Apartment Building Management is More than Collecting Rent – Points to Remember When Searching for Apartment Buildings for Sale
December 2nd, 2020
Real estate investing is an option used by many to expand their financial portfolios. Investors come with a varied array of wealth-building goals. Some choose to stick with retail strip malls. Others like to take bare ground, develop it, and then lease out the buildings. Residential investing is often the entry point with single-family homes followed by multi-family and apartment buildings. The amount of involvement also varies from one investor to the next.
At The Estes Group, we work with many investors to assist them in attaining their financial goals. We believe that a client-centric approach benefits our clients the most. We help you with finding apartment buildings for sale in Mississippi, Alabama Louisiana, and Tennessee that fit your goals. We also offer additional services like property and facility management, financial and accounting services, and advisory services.
5 Points to Remember about Apartment Building Management
If you choose to be a hands-on commercial property owner, then we encourage you to keep these five points in mind when searching apartment buildings:
- You need to keep up on the housing laws and policies in the state and area. Regardless of whether you’re looking for apartment buildings for sale in Mississippi, Louisiana, Tennessee, or Alabama, each state has its own specific laws and regulations. You should be familiar with what is required of you as a property owner and manager, especially if you aren’t investing in your home state. Working with an established management company like The Estes Group can assist you with requirements.
- You should have the proper insurance in place from the start. Owning rental and investment property of any kind comes with risks. You can mitigate those by setting up the correct amount and type of insurance. For example, you need coverage for tenant, employee, and visitor injuries, theft or vandalism, advertising liability, fire, storms, and other catastrophic events. You may also want to protect from loss of rental income, discrimination claims, and fraud allegations.
- You need to keep up on maintenance to keep the property desirable. Your to-do list is never-ending when it comes to ground maintenance. Naturally, you will have the calls from your tenants. Then there’s the general upkeep like landscaping, painting, and cleaning emptied units. All of this ensures your apartment buildings remain desirable for new tenants. If the prospect of staying up on maintenance is not alluring, then hiring a management firm can ease this pressure.
- You will want policies in place to find the best tenants. Getting the best return on your investment includes having the right tenants in place. Start by establishing procedures like screening, written leases, and security deposits. Ensure your new tenants know the dates their lease is good for, the cost of rent and when it is due, and procedures for placing repair requests.
- It pays to have a property management company run things for you. Not everyone wants the task of watching over every aspect of maintaining an apartment building. Some investors want to remain hands-off. That is where a property and facility management company is an excellent investment. The Estes Group can handle all the day-to-day operations from tenant relations to property maintenance.
Find the Best Apartment Buildings for Sale – Work with The Estes Group
Build out your portfolio to fulfill your financial goals when you work with The Estes Group. Not only do we keep on top of what is happening in the real estate market, but we utilize sound management practices to give you the best opportunities for investment success. We are also one of the few Mississippi firms awarded the designation of Accredited Management Organization (AMO). While we are proud of the achievement, it is our clients that benefit the most. Contact us and learn more about our real estate investing services.
Call us at 601-362-9633 or contact us online to discuss your real estate goals with our knowledgeable and experienced commercial property investment brokers. We’ll help you purchase apartment buildings for sale in Mississippi, Alabama, Louisiana, and Tennessee that deliver the best return on investment.