If you’ve already started dabbling in real estate investing by way of purchasing and renting single-family homes, then a multifamily property investment is the next step in building out a robust, high-earning portfolio. A multifamily property includes everything from duplexes to small apartment complexes with less than 100 units. The biggest challenge to adding a multifamily property to your portfolio is management of the asset. Who will collect rent from your dozens of residents? Who will clean and maintain common areas, like pools, exercise facilities, shared hallways, and laundry rooms? This is where a company specializing in multifamily property management, like Evernest, can step in to make your income-producing asset a painless part of your real estate holding portfolio. But what exactly would you be paying for? Here’s just what you can expect an excellent multifamily property management company to do:
Help Source and Secure Deals
Evernest helps interested real estate investors find and purchase their dream multifamily properties in 20+ markets across the country. We start by matching interested investors with local boots-on-the-ground experts in those areas to discuss the unique market conditions including the quality of schools, variety of restaurants, and vibrancy of lifestyle. Then we start evaluating questions like project budget, timeline, and value-add opportunities and match interested investors with local brokers to start sourcing credible deals. Once the investor and broker have narrowed down their search, the skilled professionals at Evernest will start preparing proformas for the prospective properties to get an estimation of revenue, profit, and costs for the investor. Using this financial modeling information, an interested investor can make an educated decision about which property to move forward with, at which point we help that investor prepare their Letter of Intent and move toward closing.
Create Proforma and Operating Plan
During the 45-60 days leading up to closing, Evernest is digging deep into the details of your property's financial plan, maintenance schedule, and operating plan. If the building is not yet at the desired 90% occupancy level, a plan will be put into place to “lease up” the available units. If the new owner would like to put some value-adds in place, such as fresh paint, new laundry facilities, new cabinets and fixtures, etc., we prepare the maintenance and construction schedule for these additions and start the process of notifying residents. It is also during this period that Evernest team members will create the property maintenance schedule for common areas and facilities.
Transfer All Resident Data into New Tech
The next primary goal of a multifamily property management team is to transfer and update all of the renter information so billing can move forward seamlessly. During this time, Evernest will also support investors in rebranding their properties and launching new websites and freshly branded marketing channels. We take matters like Google Reviews incredibly seriously and want to see our investors set up for success with their new properties. Once all of the resident information is populated in our software interface, rent collection is a streamlined and automated process.
Monthly Financial Reporting
As a tech-driven real estate investment firm, Evernest provides transparent and robust monthly financial reports. Property owners can view their data in real time and see what the profit and loss is on any one of their properties from anywhere in the world. At the end of each month, Evernest provides comprehensive financial analysis reports containing all pertinent information for the investor.
Manage Common Areas
Lastly, a multifamily property management company is responsible for monitoring and maintaining common space areas like lawns, parking lots, laundry facilities, exercise and recreation facilities, pet stations, and more. Evernest will create a detailed schedule for upkeep and will provide scattered on-site services. Our vetted and approved subcontractors will take care of mowing the lawn, shoveling snow, and making necessary repairs throughout the property. This also includes HVAC equipment, utility closets, communal trash cans, and shared social spaces.
Multifamily Made Easy with Evernest
Managing a multifamily real estate investment is easy with a partner like Evernest. We bring our expertise to all transactions and ensure a smooth transition into ownership for interested investors. Contact a representative of the Evernest team to discuss your dreams of adding multifamily properties to your real estate portfolio. We can then collaborate on markets, project budget, and feasibility to help you make the most informed and profitable decision. Want to know more about partnering with Evernest in your next multifamily deal? Here are two ways to get started:
- Listen to this podcast episode with our Multifamily expert, Marshall Haggard. You’ll get more tips on how to make the jump to multifamily.
- Pick the market you want to buy in, and reach out directly! From there, we’ll hop on a call to discuss the next steps.
