A multifamily home is a building that houses several families in separate units. This includes apartment buildings as well as duplexes, quadruplexes, and townhomes.
This means that there are a lot of tenants and many units in one building. All of them have requirements and demands.
That is why managing a multifamily home can be very demanding and challenging. It requires a lot of multitasking.
That’s why we’ve put together 6 tips for maintaining a multifamily home. Keep reading to find out what they are.
1. Be Prepared
Prepare your legal documents and finances as early as possible. Ideally, this will be before tenants move in, or as soon as possible after their move-in date.
This includes contracts with tenants, clearly explaining all of the obligations and agreements. You should also have suitable home insurance, but bear these insurance challenges in mind.
Make sure that you have the finance that you need. Overestimate your expenses to make sure that you’ll be able to afford any unexpected costs or bills.
It’s best to prepare all of your documentation as soon as possible. That way, if you need it, it’s already there.
2. Build Good Relationships
It can be incredibly helpful to establish positive relationships with each family as soon as they join the community. This helps you to work together productively during their tenancy.
Get to know your tenants on a personal level. Take time getting to know them.
Be present and visible to your tenants. For example, you might regularly walk through the outside areas of your property.
This way, your tenants will be familiar and comfortable with you. They will know that you are available to help them. This will also help you to better understand the needs and wishes of your tenants, and you can act as needed.
Creating positive relationships with the tenants in your multifamily home will mean that they are more content and satisfied. This is likely to lower tenant turnover.
3. Set Ground Rules for Everyone
In multifamily homes, it is understandable that different tenants may have different expectations.
Some tenants might find it reasonable to be quiet from 10 pm onwards. Other tenants may think that 2 am is a reasonable time to stop making noise. Who is right?
One family may move in with their pet dog. However, another tenant may be allergic to dogs. What should happen then?
One tenant may choose to smoke in communal spaces. But others may find this unpleasant, and be concerned about impacts on their health. Should this tenant be able to continue smoking in the shared spaces?
It is important that families work well together as a community. You can help to make this happen.
Set out clear community ground rules that you expect your tenants to follow. It’s helpful to do this in writing and be proactive about enforcing them.
Make it clear when tenants are expected to be quiet in the evening, whether or not pets are allowed, and where smoking is allowed. That way, all tenants know what to expect in the multifamily home.
4. Be Proactive About Personality Clashes
When multiple families are living within the same building or shared space, it is normal for tensions to rise.
Tenants may argue about who is entitled to which car parking space. Or one family may be accused of not putting their trash in the trash bin.
You must try to resolve any clashes quickly and amicably. This will be easier to do if you have established positive relationships with your tenants.
Always be respectful and fair to everyone involved. They are all your tenants, and you shouldn’t show favor to anyone in particular.
Try to resolve any issues with friendly conversation. This will help to de-escalate the situation and keep everyone calm.
Only resort to issuing fees, penalties, and legal action if absolutely necessary. These conditions should all be clearly explained in the legal documents between you and your tenants.
5. Respond Quickly To Requests
Your tenants will come to you with any maintenance requests or problems. You must resolve these as quickly as possible.
This may mean that you need to cause some inconvenience for your tenants. If there is a water leak in one of the units, you may need to shut off the water for the entire property while repairs are made.
Always be proactive, and explain to the tenants what you are doing and why. Make it clear that you are trying to help, and that you want to keep the property safe and comfortable for everyone.
Quick action will help to prevent any further damage to the property. It will also show your tenants that you are committed to their well-being. This will help to reduce any tenancy vacancies and encourage long-term stays in your property.
6. Make the Most of Vacancies
When managing a multifamily property, it can be difficult to carry out routine maintenance. With more people in the building, it makes it more difficult to access.
When a tenant leaves, make the most of it. Access the unit, or the entire property, to carry out any maintenance or inspections needed.
This could involve upgrading and repairing elements of the building. This will be for the benefit of your tenants.
Tips To Maintain a Multifamily Home
A multifamily home can be a happy home for a huge range of tenants. It can also be challenging to manage.
Use these tips to help you maintain a multifamily home. This will help to keep your tenants happy, reduce vacancy rates and make your life easier.
While you’re here, take a look at some of our other home and lifestyle articles and ideas.