PROPERTY MANAGEMENT TYPES
MULTI-UNIT PROPERTY MANAGEMENT
When starting out in real estate rental investments, a portfolio should include two main types of properties: single-unit properties, or multi-unit properties. Multi-unit properties qualify as any type of property that has more than one unit that must be rented out. While there are many advantages to renting out single-unit properties, multi-unit properties drastically raise the ceiling on your earning potential.
Multi-Units Are a Smart Property Investment
The big draw of multi-unit properties is that they allow you to collect multiple rent payments for the same piece of real estate, due to filling that property with a multitude of tenants. Besides that, though, there are other benefits of focusing on multi-unit properties:
- Reduces Risk: You don’t lose all of your income from your property if a unit is vacant for a month, so the risk is spread across multiple units.
- Easier to Purchase: If you want to grow your portfolio with multiple single-unit properties, then you are going to have to purchase many, many properties. Multi-unit properties enable you to get more units for just one purchase.
- More Cash Flow: Operating costs and profits are easier to grow when you are collecting rent from multiple tenants since it increases your cash flow and reduces its fluctuation.
- Easy to Fill: Because units in a multi-unit property are typically more affordable than single-unit properties, there is always a demand for them, which makes them fairly easy to fill.
- High Appreciation: The real estate rental market is always beholden to market forces, but multi-unit properties can benefit from forced appreciation by adding amenities that increase rent across all units.
Our Services for Multi-Unit Properties
While there are many benefits to owning and renting a multi-unit property, they can also come with their own share of headaches. Tenant requests will happen more frequently and you are more likely to deal with turnover more often, which is problematic, even if that turnover has less of an effect on your profit.
For this reason, it is incredibly important to utilize a property manager that you trust to help you get the most out of your property’s value. Here are some of the benefits of using a good property manager:
- Maximize Cash Flow: Property managers can make sure that your rent is reflective of the state of the market so that you are getting maximum value for each unit.
- Handle Operating Costs: A property manager can help you budget the operating costs and nest egg for your property, so that your profits remain consistent, even when unexpected problems occur.
- Fill Units Quickly: Filling a rental property takes time, but a good manager will have experience in filling units quickly with reliable tenants.
- Handle Tenant Requests: When you have more tenants in separate units, it increases the likelihood that utilities and other amenities will break, which will increase your tenant requests (or complaints). A property manager handles these complaints for you.
- Less Invested Time: Time is money for an investor, and a property manager ensures that you can collect a maximum return on your money investment while spending minimal time and stress.
- Security Consulting: Some multi-unit rentals are large enough that they may necessitate security protocols to ensure the safety of the property and the tenants. A property manager can help establish those security protocols (ranging from keycard access to necessary patrols).
- Trash Collection: Multiple rental units can mean that the trash can fill up quickly. A property manager worth their salt will help you set up a dumpster rental and trash pickup program, as part of their maintenance duties.
- Landscape Management: Quality landscaping means that you have a more desirable property that your tenants will enjoy living in. Our company helps you work with our partnered landscapers, where we can negotiate pricing you can’t get on the open market.
Types of Multi-Unit Properties
At Rhino Property Management, we help rental property investors with a variety of different types of real estate. When it comes to multi-unit properties, we focus on the following types of properties:
- Small apartment buildings (between 5-10 units)
The main question that many property owners ask when they are considering a property management company is whether or not it is worth the extra expense. At Rhino, we help our clients manage their multi-unit rentals for incredibly low prices when compared to our competitors. See our pricing options below.
Call Today for More Information
If you have questions about our property management services or want to get set up with a management package for your rental unit, please don’t hesitate to reach out to Rhino Property Management today!