Apartment complexes, particularly in bustling urban areas, frequently encounter various challenges that can impede their smooth operation. They can be particularly hard to manage if you have other day-to-day responsibilities, such as a full-time job or business. You need someone with the expertise and fully dedicated to ensuring the proper functioning.
Owners of apartment complexes will find property management companies to be beneficial. Here are the top five problems that apartment complexes deal with and their solutions.
Leaking roofs can be a persistent issue in apartment complexes, particularly those in regions prone to inclement weather conditions. Florida is such a place. For instance, heavy rains, strong winds, and storms often damage roofs.
Leaks cause discomfort and inconvenience to tenants and can damage their property. They can also lead to severe structural damage, which can be extremely expensive. It is essential to address any roof leaks immediately to prevent further damage.
However, if you are fully dedicated elsewhere, you may not have the time or expertise to identify and address roofing issues. A property management company can help by regularly inspecting and maintaining roofs. This proactive approach can prevent leaks from occurring in the first place. It also saves you time, money, and headaches.
Tenants Not Paying Rent
Following up on rent can be tedious, mainly when dealing with non-compliant tenants. Sometimes, they ignore your reminders or are not financially capable of paying rent on time. Other times, they purposely delay payment.
Late or non-paying tenants can significantly affect your cash flow and negatively impact your responsibilities. They may also force you to take legal action to evict them, which can be lengthy and expensive. You can avoid all this by hiring a property management company such as Bridlewood Real Estate.
We professionally screen prospective tenants before allowing them to rent an apartment. This rigorous background check ensures only reliable and responsible tenants occupy your units.
Poorly Maintained Common Areas
With more people sharing common spaces, such as lobbies, hallways, and laundry rooms, you can expect frequent maintenance needs. Maintaining these areas can be time-consuming and costly if you are trying to do it all by yourself. Additionally, it is not uncommon to find them dirty or damaged despite your efforts.
You will always have issues such as:
- Fading paint
- Warped doors
- Plumbing issues like leaks and clogs
Property management companies often have a team dedicated to your apartment complex. This staff maintains and cleans the common areas regularly, ensuring they are always in good condition. While it might not seem as much, it increases tenant satisfaction and contributes to a positive living experience.
High Tenant Turnover
While it’s normal to have people moving house periodically, frequent tenant turnover can be problematic. It means you have to spend time and money finding new tenants, marketing the vacant units, and preparing them for move-in. This process can be cumbersome if you also have other responsibilities. (1)
High tenant turnover can also mean less income since you may have to offer promotions or incentives to attract new tenants. Over time, it can affect your return on investment and profitability.
Property management companies like Bridlewood Real Estate work hard to keep tenants satisfied. They also do due diligence during the screening process to ensure that you have long-term tenants.
Poorly Maintained Units by Tenants
Generally, dealing with many tenants takes work. Some can neglect their duty to use their units responsibly, leading to deliberate damages and losses. Things get tricky when they expect you to cover the costs of repairs or replacements.
A property management company can step in here by conducting routine inspections of tennents’ units. They identify potential issues before they escalate and hold tenants accountable.
Apartment complexes require a significant investment. For that reason, you need property management to recoup your investment to the fullest.
At Bridlewood Real Estate, we offer comprehensive property management services that can address all issues. If you are struggling with any of these problems, please get in touch with us. We have the expertise and dedication to ensure your apartment complex runs smoothly and efficiently. If you’re a resident or business in Clermont, Mount Dora, Minneola, Groveland, or Orlando, make sure to contact us for a free quote today.
Click to see all our services offered.