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What is residential property management? Roles and responsibilities explained

MRI Software

Managing these properties can be challenging, and thats where residential property management comes in. If you own a rental property or multifamily building, the day-to-day responsibilities of tenant management, property upkeep, and finances can quickly become overwhelming.

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Understanding the difference between a condo and a multifamily residence

MRI Software

Condos are typically financed like single-family homes, with similar down payments and mortgage terms. However, lenders often require additional documentation about the buildings HOA, such as financial stability and insurance coverage, to ensure the property is a sound investment.

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Active vs. passive property management

MRI Software

Benefits of Active Property Management Engaging in active property management demands significant time and attention. Tailoring The Approach Based On Property Needs Every property is unique, requiring a management approach that suits its specific characteristics.