Property owners who have no time or are inexperienced in taking care of the various tasks involved in managing their properties may choose to hire the services of a property management company. The property manager acts as a go-between for the property owner and tenant and handles different tasks such as collecting rent, dealing with complaints, and maintaining the upkeep of the property.
Of course, the property manager’s responsibilities depend on their agreement with the property owner. For example, some landlords may want their property manager to take care of collecting rent from tenants, while others need them to take care of every aspect of the property. In addition, property managers may take on other responsibilities such as dealing with repairs, handling taxes, overseeing employees, or selling properties.
While property management takes on numerous responsibilities and ensures everything is in order and running smoothly, unexpected situations can cause problems. One of the best ways property managers can protect themselves is through insurance, covering themselves, their clients, the renters, and the properties they manage. After finding out property management insurance costs, they can avail of a policy suitable for their business. This policy may be similar to other insurance policies of other companies but have a few more extras that other coverages do not have.
Below are some helpful tips for smoothly managing properties.
- Conduct regular inspections of the property and handle maintenance requests
Property managers must conduct regular inspections of the property to avoid potential problems within the property and units. Some essential things that require inspection are the HVAC systems, water lines, smoke and fire alarm systems, emergency access, roof, and windows. The property manager must also respond to requests from tenants regarding maintenance. When a tenant’s issues are unresolved, they may discontinue their lease.
- Be clear about property rules
Property managers must provide a written set of rules to avoid miscommunication and possible issues with tenants and offer them to prospective tenants when signing the lease. If tenants have problems regarding the rules after signing the lease, a property manager can show proof of the agreement and restate the issues. There also has to be consistency when applying property rules, where one tenant cannot be favored over another.
- Screen tenants
Before allowing people to occupy units on the property, it is vital to create a system to screen them and ensure that you have the right tenants. The property manager should conduct background checks through this system, which can help with details such as security deposits, etc. The screening will also help avoid future disputes between the property owner and tenant. After the screening is completed, the property manager can ask the landlord to help decide whether the prospective tenant should or shouldn’t be considered to rent a unit on the property.
Property management is not easy, especially with the numerous responsibilities involved in managing properties. While you may always do your best to ensure that you are handling the job, there will always be challenges you need to overcome. However, being organized and dealing with problems as soon as they come up can help make the job much easier to manage.