20 November Multi-Family is Booming: Are Property Managers Ready to Step Up to the Plate? November 20, 2024 By Melisa Rana Commercial Inspection, Property Maintenance, Property Management apartment, commercial real estate tenants, condo, multi-family property, real estate trends, safety, save money 0 MULTI-FAMILY IS BOOMING: ARE PROPERTY MANAGERS READY TO STEP UP TO THE PLATE? November 20, 2024 | Property Management, Property Maintenance, Commercial Inspection | real estate trends, save money, safety, commercial real estate tenants, multi-family property, apartment, condo Answering the call for housing everywhere, 2024 was truly the year of multi-family properties, as over 500,000 new units were completed by the end of December. While 2025 may see a slight step back in completions, 2 million new apartments are arriving on the market by 2028 (per the National Association of REALTORs). With new options for renters comes more competition for property owners! Naturally, such a large increase in properties demands an increase in property managers entering the industry. We’ve previously discussed how property managers can foster community to keep tenants, but the real key to retention comes down to one thing: good property maintenance. Renters don’t want to live in a place that isn’t taken care of, so for new property managers entering the field, here are a few aspects to focus on. Make Basic Maintenance Tasks Easy One of the primary reasons people want to rent is to avoid the daily maintenance tasks that can inundate the lives of homeowners. New property managers need to make it a priority to fix common electrical and plumbing issues in a timely, prompt fashion. Many properties benefit from setting up a maintenance request system via an app that tenants can utilize when issues arise. Regardless, a streamlined communication channel is essential for retention! Recurring maintenance not only takes skill and effort to fix by yourself, the hassle of hiring professionals to take care of things takes time out of the day as well. Hiring maintenance companies, bringing professionals on staff, or keeping a list of trusted contacts are all valid options that property managers can choose. In any event, renters will expect prompt repairs in the event of breakdowns. Prioritize the Essentials Lax or inattentive property managers can lead to issues that risk much more than dissatisfaction among existing tenants. Building codes are something that managers need to be particularly aware of, as letting these required elements slip could result in a closure of the property as a whole. In particular, managers need to ensure that their properties adhere to local occupancy limits, their units have a sufficient number of smoke detectors and carbon monoxide detectors which are functioning properly, and health issues like mold, lead paint, and pests are eliminated. Other essentials that property managers should ensure are in tip-top shape for their tenants include waste management (make sure trash containers are accessible and of a sufficient size), mailboxes and mailrooms, and (of course) plumbing, heating, and electrical systems. When the condition of your property is lagging, you’re playing with fire! It’s best not to tempt fate. Make sure the major pain points are addressed before all else. Get Ahead of Big Ticket Repairs Finally there comes what’s referred to in the real estate industry as “big ticket” items - the aspects of a property that demand a large investment to repair or replace. Ideally, the pricier parts of every property will remain in good working order all the way to the end of their projected lifespan. Without consistent preventive maintenance and a watchful eye that needs to be spear-headed by property managers, though, the likelihood that these systems reach a good level of longevity is very low. It all starts with water management - know your property’s points for concern (particularly on your roof), and watch for leaks like a hawk! Those who have paid for a new roof earlier than they expected know the pain and frustration that comes from these sorts of renovations. But, of course, they’re not the type of thing that can be put off until tomorrow. Water intrusion and damage will result in a litany of brand new issues, from pests and rust, to mold and rising energy costs. All roofs demand close attention, and flat roofs face their own dangers with water. For roofs, HVAC units, plumbing systems, and your foundation (all high-cost repairs and replacements), consider starting with regular inspections from a licensed commercial property inspector! Their insights can keep you aware of the condition of your property and avoid untimely disruptions for your tenants. If you’re a property owner or manager looking for a professional commercial inspector to keep your maintenance needs in check, or to proceed with a purchase in confidence, National Property Inspections is your trusted source! Contact us today to schedule an inspection, or to begin coordinating your multi-inspection strategy! Comments are closed.