Property management has changed in the last three years and shifted from a space management position to more of an activity management position. A property manager is responsible for the management of buildings, administration, hiring, supervision, and maintenance services. There is a lot that goes into the management of buildings, management of human resources and maintaining a property below these big titles when you put it all on paper. As a result, errors can be made that are costly and damaging to the business. We also view errors and mistakes differently. A mistake is unintentional, generally. An error is usually the result of negligence.
Errors and mistakes are not the end of the world, but with proper planning, many issues in property management can be avoided entirely. Let’s look at 5 errors in property management and how to avoid them.
- Allowing safety issues to persist.
- Poor tenant screening.
- Responding slowly to maintenance issues or request.
- Lapses in insurance.
- Poor focus on lease renewals.
- Allowing safety issues to persist.
When a safety issue is identified, the proper response is immediate. Address the specific issue, locate the source of the problem, turn it off, take it down or fix it. Whatever it is, address it immediately.
Is the floor wet? Put out a sign and mop it up.
Is the door broken? Place a sign on it and lock it until a repairman can fix it.
Is there broken glass? Use a caution sign and clean up the glass.
While these are all issues that seem common sense to address, there are property managers and/or owners who haven’t taken care of things immediately…or we wouldn’t even address it here. The role of property management is maintenance, and to ignore a safety issue is negligent, dangerous and costly. Safety issues must be addressed swiftly to avoid a costly accident to a customer.
- Poor tenant screening.
As a property manager, you have an obligation to properly screen tenants whether your business is a commercial property, housing rental or a multi-family housing complex. Friends and family do not get special treatment, and all potential tenants receive the same treatment. Failure to properly screen tenants usually leads to future headaches or other dangerous situations. The property manager has a responsibility to lead well and protect others on the property. Determine a system that works for your property and stick to it when evaluating new tenants.
- Responding slowly to maintenance issues or requests.
If you have ever lived or worked somewhere where maintenance requests were taken lightly, you know that it can be frustrating and even unsafe. In 2023, there is no reason to ignore a maintenance issue or request when it’s brought to light. Too many software options exist for a property manager to ignore a repair that is necessary. Whatever the issue, address it immediately. Direct contact with the person requesting maintenance is necessary and should be swift. Communicate the plan of action and how quickly it will be addressed.
As a property manager, the goal should be to have a reputation for responding to maintenance issues immediately. This one factor alone can impact your ability to keep good tenants.
- Lapses in insurance.
There is a lot to keep track of in property management. Insurance must be at the top of the list. There is no reason to allow your property insurance to lapse. Reminders in your calendar two months prior to the renewal of the property policy will help alert you to the need to address it quickly. Stay on top of paperwork and make payments ahead of schedule and online to avoid any lapse in coverage.
- Poor focus on lease renewals.
Renewals provide stability and predictable income for the property. Avoid turnover in property management by focusing on lease renewals and working to secure them. As tenants exit a property, the property manager is watching money walk out the door. Find out the reason for the exit and focus on changing those issues (when possible) for the future.
Property management is a business asset that property owners are foolish to ignore. At Weaver Realty, we have seen a lot of 40 years of commercial real estate. Focusing on avoiding errors leads to fewer mistakes. Mistakes may be common, but errors should not be. Our process for property management at Weaver eliminates room for errors. Our property management staff is experienced and ready to assist new clients right now. Call us today at 904-733-0039 and find out how Weaver Realty is different and can provide expert property management for your business.
