From global institutional investors to the couple looking for income during retirement, it seems like everyone is trying to get a piece of the U.S. multifamily market these days. Dive into the demographic and economic factors pushing apartment fundamentals upwards, and it’s easy to see why.
As a recent post on ALEX Chatter points out, one of the most important decisions an apartment owner can make is whether to run a self-managed asset or bring in professional help:
“No one has better incentive to take care of a property than its owner. That being said, there is a good chance that the eyesore of an apartment community you pass on your daily commute — you know, the one with the abandoned Buick in the parking lot — is not being run by a professional management company. If you don’t have the time, dedication and experience needed to provide a hospitable living environment, you should probably hire a reputable firm.”
The post goes on to examine five crucial considerations that property managers should address to optimize performance and best meet the demands of today’s renter.
Whether developing a plan to deal with resident packages or instituting a pet policy, these property management decisions will set the tone for daily life at your property. Though these policies seem minor on the surface, they combine to exert a significant influence on your overall return.