Many people may not realize that a broker of record (BoR) is important in any apartment complex for various reasons. There are several activities and processes that this person can oversee to ensure that the business runs as smoothly as possible. Many apartment complexes are owned by landlords or companies who also own several other buildings, so help is often needed. Here are three ways that a broker of record can benefit an apartment complex.
1- Helps to Build Strong Relationships
Anyone in the business knows that real estate is not always easy. There is plenty of competition, and when it comes to leasing apartments it is important to stand out from the rest. A broker of record has the necessary connections to bring more potential renters to the property and to enhance marketing efforts. The apartment complex needs a steady stream of rental income, and it is the broker’s job to build relationships within the real estate community so that the occupancy rate stays as high as possible.
2- Handles Leasing Activities
Leasing activities can be time-consuming. When a landlord has a vacant unit, a prospective tenant may want to see it at any time. A broker of record can make sure that a top salesperson is always available to provide a tour of the unit. This person will be able to highlight the best features that the apartment has to offer and help prospective renters envision themselves living there. There are usually many available rental units in any given area, and it takes a skilled individual to get leases signed regularly. A broker of record gives landlords the added benefit of knowing that every unit is being presented to potential renters in the most efficient way. After the showing has been completed, the broker of record will be responsible for assisting the renter with the application process, screening the renter, collecting a deposit, and drawing up the lease. From that point forward, the BoR will collect monthly rent, submit maintenance requests, and handle lease renewals.
3- Ensures That Daily Operations are Running Smoothly
There is a lot of work that goes into making sure that the daily operations are being run smoothly and correctly. Every landlord wants to have a lucrative investment, and the broker of record will ensure that the building is properly maintained and managed. There are many tasks to be done in any apartment complex. Rent checks need to be deposited, meetings may need to be set up with renters who are behind on their rent or not following complex rules, and complaints, suggestions, and requests must be addressed. A broker of record has the skills and experience to handle these tasks on behalf of the landlord or owner of the building.
Using a broker of record in an apartment complex has many benefits and can help the complex run to its full potential. Reach out to local brokers of records who are experts at ensuring that every complex has the resources needed to be perfectly organized every day.
