Where Property Management Errors Happen
Digested from Multi-Housing News
There are many areas where property managers can make mistakes, but this one can prove especially treacherous.
When you are operating an apartment community, there are many moving parts and many things that can go wrong. But one area of the property management can prove especially treacherous, according to Laura Calugar, writing for Multi-Housing News.
“Some of the most common mistakes that property managers make are related to maintenance,” Culgar writes. “In an effort to save money or be quick, many hire the wrong contractors. A reasonable and reliable contractor is sometimes hard to find, but calling upon inexperienced maintenance personnel will be costlier in time. Moreover, some maintenance issues—such as an electrical failure—can be a threat to public safety, so these kinds of matters should not be put in the hands of amateurs under any circumstances. Allowing residents to fix problems on their own is another risky action you should avoid.”
They may not hold the potential for injury or liability that maintenance mistakes can cause, but administrative gaffes can also be problematic. Common errors include not fully vetting applicants and failing to put important information in writing.
“Documentation [letters, emails, notifications etc.], photos and timestamps of damages, conversation logs or details of maintenance requests should be properly kept and at your disposal at any time,” Culgar writes. “Moreover, detailed records can help you avoid fines or penalties in the event of an external audit. Also, remember that a legal document is the safest option, so always create a property management agreement and get it signed by the owner of the property.”