Common Property Management Challenges for Apartment Buildings
Though every apartment complex is unique, most tend to experience the same or similar challenges over their lifetime. At Peaks to Plains, we’ve run into all different types of issues during our years of being in business and we understand the distress and concern they cause for our clients. That’s why we’re here to offer our advice. In this post, we’ve outlined some of the most common issues that apartment property managers in Denver run into as well as some useful information about how to prevent and overcome them.
- Emergency repairs
Emergencies are going to happen from time to time. Unfortunately, these situations usually require immediate or off hours work and are therefore fairly costly. That’s why it’s always a good idea to keep a reserve account set aside as a cushion for emergency and unexpected situations. You should also have a regular preventative maintenance schedule in place. By taking preventative steps to maintain your properties, you can avoid costly repairs and are also more likely to experience better tenant retention rates.
- Rent collection
Perhaps one of the biggest challenges for apartment property managers in Denver is rent collection. Receiving rent late or not at all results in a delayed availability of funds that apartment property owners rely on for tenant screening charges, utilities, city fees, maintenance, etc.
It’s always a good idea to write a late rent fee clause into your lease agreements, but you can’t rely on this measure alone to resolve every rent collection issue. In this case, it may be best to consult a company who’s experienced with these issues. By partnering with a property management company like Peaks to Plains, you can avoid having to deal with late rent collection and eviction issues all on your own.
- Tenant procurement & retention
Having quality tenants in your apartment units is one of the best ways to avoid property damage and rent collection issues. But when you’re renting out hundreds of units, it’s almost impossible to screen each renter all on your own. And once you do place tenants, you have to keep them happy. This means addressing all their concerns and complaints are addressed in a timely manner.
By hiring a property management company, you gain access to a team of skilled marketing consultants and building managers. A property management company can help you avoid costs associated with turnover and keep units from being unoccupied for long periods of time.
Receive Professional Advice
If you’re unsure about a specific issue or situation with a tenant, it may be best to consult a professional. Peaks to Plains is a full service apartment property management company in the Denver metro area. We have a vast amount of experience in dealing with the common issues associated with managing multifamily units and apartment buildings. Contact our office today to receive more information about our company and/or the services we provide.