Working as a property manager can be a rewarding but challenging job. With any given property, there are special considerations and circumstances that must be taken into account. However, there are some universal details that should never be overlooked when managing a property:
Insurance
All property managers should have a comprehensive property insurance policy in place to protect themselves against lawsuits and other potential damages. For example, in the event that a resident claims to have slipped and fallen on the property as a result of poor upkeep, having an insurance company in place to handle the subsequent claim is vital. It’s also important to have insurance for any unforeseen damage that could happen to your property from fires, floods, and more.
Upkeep
Upkeep means having a dedicated maintenance staff on hand at all times to make sure that the property is clear of hazards. This includes having snow plows and salt during the winter when slip and fall accidents are most common. You should also be sure to keep the lawn looking nice and free of debris. Failure to have dedicated maintenance can result in liability, as well as turn people away from your property.
Security
Property managers never know when an emergency may occur on the premises, even when they are not there. That is why having a professional security company on hand is so important. Trust Security Services can answer to emergencies and crimes on the property as needed and restore order until the police or other officials arrive. Without a security company, chaos could ensue on property.
Rent Collection
There will inevitably be times when tenants will not pay their rent on time. To avoid a confrontation or poor customer relations, property managers should have a separate entity to handle late rent notifications and even eviction notices. Hiring a third-party company for this kind of work is advised for most property managers who wish to keep relations with tenants positive.
Screening Software
Those who apply for occupancy of a residence on the property should be thoroughly screened. This includes not only a credit screening but a reference and background check as well. Having quality software that can quickly and accurately run an applicant’s record makes the approval process easier and keeps the community safe as well.
There are numerous aspects of one’s job as a property manager that simply cannot be overlooked. By keeping these five important factors in mind, it is possible to run a safe and happy rental community while making one’s job as a property manager easier and less stressful in the process.
