Managing an apartment building is a big responsibility. If the apparent has more than 20 units, generally a management company takes up the task. But property managers or owners are responsible of managing apartments with less than 20 units. There are a few things an apartment manager should be aware of. How you manage the place will have a big impact on the profitability of the building.
The apartment building has to be run efficiently. There are companies that specialise on strata management. The tenants should be having a quality living experience. It is also your responsibility to make sure that you minimise costs whenever possible and look for ways that you can increase the profit of the building. If you have a vacant apartment that means you’re losing money. So when one of your tenants decides to move out, you have to advertise immediately. You will also have to make sure the apartment is in good shape before you show it to a prospective buyer. You will have to examine it for possible repairs and carry out maintenance to increase its value. Maybe you will need to paint it again or repair leaky faucets if there are any. You have to enforce Fair Housing Rules and make sure that everyone within the property follows them as well. This means putting a stop to discrimination of people based on their race, disability, age, gender, marital status and sexual orientation. When it comes to repairs, sometimes it’s a bit hazy who is responsible. Therefore, before you give away an apartment, you have to clarify repair issues on the lease agreement.
There are certain things that a strata manager should clarify to the new tenant in the lease agreement such as their responsibility to maintain the cleanliness of the unit and paying for damages, alerting the management about security issues etc. Other maintenance and repairs have to be carried out immediately so that your tenants are not inconvenienced. Then you also have to take care of the gardens and the grounds. These are what add to the value of your building. There are companies that specialise on managing and maintaining gardens at apartment complexes. And with the increase in environmental pollution, you have to make sure that your building is within green building regulations. There are certain ways you can help to make your building greener by employing services from green companies, recycling waste, reducing the emission of smoke, use of energy efficient light bulbs, use of cleaning agents that are not harmful for the environment, careful management of water etc. See more info here to find out the right Strata manager.