Common Issues Faced by Property Managers on their House

 Jul 04, 2017
Common Issues Faced by Property Managers on their House

Property managers have an important role in interacting with the tenants, real estate agents, contractors and investors. When
giving a house on rent, managers have to deal with several problems that can be the reason for complaints from the tenants.
Read on to know some problems faced by property managers and how they deal with them in the best possible way.

  • Payment issues – Many tenants have the habit of not paying rent on time. Property managers who have given their house on rent to such tenants have to take this problem seriously. They can add a clause known as late-rent fee in the lease so that the renter pays the rent on time. If this is not effective, the landlord can reduce the rent so that the tenant agrees to pay the amount on time.
  • Damage on the property – The tenant may have damaged the walls or stained carpets severely. Damages caused on the property can be costly when you try to fix them from your pocket. letting agents in Borough, may send repair bill to the tenants though most of them will refuse to pay for them.Taking a legal action against them might increase the cost for necessary repairs to be done on the property and as such, this is not a possible option.
  • You can prevent damage on your valuable property by choosing responsible renters who will take care of your house like their own. Besides, increasing the security deposit amount is essential to cover any kind of negligence or destruction on the part of tenants to help cope up with the damage costs.
  • Book keeping – If you have not set up accounting software properly, this may be the reason for expensive reconciliation charges from your accounts manager by the end of the year. This also includes potential expenses related to unexpected taxes associated with it. It is advised that you utilize accounting features of the rent manager by going through their upcoming seminars for accounts payable, asset management and tips as well as tricks on accounts receivable.
  • Sudden maintenance – Paying for repairs is never easy. But, if there is unexpected maintenance, it might cost a lot. As such,it is a good decision to maintain a separate fund account to deal with such emergencies. Also, having a scheduled planning for maintenance and sticking by it can help you reduce on the repair bills to a great extent.
  • Residential complaints – Letting agents in Borough have to deal with various kinds of tenants and valuable properties. This consists of dealing with property related complaints and handling them in a better way that will save your money and time in the long run. Try to solve the problem over the phone at first and if the complaint needs further attention, get it in written form. In case you pay no heed to legal grievances, this may lead to mistrust between you and your tenants if they think you are not handling the matter professionally.
Thus, property managers have to handle every situation tactually so that the tenants feel safe and their valuable house is protected from unexpected problems.