Remove Property Management Software Remove Rental Income Remove Residential Property
article thumbnail

Landlord’s guide to residential insurance: Key elements for protecting your residential properties

MRI Software

Owning rental properties can be rewarding, but without the right insurance, a single incident could cost you thousands of dollars. If youre renting out a residential property, protecting your investment isnt just smartits essential. What is landlord residential insurance?

article thumbnail

Loss of rental income insurance: Essential coverage for every landlord

MRI Software

For many landlords, rental income is more than just extra cashits essential for covering mortgage payments, property maintenance, and personal financial goals. So, what happens when an unexpected event, like a fire or storm, leaves your property temporarily uninhabitable and your rental income at risk?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Economic occupancy vs. physical occupancy

MRI Software

Understanding economic occupancy and physical occupancy is essential for effective residential property management as it allows for in-depth assessment of the financial health of properties and make informed decisions. A rate close to 93.8%

article thumbnail

How to Maximize Your Residential Rental Property Occupancy Rate

MRI Software

In residential property management, following up on leads and maximizing occupancy are crucial to the success of your multifamily community. While essential to the success of your property portfolio, maximizing resident occupancy can be challenging. In this guide, we explain how to maximize residential property occupancy.

article thumbnail

Multifamily asset management: Insights for landlords

MRI Software

Whether you’re a new landlord or an experienced investor, these insights will help you maximize your property’s potential. What is multifamily asset management? Multifamily asset management is the process of overseeing residential properties with multiple units to enhance their financial and operational performance.

article thumbnail

A step-by-step approach to calculating residential rental management fees for multifamily units

MRI Software

Each of these approaches has pros and cons based on your property’s specific needs, especially when calculating typical residential property management fees. Percentage-based vs. flat fees Percentage-based fees are calculated as a percentage of your monthly rental income, typically ranging from 5% to 10%.

article thumbnail

What is multifamily property?

MRI Software

Property managers with these properties in their portfolios will need to know how to navigate the unique challenges and rewards that come with managing homes for multiple families. What is a multifamily property? These units are designed for residential use, with each functioning as a separate home.