Managing multiple properties, especially luxury multifamily complexes simultaneously can be a lot to handle. If you are not careful, you could end up mismanaging everything. That is why you will benefit from installing multifamily property management software.

How to mismanage a luxury multifamily community

Residents who lease units in luxury multifamily communities generally have high standards of living and higher expectations of maintenance and convenience from the appointed property managers. Unless you take care, you could end up mismanaging the property in the following ways:

• You do not arrange for your on-site team to conduct a move-in orientation to welcome new tenants to the building complex and inform them about building protocols and other details they need to settle into their new home.

• You do not offer a resident app that residents can access to communicate with you, get information about the building complex and its surroundings, place work orders, make complaints, provide feedback, learn about community events, and get updates on ongoing maintenance work.

• You do not respond quickly or at all to tenant concerns and complaints or dismiss them outright. Your refusal to engage with tenants makes them feel unwelcome and as if they are not getting a good return for their rental money. Since they are not experiencing the luxurious lifestyle they expected, they ate likely to look towards your competitors for their next rental apartment.

• You do not use multifamily property management software to automate your accounting processes and do not maintain an accurate record of bills, receipts, payments, profits, and losses.

• You do not pay sufficient attention to maintaining luxury amenities like swimming pools, saunas, gyms, exercise rooms, playgrounds, golf courses, and gardens.

• You do not use the resident app to monitor metrics and measurements to understand which amenities residents use the most. Instead of focusing on these, you continue to spend your money, time, and effort on many different amenities, even those with limited use.

• You do not use multifamily property management software to automate rental and payment options. That makes it difficult for you to track which tenants are associated with which units, what their lease duration is, how much they pay in rent, how they make their payments, and when they make their payments. You do not offer different online and offline payment options to make rent payments more convenient for your tenants.

• You do not try to make the building complex units and the surrounding areas aesthetically attractive, so the residents do not experience any pride about living in such environs. Prospective tenants also do not find the premises appealing enough to lease units from you.

• You do not undertake regular maintenance work in the building complex and allow minor issues to escalate into larger problems.

• You do not organize community events where residents can meet one another, develop friendships, and cultivate a sense of community. That means the residents are not likely to form an emotional connection with their living spaces and will be less likely to renew their leases.