🏞️ Managing an Apartment Complex
Hand Off - Keys
- Get your KPIs ready for your business plan
- Get access to Appfolio or whatever software
- Reiterate business plan with your PM
Building Organization
Management Office
💡 Don’t use the model unit
- Closer to road parking lot is better
- Recreation facility is best place to have office
- Sunday will be the busiest day
- Monday eve is next
Model Units
- Pick less desirable units. Better layouts lease faster
- First floor unit is preferable
- Use good quality decor
- Be willing to rent the model
- No music, clean it often
Recreation Rooms
- 2 guests max with tenants
- Charge guest fees for more
Laundry
- 1 laundry pair to 12 apartments
- Lease out to local vendors
- Set your prices, not the leasing company
Vending Machines
- Two is better than one. If someone can find the study, I heard this somewhere once that multiple machines generate more money per machine
- Lease out to local vendors
Lobby and Hallways
Paintings
- Murals are harder to steal
Doors
- Laquer and polish
- Use 3 digits, it will be easier for people to find
Parking
- Don't reserve numbers. It'll be more annoying for you later on - unless you charge for reserved spots
- Put bike racks or lockers outside or else your tenants will put them in your units
- ADA requires 5-10% of parking to be for disabled.
Managing your maintenance
Maintenance
- No cannabalizing supplies from other apartments
Security
- Gates always break and are annoying to maintain
- Exterior LED lighting (~$130/door) + security cameras will be cheaper and better at deterrence
- Lighting should be cool, aimed away from windows
- Lightingdoesn’t necessarily deter crime, but it does make people feel more safe
- Security guards are the most safe, but also most expensive
Complaints about Others
Talk face to face first
Complaints about Apartments
Resolve issues within 24 hours
Afternoon problems should be solved by the next morning to satisfy tenants
Complaints about Property
Request for complaints
Emergencies
- Flooding from plumbing
- AC and Heater during worst times of year
- Damage by wind, storm, or fire
- Security worries
- Sewer back up
- Electrical failures
Policies
Washing and polishing cars ok. Repairs are not
Pets need governing rules
Music needs rules
No water beds
Guest limits of 4. If they stay longer than a month, they should be on the lease
Resident abuse of property often happens without them realizing. Talk once, if it continues then mutually agree to end lease. Court cases and eviction last
Remove tenants who do illegal things. You’ll be liable if you turn a blind eye
Be fair on security deposits because word spreads. Do a final inspection while tenant is there ideally to explain issues and resolve them on the way out
American Arbitration Association will be cheaper than an actual lawsuit
To document
Flower beds and type
Parking lots. How many spaces & handicaps
Mechanical equipment
- AC units using freon or puron, SEER ratings
- locations, bar codes, manufacturer, model number
Utilities underground. Cables and pipe enter the property, where is shut off
Where does water and sewer enter, piping size
Lighting. Wattage for mounted lighted and brand
How many roofs and the square footage, age, insulation tpe