If you’re planning to run an apartment complex, there are some things you should know. Keep reading to learn how to be the best landlord you can be with Arizona commercial real estate loans.
A lot goes into running an apartment complex. You have to keep your residents happy by making repairs and maintaining amenities, and somehow also profit. That’s a lot to think about.
Have useful amenities.
Pools, laundry rooms, gyms, and common rooms are all plusses for any apartment complex. Tenants want to know that their rent is going somewhere useful. And, being able to get these amenities within the cost of rent is appealing to potential renters. On this note, make sure you maintain your amenities well so you can show them off to potential tenants.
Use appealing architecture.
Frankly, people don’t want to move into somewhere unappealing. Make your apartments look as good on the outside as they do on the inside by choosing colors that match your complex’s theme. If your complex is targeted toward younger tenants, a modern pop of color on the exterior could bring in new tenants. On the other hand, if you’re aiming for older tenants, a calming color may be more applicable.
Communicate with your tenants.
Communication is key to any successful relationship. If you want to build good relationships with your tenants, make sure you have open lines of communication with them, whether that be giving them your phone number or sending out mass emails with important information. Do you have events at your complex? Send them out so people know about them. Is there the potential for a rent raise? Make sure you let your tenants know with plenty of notice. Respect them and they will be more likely to respect you.
Insist on respect as a business practice.
If you have people working at your complex such as receptionists or cleaning staff, make sure they respect your tenants. One of the most common complaints about apartment complexes is disrespectful staff. Having staff that respects your tenants will help them feel more comfortable and be more likely to leave you positive reviews.
Use digital payment methods.
In the age of the internet, it’s very helpful for tenants to be able to pay online. People are all about convenience, so making paying convenient for them will make them more likely to pay you on time.
Cover more than just water.
It’s appealing to potential renters when their landlords cover several amenities. Covering more amenities than just water will bring in more renters, so you’ll profit more in the long run.
Arizona commercial real estate loans can help you finance your apartment complex and they are available at many hard money lenders. Private lenders can offer you more LTV and better rates than banks, as well as get you your money faster. Choosing a private lender for your Arizona commercial real estate loans can help you fund your apartment complex without having to pay for it all immediately out of pocket.
Get your hard money loans from Level 4 Funding.
Level 4 Funding is a hard money lender that specializes in real estate and cannabis business financing. They can get you Arizona commercial real estate loans at great rates and work with you to come up with a loan plan that fits your lifestyle. Visit their website and apply for a loan online today to get started on your dreams.
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.