Category Archives for Blog

Landscaping the Right Way to Add Character to Your Apartment

Landscaping is an important way of increasing Occupancy and retention rates for your apartment building. Green long shady trees laced with pretty flower beds always attract people. landscaping is the best way to improve the curb appeal of your apartment. When you have beautiful well-maintained landscaping around your property it tells the potential renters that the managers here take care of the place well.

Some ideas to create the best landscaping appeal include

  • Make your apartment entrance inviting, appealing, and give a sense of safety.
  • Grow trees and shrubs at the right places to soften the effect of an
  • imposing effect of the multi storey building.
  • Add color to your front entrance with attractive flower beds and flower shrubs
  • Provide a nice well-decorated place to sit and chat together and highlight this area with a fountain or a unique water future.
  • In case of an expansive campus breakup the area with good line of flower beds and attractive shrubs lined with well-laid walkways
  • Add an attractive common area for your renters to relax and gather with lots of natural shade with a fountain or an artificial pond
  • Create well-marked walkways with clear directions so that people using your building avoid walking on the surrounding landscaping features
  • To add character to your property plant more trees and take care of them well

Marketing For A Multifamily Business

Marketing is the crux of your business and as an apartment marketer your primary the aim must be to bring in new renters to your apartment. There are many types of marketing methods to market your apartment property but you have to select them based on how you want to reach your marketing goals.

By utilizing outreach marketing as a way to reach your renters, it is very effective in going out to do direct marketing and seeking prospective renters to your building without waiting for them to come to your doorstep.

In this the era of digital marketing social media advertising is one of the most effective and cost-efficient marketing channels for your apartment. You can use the facilities for marketing available on Face book, Instagram, Twitter, etc and target your audience with pinpoint precision.

Word of mouth, a referral is a very effective marketing medium for your apartments. To achieve loyalty and find a sense of belonging conduct events in your property and encourage your tenants to bring the irfriends and relatives to have a sense of your property.

This will help the m understand what you are offering and the word of mouth referrals will bring in new renters to your apartment.

Build relationships with other businesses in your local area like self-storage companies,real estate agents, furniture stores, moving companies, etc. This will help you establish your brand and get new renters with ease.

Why Smart Property Management Is Necessary?

In the present days in addition to a good location, well-maintained units with attractive common areas, and good amenities you need to have a very smart Property Management in place to be successful in the management of your apartment complex. This is the right way to enhance your Occupancy rates and increase the property value for the apartment building you are managing.

Smart Property Management is necessary for taking control of each and every aspect of your apartment management and run it as a full-fledged business. only through right Property Management practices you can bring down the expenses and maintain a high Occupancy rate for getting the best returns on the investment you have made in the apartment.

you have the option of managing your own property or engage an outside Property Management Company. By doing so, you will be taking advantage of their professional training and education in modern ways of Property Management.

If you are building a large portfolio of multi-family properties then it is the right option to engage an outside Property Management Company to take care of all your properties. This will be the right decision in case you are not personally able to take care of the property management of your apartment.

Remodeling In An Apartment Building

As the property manager or owner managing multi-family renovation projects remodeling your apartment complex is a real juggling act of balancing many things at the same time.
You have to watch your budget, minimize the disturbance to the daily lives of those living in the apartment.,

At the same time you have to take all possible steps to keep the expenses within your planned level. During a remodeling project you have to budget for Resident turnover and retain all the steps needed to maintain good returns from the investment you have made on the apartment building.

Planning ahead and working with your contractor closely will help you much remaining full control of the remodeling project. YOU must strive hard to reduce the interference caused to others who are living in the neighborhood and should follow all the safety features necessary for this. You need to have good budgeting and estimates ready even before starting the renovation work.

Delay in remodeling and renovation usually occurs in the product procurement phase, to avoid this decision well in advance what type of products you are going to use in the remodeling and procure them at the earliest point of time. You have to select an experienced contractor to do your remodeling project.

Arrange For the Right Types of Security for Your Apartment Building

When you are managing a big Apartment complex you are required to ensure the security and safety of both the people living in it as well as their property. As the owner of the Apartment complex you have to put in place the right security arrangements to ensure a safe and secure living space for your tenants.

Tenants in apartmentcomplexes prefer living in gated communities due to the high level of
security available for them. So it is your responsibility to ensurethe best possible security inside your apartment building. As the person in charge of the area comprised of your apartment complex youhave to ensure that no illegal or undesirable activities take place inside the premises.

Towards this, you mustappoint a sufficient number of security guards to control and secure apartmentbuilding in such a way that no undesirable activities can take place
inside your complex.

In the present days, theelectronic surveillance systems have advanced much and you can select the rightcombination of surveillance equipment to take charge of the security of
the entire apartment building all through the day. Security and safetyare the two basic factors that are necessary for the life and property of notonly your tenants but also for your safety so take care of the security aspecton priority.

