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3 ways to manage multifamily properties and what to watch out for.
What are the best ways to manage multifamily properties? Managing these sorts of properties is a rewarding yet challenging task. The good news is you’ve got a few options on the table: manage it yourself, hire a property management company, or take a closer look at how the size of your units impacts your management strategy. Let's break it down so you can figure out what works best for you:
1. Managing the property yourself. If you plan to manage the multifamily property on your own, the price you pay for it might not matter much. However, you should be prepared to handle the responsibilities that come with it, especially if the rent is low.
2. Hiring a property management company. If you choose to hire a property management company, be aware that low-rent properties, like those under $1,000 per month per unit, might not provide the revenue necessary for top-tier management services. You may end up with a company that provides limited services, or you might not be able to afford the level of service you expect.
"Managing multifamily properties requires a clear understanding of your options and how each strategy impacts your approach."
3. Adapting your approach based on unit sizes. Different-sized properties, such as a four-plex, eight-plex, or 20-plex, come with different management needs. Larger properties often have the option for live-in managers or on-site staff, which can significantly affect your operational setup. Smaller properties may not offer these advantages.
Managing multifamily properties requires a clear understanding of your options and how each strategy impacts your approach. If you have questions or need advice, don’t hesitate to call us at (210) 802-9959, or email us at info@peaceofmind.co. We’re always here to help!