Property Management: 5 Things We Do Not Do

In property management, we are on call 24/7.  We have to answer every call (even the annoying ones).  Some things can wait until the light of day. Other matters require finding the bunny slippers at two a.m. to make that call to on-call maintenance (while praying they answer!). 

Here are a few miss-steps to avoid in property management: 

1.  Letting insurance premiums lapse. Insurance is many things. One of those things is necessary. Letting  hazard insurance or workers comp lapse is just an accident waiting to happen (pun intended). 

2.  Allowing running water to run. Water is a menace to property.  Like the seasons it is always changing and unpredictable.  Anytime running water can be stopped do not delay.  And standing water turns into pooling water.  Seldom is this a good thing. 

3.  Turn away a paying customer.  Just thinking about this makes me want to cry!  Do all you can to retain this customer.  Even if they cannot remain on your property, then send them to a sister site.  Anything else is lost revenue.

4.  Anything to do with natural gas. Anything to do with natural gas other than lighting a pilot probably requires a professional.  This is no time to call your cousin to save a buck.   Call a professional.  Immediately.   

5.  Ignoring roof leaks. (see allowing water to run).  There is no way out of this one.  Any roof leak is only apt to expand- not contract.

Can you add to this list?  What is the number one thing that you stress to staff  to "don't do"?  Let me know with your comments. 

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Multifamily Insight is dedicated to assisting current and future multifamily property owners, operators and investors in executing specific tasks that allow multifamily assets to operate at their highest level of efficiency. We discuss real world issues in multifamily management and acquisitions. This blog is intended to be informational only and does not provide legal, financial or accounting advice. Seek professional counsel. We discuss best practices in multifamily management and methods related to how to buy apartment complexes. Our focus is sharing strategies and tactics that can be implemented and measured. For more information, visit: www.MultifamilyInsight.com