Here are 3 problematic situations you could face as a property manager:
Situation 1: Discontented Customers
In any business, reputation means everything. So it is essential for you as a property manager to maintain it. In case of dissatisfied tenants, make sure you do everything in your power to reverse the situation. If you fail to turn things around and make them forget about their negative experience with you, they may inform other potential customers about it and this could affect business for you.
In case they hop on the Internet and blow up your Twitter page to inform others about your services and to disparage you, you can do a bit of damage control. Google your company name to find out what people have to say about your company. Identify the negative comments and respond to them. Own up to the mistake and mention the ways in which you have taken care of it.
Situation 2: Bug Issues
If you are dealing with bug problems, do not delay calling pest control! Insects like bed bugs and termites can affect the health of the people living on the property and the structure and integrity of the property. It will result in additional costs to deal both in terms of both finances and reputation. Get your property checked before and after your tenants vacate. This way, you can reduce the chances of vermin and pest issues.
Situation 3: Higher Percentage of Rent Skippers
Compared to the property management scene years ago, you have all the necessary tools to thoroughly screen tenants before giving them the keys to your properties. Ask potential tenants to provide you with details about their income, jobs, history as tenants and so on. If you find any details that could affect their ability to pay rent inform them of this and ask them how they plan on paying if they suddenly don’t have the finances to pay the rent.
If the renter or the potential renter does not have steady work or a consistent flow of income then they probably are not someone you want to deal with.
Prepare documentation that gives them enough time to come up with the money in case they are struggling financially. At the same time, put in clauses that will ensure you get paid, such as a third-party, who will pay the rent on their behalf should they fail to make a rent payment. This could be their parents or a relative.