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Multifamily Property Management

Multifamily property management relies on an organized team to handle the various issues that arise with the management of tenants living in a concentrated area. Property management companies must have systems in place to deal with rental collection, maintenance coordination, financial reporting, bookkeeping, tenant management, and other issues as they relate to the management of a property.  Ashoka Lion has built a team and systems to handle these issues for Houston and Dallas investors including online reporting, online payment portal, vendor lists, centralized bill payment, online storage of leases and other documents. 

Multifamily property management requires property management teams who can handle multiple transactions and issues, and with our utilization of technology to complement our property managers, we can handle multi-family complexes of various sizes (focused primarily on off site property management solutions).  Our goal is to provide quality property management for our real estate investors owning property in the Houston and Dallas area markets  while insuring that owners have access to transparent and clear reporting. Ashoka Lion will have access to legal counsel, contractors, real estate brokers, and other resources to help us navigate the difficult of managing property in the state of Texas.

Multifamily property management is also known as “apartment” management, as you have rental properties concentrated in a geographic region versus being scattered as you would have in single family home property management.  Ashoka Lion has built platforms and teams to address the needs of the multifamily property owner.

Multifamily property management requires systems and processes to deal with the fact that you are dealing with multiple tenants, constant maintenance projects, common area maintenance requirements, and consistent marketing programs to attract tenants. In fact, there are additional time requirements spent dealing with common area issues, tenant disputes with their neighbors, marketing, city requirements, and other issues related to managing a larger property. Ashoka Lion has developed property management processes and procedures tailored to handle these demands. Our property management systems and processes are built to increase our transparency, increase our access, and reduce time spent to provide these services by carefully integrating technology to overcome these issues. These property management solutions include our online tenant portals that provide copies of important documents like leases, tenant statements, tenant repair requests, as well as multiple payment options for tenants.  In addition, owners are provided online reporting portals to keep up with the cost of their various properties. 

To address the constant need to market properties, our contracts include marketing to sites such as Multiple Service Listing Services, Rental.com, RentalHouses.com, Homes.com and over 20 other sites to help keep a constant  online marketing presence.  In addition, we also have resources to allow Realtors to schedule their appointments for our vacant properties.

Multifamily properties on average are more affordable than similar kinds of single family homes. These properties tend to have a lower rental rate then their single family home property counterparts.  However, the cost of the property is lower per door, but the cost of the purchase tends to be higher as you are buying multiple rental units.

Therefore, these investments require a solid team that can provide full service property management that includes systems for:  

1) Marketing Vacancies
2) Screening  Applicants
3) Preparing Leases
4) Collecting Rent
5) Coordinating with vendors
6) Evicting Tenants if needed
7) Providing financial reports that include income and expenses
8) Developing common area maintenance programs.

Since many of our property management clients are out of state owners, our property management firm has written and developed several procedures to help us insure that owners are appropriately informed. These procedures include: 

1) Ledger that tracks owner’s contribution and payments 
2) Balance Sheets to track cash that we are holding on behalf of the owner, tenant’s rent due, and security deposits that owners are responsible to repay 
3) Tenant Rent Roll 
4) During vacancies, we can send reports to owners of the agents who have shown their vacancies 
5) Email notification of money being sent to owners 
6) Digital approval from owners for repairs of an emergency nature, estimates of repairs that are higher than the delegated authority to spend, or maintenance of a contractual nature. 

We have several tabs to help investors learn about how we manage rental properties and also educate property owners of issues relevant to property management. We have included a FAQ to discuss several questions that owners have regarding rental property management. We also have forms and documents that you can fill out under the tab labeled “Forms to Fill Out”. In addition, we have our blog that we provide stories of various property management issues that we come across every month. Also, we have a monthly newsletter that people can sign up for which will discuss a prevalent issue or topic related to property management. This newsletter will include coupons for vendors that may be of assistance to owners. In addition, we have coupons and deals to help owners with services such as electricity, maintenance, and legal services under our section of the website called “Coupons and Deals”. We also provide links to various sites under the “Tools and Important Links” page that will assist owners with their properties. For all your rental property management needs for your multifamily home investments, “Follow the Lion!”

In 2010, we have developed a request for proposal sheet for owners to fill out information about the properties that you are requesting for property management.   The goal of our proposal questionnaire is to avoid our company and owners   having differing expectations. The goal is to avoid scenarios that our company is placed in impossible property management  scenarios or expectations with little chance for success. 

Additionally, our pricing is setup as a percentage of the property’s gross collected rent, as long as it is greater than our flat fee minimums for property management portfolios. For multifamily property owners, it is desirable to align the property management company’s fee structure with the owner’s profitability to insure that everyone is working to maximize profitability while maintaining the property and regulations as required by local ordinances. Additionally, the percentage will vary if the property requires on-site management solutions. In the case of properties that require on-site property management solutions, the property will bear all the cost of the employment for this staffing.

Fill out our “Request a Proposal” form, and we will contact you regarding your property management request  to begin developing our proposal.

Click here to go to our Request for Proposal.