If you have been keeping up with AFI Social Media, then you have likely seen some examples of the benefits that Third-Party Management Operators are able to provide clients. While not the correct solution for all Property Owners, some may find that outside operators can further improve upon ROI MORE EFFICIENTLY than they could on their own.
The overall operations of an apartment community can be quite robust. Multi-Housing News provides several examples of just a few of the things many management companies are well-versed in that can not only help improve a community, but also reduce liability for the Property Owner (Fuhr, 2018):
- Time – Accredited investors often have more than one investment consuming time from their day. Some Property Owners may find that they simply do not have the time necessarily to adequately manage the community.
- Laws – Tenant/Landlord Laws often vary (sometimes exponentially) by state, city, or even at the county level. Despite whether or not the Property Owner is local to or familiar with the area of the property, he/she is still responsible for remaining abreast to the differing statutes.
- Marketing – While online marketing has expanded to where it can be managed from practically anywhere, Property Owners will still want to make sure they are utilizing the appropriate tools for their community (online advertisements, flyers, business-to-business, etc.)
- Safety – Most management firms bring a physical presence to the property that is often lost if the Owner/Operator is predominantly remote. Tenant screening, rule enforcement, and onsite issues are all able to be appropriately handled with onsite representation.
Alexander Forrest Investments (AFI) is a full-service management firm that oversees all day-to-day operational aspects of managing a multifamily apartment community. For over 30 years, AFI has continued to PROSPER ALL STAKEHOLDERS by ensuring that managed-assets are safe, clean, and disciplined.
Fuhr, Meeghan. “Is It Time to Hire a Property Manager?” www.multihousingews.com, Multi-Housing News, 21 Feb. 2018, www.multihousingnews.com/post/is-it-time-to-hire-a-property-manager/.