BLOG CATEGORIES

Top Issues Property Managers Face and How to Fix Them

Top Issues Property Managers Face and How to Fix Them

This blog post names common issues that many property managers regularly face along with how to fix them so that the property manager can prepare and act accordingly should they run into one.

Because a large part of the property manager’s role includes meeting both the building manager and its building occupants’ needs, countless issues are bound to arise, and they are not always predictable or easy to fix. However, some issues are so commonly faced by common managers, that they should be able to resolve the issue fairly easily on their own. This blog post will focus on some of the top problems that property managers regularly run into and the appropriate way to fix them.

Creating an effective lease

This can be an issue for many property managers because it is so easy to leave out areas of concern on both the property manager’s and the renter’s end that may come up throughout the tenant’s occupancy. Be sure to consult a lawyer to help you draft your lease so that you do not miss coverage of any important details. Be sure to thoroughly go through the lease with any prospective occupants to make sure that all expectations are clear. Finally, suggest that the renter reviews the lease with their own lawyer in order to be sure it is all inclusive of their expectations as well and nothing is left unclear.

Property damages

Because occupants are merely renting your property, it is not uncommon for them to put less care into their rented space than they would if they actually owned the property themselves. There is no sure fire way to enforce occupants to treat the property with the care that it requires, but luckily there is a fix here to counteract occupants’ carelessness. If you do not already collect a security deposit from your occupants upon the signing of their lease, you should begin doing so as soon as possible. This is your way of ensuring that you have the funds to repair any damages to the property caused by the occupant.

Problems with insurance

A property manager should always insure themselves for loss and lawsuits at a minimum, but many are not aware of exactly what all they should cover themselves for or where to look to do so and wait to do so until it is too late. Here are some of the coverages that property managers should look into:

– Professional liability/errors and omissions
– General liability
– Tenant discrimination
– Property and umbrella
– Worker’s compensation
– Equipment breakdown
– Automobile and inland marine
– Fidelity
– Cyber liability

For more information about insurance coverage for the property manager, see our guide: “The ABC’s of Property Management Pt. 1.”

Emergencies on the property

While emergencies on the property are not what any property manager hopes to run into, the unfortunate reality is that emergencies do occur, and they occur often. What’s more, since the property manager does not regularly work from the buildings that he/she oversees, emergencies usually occur in their absence, giving them little control over the situation. This is why it is so important for property managers to lay out thorough practices for building personnel to carry out in the event of an emergency, including specific details for particular types of emergencies within their Emergency Action Plan. For help, tips and example templates with developing your own plan, see our free downloadable, “Building Your Emergency Action Plan.”

Finally, if using any outside resources for emergency situations, make sure to implement services that not only properly assess the emergency situation and deliver the appropriate aid, but also notify the appropriate people within building management that the emergency has occurred and the actions taken to resolve the issue, as we do here at Kings III. This will keep you from blindly operating one of the most critical aspects of your building and allow for the knowledge required in prevention of future similar emergencies.

These are just some of the many issues a property manager may encounter on the job. By proactively being able to look out for these common potential problems listed and providing a fix, hopefully this will leave a little more room on your plate to tackle the more unpredictable aspects of the job that you may encounter. For more information on how Kings III can help with property management issues, visit www.kingsiii.com.

KEEP LEARNING

How Your Life Safety Devices are Impacted by Landline Technology Phaseout

In our space, there’s been a lot of chatter about FCC Order 10-72a1 and how it is impacting copper/analog/plain old telephone service (POTS) phone lines. With this comes deteriorating service and significantly higher phone line costs. Learn your best options for addressing this with your emergency phones.

May is Building Safety Month

Building Safety Month is an international campaign celebrated in May to raise awareness about building safety. Learn more about what you can do to further the initiative here in this blog post.

What You Need to Know About IBC 2021 Elevator Phone Code Requirements

While it’s been over a year since IBC 2021 was released, many are still familiarizing themselves with the elevator phone code requirements and how to navigate them, as significant accessibility changes have been made. We’re here to help clear that up for you.

Property Safety for Deaf & Hard of Hearing Tenants

Although, of course, those with hearing loss or deafness can continue to live independent and productive lives, there are unique needs and accommodations associated with them, and it is in your best interest as a property manager to keep their safety in mind. Here are some considerations to make when helping to protect your deaf/hard-of-hearing tenants.

How To Deter Illegal Activity On Your Property

Here, we list the most common types of illegal activities that take place on multifamily residential properties and how you can sniff them out. Finally, we detail the steps you can take once you discover the illegal activity while reducing the chance of harm to you and other tenants.

Kings III Makes The Dallas Morning News Top 100 Places to Work List Becoming a 2x Winner

Kings III was honored to be recognized by its employees and The Dallas Morning News by making the daily newspaper’s Top 100 Places to Work list, falling in at 17th in the midsize companies category, jumping from its 26th standing in the previous year.

How to Handle After-Hours Emergencies

Not all on-site emergencies take place during regular working hours, but that doesn't make them any less important to address. Here's how property managers can effectively respond to property emergencies occurring after-hours without an unrealistic, burdensome workload.

The 5 Most Common Reasons Smartphones Fail at Property Safety

If you rely on tenants' smartphone use as an on-site emergency response, you're opening up some liability issues when it comes to property safety. Here's what you need to know.

Prepare an Emergency Plan for Your Fitness Center

Because your fitness center could be one of the more popular amenities on your property, it certainly brings a need for a plan to manage risks that can occur. If you haven’t already, it’s important to establish life safety and emergency response practices specifically designated for the area. Here are some of the essentials.

Kings III makes it easy as a single point-of-contact for all your emergency response needs. With expertise in line connectivity, compliance codes, equipment maintenance and safety protocol, we offer the total package.