The Best Advice for Managing a Multiplex

By Alicia Geigel on August 8, 2022

The business of real estate renting can have several different avenues of income. While the traditional route is to settle with a single-family property or a twin/duplex-style property, these property types don’t always give you the opportunity for the best return on investment. Multiplexes, on the contrary, can generate double, triple, or even quadruple the amount of income for a cheaper price.

Managing a multiplex is no easy job, and can take some time to familiarize yourself with the duties and responsibilities of managing a multi-family, multi-unit property. If you are considering leaping into an investment opportunity and looking into a multiplex, follow these tips to help you get started.

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What is a Multiplex?

A multiplex also referred to as a multi-unit property, is a type of rental property with at least two, but typically more, rental units. Duplexes are two-unit properties, triplexes are three-unit properties, and a multiplex can have four or more units within it, according to National Bank. Because you are getting more property, multiplexes are more expensive upfront. However, the amount of rent you can charge per unit in the multiplex can not only offset your buying costs but can also bring in significant revenue.

Tips for Managing a Multiplex

1.  Manage Your Time Well: Taking on a property with several units requires dedication, effort, and proper time management. Managing your time in this regard can apply to different areas, such as collecting rent on time, scheduling maintenance when needed, servicing appliances and utilities, etc. Keeping track of what you have to do and when you have to do it doesn’t have to be difficult, either. Try using a scheduling software such as Google Calendar to make note of important dates and appointments, or go the old-fashioned way and use a planner! The bottom line is, that when you manage your time well, you have a greater ability to track your units and tenants, which only makes the process smoother and less overwhelming in the long run.

2. Get the Help You Need: A key component in managing your time well is also getting adequate help to better manage your property units. Trying to manage multiple units by yourself is a big project to take on individually. Rather than keep track of the tenants, their payments, maintenance, hiring contractors, etc., extend the olive branch of opportunity and business to people looking for jobs and outsource the help that you need. Consider looking into a scheduler, maintenance man, accountant, etc., to offset the tasks that may boggle down your schedule. Mariia Kislitsyna of Landlord Tips writes, “Hiring someone to take care of these matters can free up your schedule to better manage your properties and be effective in your role as a landlord.”

3. Consider Getting a Management Software: Another way you can balance keeping track of things is by using some kind of management software to keep your information together in a digital form, rather than on paper. Nowadays, there are a number of different applications and software to utilize, such as Avail, Turbo Tenant, and Rentler, that can be used to e-sign documents, collect rent payments, schedule maintenance appointments, and check in with tenants, etc. This can help to free up physical clutter on your desk, cut down on the time and materials needed for leases and signatures, and allow you to collect rent money in a timely and easy manner.

4. Keep in Touch with Tenants: One of the best ways you can manage a multiplex, or any property for that matter, is by keeping in touch with tenants. Maintaining a healthy, friendly relationship with your tenants not only keeps a rental income coming in for you, but also helps to promote your property rentals and potentially bring in new tenants in the future. Touch base with them on a regular basis to see how they are doing, if appliances and utilities are in working order, and if they are comfortable with their rental payments. Doing so will show them that you genuinely care about their well-being and don’t look at them as commodities.

5.  Maintain the Property Properly: Keeping up with maintenance and landscaping is an important part of managing any property, especially a multiplex. Because there is physically more property to take care of, it can be easy to neglect some areas, like the back of the property, that may not be seen clearly right away. Add flower beds or bushes to the front and surrounding areas of your building, power-wash the sidewalk, add a few benches and outdoor patio seating, etc., to appeal to both existing and prospective tenants.

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Managing a multiplex is a large project that requires plenty of time, dedication, and effort. While it is something significant to take on, by managing your time well, getting help, and taking the time to have a good relationship with tenants, you can have a perfectly successful property business.

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