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Property Management Guide for First-Time Landlords

February 27, 2024
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Investment properties are a great way to make mostly passive income to secure you or your family’s finances for years to come, but there is some work involved. If you are a first-time landlord, especially for a Class A multifamily community, you are going to want to be ready for the challenges ahead. Managing the community and residents by yourself is possible, and it can be made easier with software for property managers, such as that available from Elevated Living, to help you with the more mundane tasks involved.

Marketing and Leasing Your Residences

As a property manager in your community, it will be up to you to ensure that units have as little vacancy time as possible; fewer months empty, means more profits being made. Marketing begins with keeping the property well maintained so that, when you do need to take photographs to bring in prospective residents, they will be impressed with the quality of the property. In the end, if you aren’t using a management company, you will be the one that is showing units and leasing to new residents. With the help of software for property managers you can keep a schedule for your routine maintenance, as well as handle lease documents and store them safely and securely.

Rent Collection

Your community won’t be making you money if rent collection isn’t being done on time and properly. While in the old days this meant waiting for cash or checks to show up at your door, now you can use software for property managers. These software solutions offer a one-stop app for residents to pay their rent as they see fit from the comfort of their home.

Routine Maintenance & Repairs

Any Class A multifamily community is going to expect the best when it comes to the maintenance of the property as well as repairs being timely. Regular maintenance needs to be scheduled for maintaining electrical, HVAC, and plumbing within the community. Often, you will need to schedule yearly or seasonal maintenance. If something breaks down in a unit, whether normal wear and tear or an emergency, you’ll also need to book repairs in a timely manner. Software for property manager solutions can give an easy way for residents to book repairs via an app—and keep everything documented.

Understand the Needs of Your Residents

For property managers looking to give the best living experience in their communities, they need to understand what the residents need. If you now own a Class A multifamily community, you should be prepared to provide a certain level of amenities, beyond the basics such as laundry facilities. Exercise facilities are popular, as well as luxury facilities, like a sauna or pool. Private bookings of facilities can be easily done through the same software for property managers that you are using for collecting rent payments.

Software for Property Manager

With an all-in-one software for property managers, and an available app for residents, you will find that community engagement improves, and overall, residents will be happier with their living experience. Elevated Living has a robust software solution for any property, and it can make your first-time landlord experience much better and rewarding.