Life as a property manager can be stressful – there are essentially no days off and you have to deal with a wide variety of problems. No two days are truly the same, but there are some similarities and reoccurring issues. Here are three problems that you are likely to experience as a property manager, and what you can do to prevent or fix them.
Problem 1: Problematic Tenants
Even if 90% of your tenants follow the rules, pay on time, and keep their space clean, the ten percent who don’t can be a real nightmare. Problematic tenants are the number one issue that property managers have to deal with, and there is no textbook solution because the problems that they cause you can vary so much.
How to fix: Instead of fixing the specific issue at hand, worry about preventing problem tenants altogether. This can be done by enhancing your screening process; it should be very thorough and include a background check, employment check, credit check, list of references, and a face-to-face interview.
Problem 2: Maintenance & Repair Work
When something breaks, whose responsibility is it to fix it? Are the tenants responsible for finding someone to make the repair? If so, they may try to save money by hiring an unqualified contractor, or even worse, trying to fix it themselves.
How to fix: Have these terms laid out in the rental agreement, and cover it in detail with the tenant before they sign the lease. What works best for you depends on your situation, but many property managers like to hire a designated in-house maintenance team, or outsource the work to a preferred contractor. This ensures that your property won’t fall victim to shoddy repair work.
Problem 3: Energy Tracking & Billing
As a property owner or manager, you often take the brunt of the damage for the electricity and water consumed by your tenants. Many property managers, unsure of how to charge tenants for this due to a lack of data, simply include utilities in the rent. This creates two problems: the higher fixed monthly charge may turn away prospective tenants, and you may be losing money if you charge less than you are actually billed.
How to fix: Install a system of power monitoring equipment on your property. With high-quality power meters and submeters from Electro Industries, you can accurately monitor and track the energy consumption of each one of your tenants and automatically bill them for their use.
Want to learn more about submetering and the benefits it can have? Call Electro Industries at 866-928-7908 or send an email to firstname.lastname@example.org
Electro Industries/GaugeTech has been manufacturing high-quality energy meters, submeters, and power quality analyzers since 1975. For 40 years, organizations around the world have trusted us with their power monitoring needs. We have installed hundreds of thousands of our meters across the globe for some of the world’s biggest utility companies, militaries, and government agencies. Click here to visit our website for more information.November 16, 2015