Get the right management for your Montana Multifamily property.
Montana Multifamily owners, is your management up to par? Did you know that there are hundreds of new apartments under construction in key markets across Montana? As the rental landscape gets more competitive, there are a few key questions to ask your property manager. Here are the top five questions to maximize your property’s ROI.
Q: Are you maximizing your revenue sources?
A: Your property manager might suggest simply increasing rent. But without clear investment in the property, tenants are likely to vacate once comparable properties hit the market. Other ways to increase revenue include pet rent, valet waste, or reserved indoor bike parking.
Q: What repairs are needed to bring the units up to par with competitive offerings?
A: If your property manager isn’t working on a preventative maintenance strategy, newer products coming to market might overshadow your complex. Especially when the market slows down and there’s more to choose from.
Q: What platforms are you currently listing available units on?
A: Craigslist and a local website used to be a sure bet for apartment leasing in Montana. Listing sites changed the game. Juggernauts like Apartments.com will always scoop up the premium Google rankings. Digital marketing dollars can be stretched thin without a clear audience and plan for reaching your next tenants.
Q: How has your touring process changed in light of COVID?
A: Even as many companies return to in-person touring, your property manager should have a plan in place to offer virtual tours. That’s especially true for prospective students and new residents.
Q: Is it time to rethink complex amenities?
A: Has your property manager looked into cost-effective ways to update amenities at your complex? One clear shift is a new preference for outdoor space. While theaters and fitness centers fell out of favor during the pandemic, outdoor kitchens and grills surged in popularity. As you plan for the future, now is a good time to ask your property manager for a 1, 3, and 5-year plan for the facility. Be sure your plan helps position the complex to grow with the community and their needs.
Want to learn more?
Contact Sterling Commercial Management at 406-290-9800 for more information.
Montana Multifamily Management