Insurance Coverage for Your Apartment Complex

You need to have the right types of insurance coverage to protect your apartment building as well as against personal liabilities that may arise against you. As a landlord you are vulnerable to risks and only by taking the right insurance covers you can get the required level of protection. Some of the basic types of insurance you must take include:

  1. General liability insurance: against liabilities that may arise against you for the loss of property or bodily injury sustained by others while they are in the general common areas of your apartment property
  2. Property insurance to protect your property from damage due to Fire, Explosions, Windstorms, Lightning, Damage from smoke, Vehicle and aircraft damage, Vandalism, Riots, etc.
  3. Business income or business interruption insurance is necessary to reimburse you for the income loss suffered by you due to various reasons.
  4. Umbrella Insurance to help you pay the claims that may arise over and above the general liability policy you are required to pay.

In addition to these, you have to take other insurance like Crime insurance

  • Directors and officers insurance
  • Employee dishonesty insurance
  • Equipment breakdown insurance
  • Errors and omissions insurance
  • Cyber liability insurance etc.

Use a Good Apartment Management System

If you are the owner of a fairly big apartment complex housing multiple units of residence, then it is necessary for you to use the right apartment management system. There are many types of systems available as self-contained software applications to manage large apartment complexes.

These applications are built with all the necessary features that help even a single person to manage very big apartment complexes having large numbers of apartment units to manage.

They take care of each and every function of the apartment complex and all you need is a single computer system to effectively run your apartment building. You can manage the rent payments and keep track of rent receivables and follow up the receipts easily. With this system you can automate most of the manual works and program the system to conduct most of the routine tasks without your interference.

They also help you in keeping track of various things that take place in your apartment and effectively follow them up for effective management. You can handle all the tenant accounts and overall apartment accounts and easily prepare the tax papers for filing to the Government.

They also have facilities for you to manage various other activities and hence select a good apartment management system and it is a real investment that will add value down the road.

When Can You Evict A Tenant?

As the landlord of a multifamily building you let your residential units or apartments for rent to different persons based on a rental agreement. The tenancy runs based on this document and as long as the tenant conducts himself as per the rental agreement you cannot legally evict him. But there are circumstances when you can evict a tenant and they are as follows:

  1. For illegal use of a property that is for conducting any illegal activities in the rented property, or violating the zoning regulations and using the residential building to conduct any business
  2. For health or safety violations with due notice to the tenant
  3. When you are withdrawing your property out of the rental and for this you need to issue a notice to the tenants in advance and the eviction can be done after the expiry of their current rental agreements
  4. When you need the rented unit for your own use or for the use of one of your immediate relatives
  5. For violating the rental condition and their refusal to pay rent as per the agreement or not agreeing to pay the rental increase.

Each state their own law relating to the tenant evictions and they must be followed in all cases before the tenant can be evicted legally from your apartment.

How Do Real Estate Loans Work

Real Estate loans are the loans you take for buying properties and you may get them through banks or private or institutional lenders. Finding the right real estate loan is a daunting task and once you know how the real estate loans work you can easily find the right type of lender who will be willing to grant loans for the purchase of your real estate.

When you are planning to buy a commercial real estate or a multifamily apartment building containing many units the price may too big for you to fund it with your own money. So, look out for ways of funding it with real estate loans which are really mortgage loans that are secured by creating liens on the property that you wish to buy.

By creating the lien on the property the purchaser of the property gives to the lender a guarantee for the repayment of the loan amount as per agreed terms. In case of a default by the borrower to repay the amounts as per the agreed schedule of repayment then the creditor gets the right to take possession of the property and sell it or deal with it in such a way as to take back his money that is due from the borrower.

How Do Commercial Real Estate Brokers Get Paid

The real estate brokers work in various ways to complete a transaction and they connect the buyer and seller and bring them to the table to finalize the deal. Their functions range from analyzing the property, supply of necessary documentation, clearing all the doubts for the buyer, take care of the tour of the property, and make the parties to the deal come together.

They are the starting point for the transaction and remain in it till the deal is complete in all respects. For this service they are entitled to receive remuneration in the form of a percentage of the transaction amount. This amount varies from deal to deal depending on the size of the project as well as the complexity of the deal. At times they work with other co- brokers and property agents and share their income with them.

The commercial real estate agents get paid as a percentage of the transaction amount and they take smaller commissions in case of very large properties and the amount may go up to 10% of the transaction amount if the value of the transaction is much smaller in size. A commercial real estate agent puts the transaction in motion and they are the persons to blame if something goes wrong.

So, the commercial real estate agents are responsible for both the parties, and hence they get paid suitably.