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Friday, 12 June 2015 13:23

Top 5 Differences Between Managing Residential & Multifamily Units

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Whether you own residential rental property or multifamily units, there are as many reasons for hiring a Nampa property management company, as there are differences between the strategies for both types of rentals. Both require a specialized management style, which is why you want to do your in-depth research before hiring property management Boise ID.

The five major differences between residential property management Nampa and multi-family units managed by property management Boise ID will generally include:

  1. Routine maintenance tracking could be somewhat more complicated and time-consuming with a residential property than with multi-unit properties because each and every residential property will usually have appliances and other equipment that is of numerous varying makes and ages. Multi-unit properties are usually built with the same equipment and appliances in every unit.
  2. The day-to-day job of a company that handles property management Nampa for multi-unit properties usually involves more in-depth reports like leasing status and occupancy rates. Keeping the owner updated on these periodic reports is crucial to multi-family Nampa property management.
  3. A multi-family unit Nampa property management company also has to stay on top of all building codes, regulations and legislation even more so than when handling residential property management Boise ID.
  4. A multi-family unit could also involve being a bit more diligent with rental practices and advertisements to ensure that neither could be deemed in any way as discrimination. This is also important with residential properties, but may not be as much of a factor.
  5. Proper handling of evictions, when necessary, could come into play and be much more crucial with management of multi-family units, based both upon the clientele and the sheer volume of renters.

With either type of property, retaining a professional to handle property management Nampa can be a great benefit to any rental property owner. A management professional will usually have the necessary personnel and tracking systems in place for dealing with:

  • Marketing the property
  • Showing the property
  • Pre-qualifying tenants
  • Handling rental agreements
  • Dealing with routine maintenance
  • Performing periodic inspections
  • Handling evictions
  • Financial reporting

So, if you own rental property, whether it's multi-family units or residential single-family homes, consider utilizing a property management company to not only make your life easier by handling all of the management tasks that could take up much of your valuable time, but also ensuring that your property is handled legally and profitably at all times. You'll be glad you did.

Read 5176 times Last modified on Friday, 16 October 2015 17:42