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Property managers have to deal with a plethora of issues. Some more important than others but no matter the severity, they all have to be dealt with in a timely manner. There are 5 common problems property managers face on a daily basis. Let’s discuss what these problems are and how they can be dealt with.
Complaints, Complaints and More Complaints
One of the most common problems property managers face is constant complaining. Property managers often hear a handful of complaints from their tenants, and this is on a daily basis. These complaints range from small things all the way to complaints about major issues that need to be corrected right away. The best way to deal with this problem is by hiring extra help, such as an assistant or a maintenance person who can work on-call hours, as most of the complaints tend to relate to repairs.
Issues With Payments
Another common problem that managers encounter on a regular basis relates to receiving payment. All too often, tenants will make up any excuse as to why they are not able to pay money to the property manager. Some tenants simply do not like to pay their landlords cash, and this can become a major problem for a property manager to deal with. When a tenant miss payments, or pay late, then a property manager has to figure out the best way to get the money that they are owed. If a manager is experiencing issues with payments, then they should think about implementing penalties, such as late fees, when tenants default on their payments.
Not Being Able To Make A Profit
Not being able to make a profit from the property is another common problem that many managers find themselves facing. There are quite a few reasons as to why property managers are not able to turn a profit on their property, such as not charging enough rent or not being able to find people who are interested in renting their property. Property managers can easily fix these problems. They can advertise their property in as many places as possible, as this will increase their chances of finding a tenant who wants to rent the property. If a manager wants to figure out how much money they should charge a tenant, then they could have the property assessed or they can do a little research to find out how much renters are paying to stay at similar properties.
Not Fixing Things In Time And Not Hiring The Right Staff
Two other problems that many property managers face is not taking care of repairs as soon as possible, and not hiring the right staff to help take care of issues that arise. Property managers should always hire a staff that is willing to work, and that have experience in the industry, and repairs should be taken care of as soon as possible.
Conclusion
If a person keeps all of the above information in mind, then they will know what to do if they encounter any of the problems discussed throughout this article. Property managers should following the advice given in the article, as they will find it very useful if one of these problems do occur.
The preceding article was contributed by Brian S.
