Resident turnover is the one of the highest costs that a multifamily operation encounters. We know that least a third of that turnover can be prevented through actions management takes. Resident retention may be a…Keep Reading
Keeping rents at or near market level is a critical part of maximizing the value of your rental property. Yet the topic of rent increases is one of the most sensitive and procrastinated tasks facing…Keep Reading
When times are good and your building is full, don’t you wish you could add an extra unit or two to the property? I know I do. But that’s usually impractical, if not impossible to…Keep Reading
In all my property dealings, I come from the premise that running rental property is a business. And by reading my columns, I assume it’s because you too are committed to running your rental property…Keep Reading
There are many pitfalls and challenges to managing rental property. One key to being a successful landlord is to learn from the mistakes of your colleagues. Below are several traps many of us have fallen…Keep Reading
The most successful businesses today are able to keep their customers paying for their services year after year. This ability to keep customers, or residents in our case, separates the successful, happy owners from the…Keep Reading
Apartment turnover costs are an inevitable part of the rental housing business. Turnover is very expensive. Controlled studies have shown that an apartment complex spends about three times the average monthly rent every time a…Keep Reading
Buildings age and neighborhoods change. For most income-producing real estate, this is a gradual process. Over time, systems wear out, buildings are not kept up, newer buildings siphon off the best tenants, and financial performance…Keep Reading
No one wins in an eviction action. The tenant gets a black mark on his record and in most cases, the owner gets a worthless judgement and a couple months lost rent to the freeloading…Keep Reading
Selecting the right tenant is the single most important thing you can do in managing your property. Good tenants pay their rent on time, respect your rules, and take care of your property. Choosing the…Keep Reading