Midway
Let LOM Properties Take Care of Your Multi-Family Residential Property Management Needs
Uncertainty and volatility in the securities markets as well as subpar returns on cash holdings have driven many new investors into commercial real estate—in particular the multifamily sector. However, owning apartment buildings and multifamily properties is not a passive investment, nor is it for the faint of heart. Managing residential multi-unit properties presents its own special list of challenges and requires its own special list of skills. Finding a great multifamily property manager is an absolute necessity if you expect to stay in the black. LOM Properties focuses on the following key areas to help preserve asset valuation while smashing ROI expectations;
Managing Your Property Manager
Your level of involvement with the management of your property is up to you—the better your engagement and communication the better the management process. Owners and managers need to collaborate on what protocols and procedures will be set forth and how, and to what degree, you wish to be involved in daily operations. The key to any successfully investor/manager relationship is to make sure both parties understand, in detail, the objectives and expectations of the property’s performance.
Multi-Family Accounting
There are many multifamily property accounting software programs on the market today. Most commercial property managers use one or more of these software programs, such as Yardi, AppFolio, Rent Manager, RealPage and Tenant Pro. These programs are designed with integrated accounting systems and offer comprehensive reporting—but the old adage “garbage in, garbage out” very much applies. LOM Properties tailor makes a reporting scheme for each of its clients. Here are just some of the typical monthly reports our clients request;
- Monthly Cash Flow Statement.
- Balance Sheet.
- Profit and Loss Statement.
- General Ledger.
- Monthly A/R Collection Report.
- Monthly Rent Roll.
The devil, however, is in the details. Therefore, LOM Properties also provides more nuanced reporting such as the creation of a detailed Annual Budget—a crucial step in making sure ROI projections are on target. Leasing Status Reports also give our clients detailed information on leasing activities in real time. Another crucial data report is the Market Activity Report which highlights where the property is being marketed, how competitive it is in the space and how competitive your rental rates are. Finally, our Collections Reporting lets our owners know of any collection issues with a particular resident or if a resident is having difficulty paying rent.
Multi-Family Accounting
There are many multifamily property accounting software programs on the market today. Most commercial property managers use one or more of these software programs, such as Yardi, AppFolio, Rent Manager, RealPage and Tenant Pro. These programs are designed with integrated accounting systems and offer comprehensive reporting—but the old adage “garbage in, garbage out” very much applies. LOM Properties tailor makes a reporting scheme for each of its clients. Here are just some of the typical monthly reports our clients request;
- Monthly Cash Flow Statement.
- Balance Sheet.
- Profit and Loss Statement.
- General Ledger.
- Monthly A/R Collection Report.
- Monthly Rent Roll.
The devil, however, is in the details. Therefore, LOM Properties also provides more nuanced reporting such as the creation of a detailed Annual Budget—a crucial step in making sure ROI projections are on target. Leasing Status Reports also give our clients detailed information on leasing activities in real time. Another crucial data report is the Market Activity Report which highlights where the property is being marketed, how competitive is it in the space and how competitive are your rental rates. Finally, our Collections Reporting lets our owners know of any collection issues with a particular resident or if a resident is having difficulty paying rent.
Maintenance & Renovations
Preserving the physical structure from premature wear & tear and protecting residential tenants from maintenance shortcomings requires both proactive planning and reactive professionalism. How are maintenance issues reported, discovered and remedied? Do tenants know who to contact in case of emergencies? Is your deferred maintenance plan helping ROI or creating waste? Are you aware of changing property law and premises liability issues? Multi-Family property investors who are not out in front of these issues usually get run over by them.
Resident Relations
Happy tenants generally make for happy investors. On-site managers must always establish strong relations with tenants to keep turnover light and vacancy costs down. Unlike other types of investment property, residential tenants see YOUR investment property as THEIR home. A little caring and concern goes a long way. Conversely, poor tenant relations, leading to poor tenant reviews, can quickly kill a property’s reputation. On-site managers with LOM Properties are trained to always ask tenants for feedback. We find out what we can do better, then we do it!
Resident Relations
Happy tenants generally make for happy investors. On-site managers must always establish strong relations with tenants to keep turnover light and vacancy costs down. Unlike other types of investment property, residential tenants see YOUR investment property as THEIR home. A little caring and concern goes a long way. Conversely, poor tenant relations, leading to poor tenant reviews, can quickly kill a property’s reputation. On-site managers with LOM Properties are trained to always ask tenants for feedback. We find out what we can do better, then we do it!
Increase Income & Lower Operating Expenses
Generally, the best multifamily property managers own multifamily investment properties themselves. Look for this type of manager and make good use of their talents. Experienced residential property managers can help you improve property revenue, decrease property expenses and increase the value of your property. LOM Properties aggressively watches the bottom line by revising vendor agreements, mitigating make-ready costs, enforcing collection practices and, when needed, restructuring debt financing.
Legal Issues
At some point, a legal issue will arise often creating panic and confusion. Be certain your property manager understands the law. Better still, hire a multifamily property manager who’s also a lawyer. Principal, Richard D. Lom is a licensed real estate attorney here in Kentucky who has real-world experience in residential and commercial landlord representation. Don’t go it alone when it comes to handling evictions, security deposit disputes, code enforcement, URLTA compliance, Fair Housing compliance, tort claims, or premises liability exposure.
Legal Issues
At some point, a legal issue will arise often creating panic and confusion. Be certain your property manager understands the law. Better still, hire a multifamily property manager who’s also a lawyer. Principal, Richard D. Lom is a licensed real estate attorney here in Kentucky who has real-world experience in residential and commercial landlord representation. Don’t go it alone when it comes to handling evictions, security deposit disputes, code enforcement, URLTA compliance, Fair Housing compliance, tort claims, or premises liability exposure.
FULL SERVICE PROPERTY SOLUTIONS
