Residential Property Type: Multiplex
If you are the owner of a multiplex, you are in a unique position. The small scale of your rental property means that in many ways, it’s like managing a single-family property, while at the same time having many elements in common with apartment complexes. Because it is such a blend of the two, managing a multiplex can be a bit tricky. But if your property is in Southern California, you are in luck because you can turn to MGR Property Management to handle all management aspects for your multiplex.
What Qualifies as a Multiplex?
A multiplex is a single building that is divided into multiple, separate units. Common types of multiplexes are duplexes and triplexes. However, there is no exact limit on how many units a multiplex can have, which can make it difficult to determine the difference between a multiplex and an apartment complex. Here at MGR Property Management, we define a multiplex as a multi-family unit with two to four units total. Anything about four units we classify as an apartment complex.
Are Property Management Services Important for Multiplexes?
Chances are this question is what brought you here, and no doubt you expect us to tell you that property management services are vital to your success. However, we believe there is nothing wrong with managing your own property as long as you have the time, energy, and skills needed to do so.
The problem is that most multiplex owners do not have the time and energy to devote to managing their property effectively, and even when they do, they often do not have all the necessary skills needed to market it, maintain it, and more. As a result, in most cases, seeking the help of a property management service advisable.
Is Property Management an Affordable Solution for Multiplex Owners?
While this answer will depend on the company, we firmly believe that MGR Property Management offers affordable property management solutions for all types of properties. With us, you can customize your package to only include the exact services you need, which cuts down on costs. Our fees are a percentage of your gross income from your properties, with the percentage varying based on the services you opt for.
Something to keep in mind when assessing the affordability of property management services is that they often increase the value of your property, which in turn increases your income. As a result, the use of a property management service can pay for itself. Additionally, the fees you pay us are tax deductible since they are a business expense.
Benefits of Using a Property Management Service
There are many general benefits that come with using a property management service, no matter what type of property you own. If you come to MGR Property Management for help managing your multiplex, you can expect to enjoy the following benefits:
- Rapid Response: Whether you are contacting us or a tenant, we respond quickly, answering questions, making repairs, and doing whatever else needs to be done.
- Contractor Connections: When repairs are needed, we never take a chance with an unknown contractor. Instead, we use those we know well and have worked with repeatedly in the past.
- Conflict Management: In tenant-owner relationships, things aren’t always smooth sailing. When there are bumps in the road, we can help you get past them, taking a calm, balanced, and legal approach to resolving all conflicts.
- Tenant Retention: We work hard to find you amazing tenants, which means you will want to keep them around. Our team knows what factors convince tenants to stay and we will work hard to get them signing their lease year after year.
- Rent Collection: We know that it can be uncomfortable to ask for money, even when it is all part of the deal. You can let us handle that for you, including collecting late fees and starting the eviction process should a tenant simply not pay.
- Tax Assistance: Because we are collecting the rent, handling maintenance, and calling for repairs, we will also be handling the bookkeeping. Come tax time, we will have everything neatly organized and ready to go for you.
Residential Property Management Services
We have already gone over the general benefits of using a residential property management service for your multiplex, but we have yet to get into the exact services offered. If you choose to work with MGR Property Management, we will offer you the following services that can be tailored to the specific needs of your multiplex:
- Background checks
- Lease signings
- Monthly rent collection
- Assessment of lease violations
- Lease enforcement
- Fulfillment of service requests
- Hiring vendors for maintenance and repairs
- Expense review
- Lease reviews
- Lease negotiations
- Property inspections
- Tax, mortgage, and insurance payments
If your multiplex has more than four units and is considered an apartment complex by our standards, we can offer you other services specifically designed to cater to larger properties.
Full-Service Single-Family Property Management Services
Since 1981, we have been a leading property management company in Southern California. Over the years, we have grown significantly, giving us a greater reach than our competitors. At the moment, we operate five offices in the area that are fully staffed with experienced and dedicated professionals who love working in property management. When you choose us, you always receive the services you need and care you deserve.
When we take on managing your property, we see our role as that of partner, making suggestions and doing the work, but never without your approval. We take into account the needs of your property, what you want to get out of it, and the approach you want to take to renting your multiplex. From there, we assign you a representative who is experienced with your type of property and the services you want. When you choose us, you pay the services you need, and nothing extra, making us a great option for your bottom line.
With MGR Property Management, you get access to full-service management that is customizable. Over the last nearly four decades, we have helped many multiplex owners increase their rental income, decrease their tenant turnover rate, and learn to enjoy owning a rental property. For rental income you can enjoy stress-free, work with MGR Property Management.