How DC Multi-family Real Estate Investors Benefit from Hiring Property Management Experts in 2023

Expertise in Property Management

A property manager has the expertise to manage your property effectively and in compliance with DC law. A property management team will specialize in tenant management and timely communication, building maintenance, legal processes, and financial management.

Partnering with a property management company that can navigate the complex laws and regulations unique to Washington, DC, ensures that your property complies with all local and federal requirements. With laws that get updated constantly, this may be the hardest part about being a multi-family housing provider in DC.  Ignorance of the law is a common pitfall for inexperienced investors, so hiring a manager with time to keep abreast of current regulations will save you time and money!

Increased Tenant Retention and Decreased Vacancies

One of the biggest wins when working with a property management company? Boosted tenant retention rates! Home experts like property managers can address tenant complaints and concerns promptly, ensuring that they are happy and satisfied with their living arrangements. They will also negotiate lease renewals on your behalf, delicately balancing your desire for increased rent with the tenant’s needs. Happy tenants mean less tenant turnover, and increasing rates slowly over time while avoiding vacancies ultimately increases your profitability.

When a tenant does decide to move on, a property management company has an in-house team or deep vendor bench that can quickly turn over your property and get it rent-ready. They also have leasing/sales teams who will evaluate the market and optimal listing price,l procure new tenants, and get them moved in quickly. A well-respected management company will be sought out by tenants and seen as a benefit to residents looking for a great living experience. That kind of brand visibility is priceless.

Fun fact: Nest averages <30 days on the market across our properties!

Efficient Rent Collection

Collecting rent can be a time-consuming task, especially if you have multiple properties and no streamlined system for your residents. Rent collection can get messy if a tenant is late and you are unsure how to respond. A property manager can not only handle rent collection on your behalf through a trusted system, but they can also enforce the due dates in your lease through follow-ups, notices, and even rent reporting systems. Ensuring that rent is collected on time and in full protects your revenue and sets the example for all the units in your portfolio. Property managers can also file official notices with DC and, in partnership with an attorney, begin the eviction process for non-payment of rent in a worst-case scenario.

Experienced property managers have low delinquency rates because they follow a strict process. They also understand how to mediate and manage payment plans if tenants are experiencing hardships. Their best weapon is clear and constant communication. Leave it to the experts to handle a potentially high-stress situation!

Property Maintenance and Repairs

What is one of the highest expense areas for multi-family property investors? Maintenance and repair costs. Property managers can help you save money by ensuring your property is properly maintained and repairs are completed promptly. This includes coordinating preventative maintenance, overseeing building-wide service contracts such as trash collection and pest control, responding to tenant maintenance requests, and helping you plan for capital improvements. They will also maintain relationships with vendors who provide better value than what you otherwise might find on the open market.

An experienced property management company will partner with you to make smart property investments, forecast maintenance costs, and plan for the future. You might think of your property manager (or maintenance supervisor on the property management team) As your right hand when making big decisions about the property. They are the “boots on the ground” and understand the infrastructure and the individual units better than anyone.

Pro Tip: When searching for a property manager, look for one with an in-house maintenance team for an even more seamless client experience.

Peace of Mind

Perhaps the most significant benefit of hiring a property manager is the peace of mind that comes with knowing your property is in great hands, 24/7. Not only do they manage everything listed above, but they are also the point of contact for property emergencies. “Fire, flood, and blood” are common property emergency categories that might come up within your portfolio. When you have a property manager, they will be the ones picking up the phone, no matter the time of day, to resolve an emergency as quickly as possible. They have the property knowledge, situational expertise, and vendor relationships to get your property protected and keep your residents safe and happy. Whether you're local to DC or an out-of-state property owner, having a property manager available to respond to property issues and manage the day-to-day of your portfolio will free up your time immensely to focus on other areas of your business and personal life. Having the time to focus on the joys of life while experts handle your investment? Priceless!



Conclusion

Hiring a property manager for your multi-family investment property in Washington, DC, is endlessly beneficial. From expertise in property management to increased tenant retention, decreased vacancies, efficient rent collection, smart property maintenance and repairs, and 24/7 peace of mind, a property manager can help you save time, money, and stress. If you're an investment property owner looking to maximize your profits and streamline your operations, our best advice is to consider hiring a trusted property manager today.

Interested in more information about Nest DC and what we offer our Multi-Family Real Estate Investors? Head over to our website and engage with our team through our chat feature!