Property management is a rewarding profession. However, property managers have to deal with a variety of issues. Here are three common property management challenges and how to overcome them.
Tenant Screening
One of the most important tasks of a property manager is to find and select qualified tenants for their properties. A good tenant screening process can help avoid problems such as late payments, property damage, evictions, and lawsuits. However, tenant screening can also be time-consuming and complex, especially with the various laws and regulations that protect tenant rights and privacy.
To overcome this challenge, property managers should use a reliable and comprehensive tenant screening service that can provide them with pertinent information, such as credit reports, criminal records, eviction history, income verification, and references. Property managers should also have clear and consistent criteria for accepting or rejecting applicants. Moreover, they should document their acceptance and rejection reasons to avoid discrimination claims.
Maintenance
Another major challenge for property managers is to keep their properties in good condition and comply with health and safety standards. Maintenance issues can arise at any time, and property managers have to respond quickly and efficiently to avoid tenant dissatisfaction, property damage, or legal liability. However, maintenance can also be costly and time-consuming, especially if the property manager has to deal with multiple vendors, contractors, or service providers.
To overcome this challenge, property managers should have a preventive maintenance plan that includes regular inspections, repairs, and upgrades of their properties. The managers should also have a network of trusted and qualified vendors or contractors that they can contact when needed. In addition, property managers should communicate clearly and promptly with their tenants about any maintenance requests or issues, keeping records of all maintenance activities.
Legal Compliance
Another significant challenge for property managers is to comply with the various laws and regulations that govern the rental industry. Property managers have to be aware of and follow the federal, state, and local laws that cover rental topics, such as fair housing, landlord-tenant relations, security deposits, rent control, evictions, habitability, and more. Failure to comply with these laws can result in fines, lawsuits, or loss of license.
To overcome this challenge, property managers should educate themselves on the relevant laws and regulations that apply to their properties and locations. Property managers should also consult with a lawyer or a professional association when in doubt or when facing a legal dispute. Moreover, it is important for managers to keep updated records of all their transactions and interactions with their tenants, vendors, contractors, or authorities.
Contact a local property management service to learn more.
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