in the multifamily properties market.
We talked about skills and experiences that a property manager needs to have to do his work successfully. As we said earlier, some of those trends might be strange for some conservative people, but those can be very good for their business. We hope this article was helpful and informative.