A successful apartment has the majority of its units filled. However, no apartment or condo is immune to vacancy; it plagues multi-family buildings everywhere. The trick is getting it down to a minimum. When you have high tenant turnover, you lose money. The longer you can keep tenants, the more money your apartment can make.
Apartment maintenance expenses have the tendency to sneak up on you. Even though you’ve allocated a certain amount of dollars each month, pennies may be few by the time month end arrives. There always seems to be more month than dollars in the budget.
Topics: Keeping Costs Down
When the weather is getting chilly, you know it's time to take stock of your winter essentials. You check your boots, your jackets, your mittens, etc. to make sure you're prepared for snow. The same should go for your apartment building. Before snow hits, you should go through your apartment to see if everything is in order.
Bills are part of owning an apartment building. There's some that you're scared to open because you know they'll be ridiculously high, and then there are others you know won't break the bank. Ideally, you'd like to shrink—or eliminate entirely—the number of those heart-attack inducing bills, because they eat away at your profits and affect your bottom line.
Now that summer is behind us, it's time to look forward to sweater weather, cozy fires, and warm drinks. It's also time to prepare your apartment for this season, too. The more you do now, the less you'll be burdened with later.