Improve Multifamily Property ROI with These Tips

Real estate investments are a good source of passive income. You can increase the return on investment with a few strategies specific for multifamily rental properties. These few tips can generate more passive income by putting your time and resources in the right places.

Manage Expectations

Property managers like Steven Taylor landlord have learned to manage the expectations of their tenants. Knowing the expectations of your target audience can help you address their concerns before they crop up. If you plan to rent to Baby Boomers, you need to make sure you have things they appreciate at your facility such as smart appliances and high-tech security. Millennials may want more focus on online payments and in-house laundry.

Personal Touch

Running a multifamily residence requires a personal touch. Focus on the services you offer to the residents to maintain their satisfaction with their living situation. Keeping the current residents happy with their current location means they tend to stay longer. When you don’t have high tenant turnover, you spend less time marketing and managing move-ins and move-outs. Satisfied tenants who feel appreciated are more likely to spread the word of their residence to others. Word of mouth advertising is the fastest and most effective marketing you can do.

Technology Use

There are many new technological applications that can help you interact with the residents. From online payment systems to forums specifically for residents, technology lets the residents interact with their community and with the management team. The online portal can have a list of frequently asked questions and a place to put in service orders. Services like this can appeal to young renters who are used to doing things from their electronic devices. Focus the technology on serving current and potential renters. A little personal touch combined with amenities and technology can help tenants feel appreciated and increase the return on the investments you’ve made in them and the building.