5 Common Property Owner Mishaps and How To Avoid Them
It is no secret that Property Owners have a lot on their plates. It’s a tough job to manage the many variables required to keep properties running smoothly.
Below is a list of areas that you can discuss with your clients that commonly result in problems for property owners…
- Documentation/Not keeping proper records – Keeping good records is an important way to avoid any issues in the future. Documenting interactions and resolutions with tenants, vendors and clients is the best way to minimize the consequences of litigation. As a general rule if it does not get documented it never happened.
- Under-estimating the need for preventative maintenance – i.e. not inspecting the property on an annual basis… Inspecting the property on a regular basis can protect your clients and their residents from safety issues and financial liabilities. It is important to check smoke alarm batteries, air conditioner and heater filters, carbon monoxide detectors, washing machine hoses, etc. Something as minor as a slip and fall accident could turn into a huge financial burden. You may want to mention that conducting regular inspections will allow them a chance to address any lease violations and deferred maintenance.
- Not sufficiently screening credit applications, rental references, and proof of income – In order to screen these properly you must have written standards that are both firm and realistic. Verifying the identity of a potential renter or owner prior to releasing possession is also very important.
- Entering a property without proper reason or notice- Whether performing an inspection, conducting a repair, or arranging for a potential purchaser to see the interior of the unit, you must give proper notice to the current resident. This will reduce any resentment for any perceived inconvenience or intrusion. Don’t forget to document the notice in some form. The only time it is acceptable to enter a unit without notice is in the event of an emergency.
- Trying to evict a non-paying tenant without the guidance of an eviction attorney – If your property owner client has taken the prior steps to enforce their rent policy and has still not received the payment, it is then time to start the eviction process with a procedure developed by an attorney that knows how to handle unlawful detainers.
New Empire Group is a nationally recognized and awarded insurance program administrator providing specialty insurance programs and products for the commercial real estate industry, including Commercial Umbrella, CondoPak, and RECOVER Environmental.
Are your Client’s Properties Ready for Freezing Temperatures?
As we all know, water expands as it freezes, putting an extreme amount of pressure on whatever is containing it, including metal or plastic pipes.
With the extreme temperatures and excessive snow starting to hit parts of the country, one thing your property manager clients will probably be dealing with is snow removal. Did your client’s make arrangements with an outside company prior to this season’s snowfall?
The winter solstice is Saturday, December 21st, 2019. This is the astronomical first day of winter in the Northern Hemisphere and happens to be the shortest day of the year. Although it has felt cold for a few weeks now, especially in the northeast, it is a good time to remind your building owner and community association clients to start preparing their grounds and amenities for the winter season (if they haven’t already done so!).