While it is not necessarily required to have a broker for an apartment complex, it is a good idea to do so. Real estate activities can be confusing, and every complex should make sure that they are doing things properly at all times. Here are 5 important reasons why every apartment complex needs a broker.
1- A Broker Ensures That Compliance is Met
Apartment complexes need to make sure that they are up-to-date and accurate in all leasing activities. A broker will ensure that compliance is met by overseeing the rules and regulations and making sure that all employees are following them on a daily basis. Complying with local, state, and federal law is vital, and a broker can make sure that this is happening.
2- A Broker Will Make Sure to Keep Up With License Renewals
Certain employees of an apartment complex may need to be licensed in order to perform specific activities, and everyone needs to make sure that renewals are up to date. A broker will manage the process and make sure that educational and renewal requirements are met at all times so that licenses stay current for leasing activities.
3- A Broker Will Perform Internal and On-Site Assessments
A broker will be sure to do their due diligence by performing internal and on-site assessments. This can mean an internal inspection report stating the overall condition of the property. It can also be a market survey and condition report, which analyzes the subject property using variables such as rents, unit type, and occupancy. A broker will also perform lease audits by examining all lease agreements and verifying that the charges billed are in compliance with the terms of the lease.
4- A Broker Will Make Sure to Keep Up With Industry Rules and Regulations
There are many laws that managers of apartment complexes need to follow, and a broker can make sure that this is being done. Even if a law is broken accidentally, it can have disastrous consequences. Landlord-tenant law is not always clear-cut and easy to understand, and a broker has the expertise to know exactly what to do in difficult situations.
5- A Broker Will Make Sure That Marketing Materials re Legally Correct
Real estate marketing materials are the backbone of the leasing business, however, there is a long list of things that a company can and cannot do. Laws need to be followed, and there are certain terms that simply can not be used in advertising. Everyone wants to make sure that they are marketing themselves and their properties in the best way possible, but there are so many factors that go into making sure that the materials are legally correct. A broker will oversee the process and proofread all marketing materials before they are distributed to potential tenants. This will help to make sure that all real estate laws are being followed, and that the marketing is being presented in the most effective way possible.
These are just five of the many reasons apartment complexes will benefit from having a broker.