Multi-family investments make great rental properties in Dayton, and we manage quite a few buildings and units in and around the city. One of the questions we’re most frequently asked is whether an on-site manager is required.
Many markets have a requirement for on-site management. New York City it is required to have an on-site manager for any property with nine units or more and California requires an on-site manager for 16 units or more.
This is another great reason to stick to markets such as Dayton. We have no such requirement, and we think an on-site manager isn’t always necessary. In fact, it can be detrimental. While we work well with limited duty resident managers who take care of a few contracted tasks, we believe full-time managers can only create conflict and confusion for owners, residents, and property managers.
Your best solution for multi-family investments is always going to be professional Dayton property management. It’s less risky and less expensive than hiring a full-time on-site manager.
Resident Managers Can be a Resource for Dayton Rental Properties
Instead of hiring an on-site property manager, consider the benefits of working with a limited duty resident manager who can help support you and your Dayton property manager. We have worked successfully with several resident managers in the buildings we work with.
Typically, they live at the property so they can be the eyes and ears. Some of the specific things we task them with include:
- Walking the perimeter of the property or the building just to keep an eye on things and make sure everything looks to be in place.
- Ensuring that fellow residents are following the lease agreements and building requirements. We want to know that trash is being taken out as required, mail is not piling up, and the laundry area is clean.
- Talking with other residents about satisfaction so we know whether people are happy where they live or if things need to be changed to accommodate our tenants.
Resident managers are responsible and trustworthy. We don’t expect them to handle any paperwork or maintenance. They simply keep an eye out for anything we can’t see by not being there all the time.
Risks of On-Site Management in Dayton Rental Properties
Our experience with on-site managers is that they are difficult to trust. This doesn’t mean they’re bad people or dangerous to others, it simply means that renting out a property and maintaining it requires a lot of legal knowledge and management experience that on-site managers rarely seem to have.
If they’re showing properties, for example, or collecting applications, they may not be adequately trained in fair housing, and that can result in an expensive mistake. They likely don’t know the real estate laws and if they’re collecting things like application fees and security deposits, it’s often difficult to follow the money.
Working with a professional property manager in Dayton is safer and more cost-effective. We keep everything centralized, and our processes are automated and effective. Every member of our staff is trained on fair housing and rental laws.
When you’re wondering how to best lease and manage your Dayton multifamily rental property, contact us at ManCo Property Services. We’d love to tell you about all the value we provide.