What you need to look out for when you become a property manage, Building management advice, Managing real estate
Here’s What You Need to Look Out for When You Become a Property Manager
11 Aug 2022
Owning a business might be a dream come true for many people across the country. But business ownership, especially property management, also comes along with a great deal of responsibility.
For example, as a new business owner or a property manager, not only are you responsible for your employees and tenants, but also for the general maintenance and upkeep of your properties. But believe it or not, this responsibility also comes along with a great amount of risk as well. However, the reward usually outweighs the risk by a ton.
New property managers also need to be aware of the many troubles that can arise. And many of these troubles come in the form of damage that can occur over years of wear and tear. Correspondingly, if you’ve recently acquired a property, you might be safe for the time being. But if you’ve taken ownership of an older property, you need to keep in mind that you’ll also be dealing with years of problems that you may not be able to see on the surface.
If you’re a new property manager, in the following we’ll detail a few areas that you need to pay special attention to over time.
Pay Attention to Your Roof
Perhaps one of the most important elements of a property is the roof over your head. After all, without your roof, what good would your space be anyway? And when a roof begins to deteriorate, you can count on costly problems arising if it’s not taken care of.
A roof typically lasts between 12 and 20 years, depending on the materials used in its construction. But as a rule of thumb, most home inspectors will tell you to have your roof inspected every 5 to 10 years just to stay ahead of potential problems.
The only inconvenient part about fixing a roof is that this is rarely a DIY project. And due to the nature of construction, it’s recommended that you seek out professional commercial roofers to ensure that your roof will be taken care of, and installed or repaired properly.
It should go without saying that whenever you have tenants, your property is going to incur a fair amount of wear and tear. And while often this can be minimal, every now and then you’ll have a tenant that fails to maintain a property.
To help mitigate major problems that can arise from everyday use, it’s a wise decision to make frequent visits to your property to ensure that everything is being kept in order and that no issues are being overlooked or not being reported.
A few areas to pay special attention to are as follows:
- Electrical outlets
- Signs of water damage on ceilings
- Exterior wear and tear
- Property/landscaping upkeep
- Doors (locks and hinges)
- Carpet wear
Often, tenants or renters who reserve your space for business purposes don’t intentionally damage the property. And keep in mind that your tenants have rights as well. But sometimes issues may go unnoticed by a tenant, or they may be entirely overlooked. And by making frequent visits for upkeep purposes, you can stay ahead of the game.
As mentioned, there are many risks that come along with being a property manager. As such, it’s up to you to provide the best space for your tenants and their employees and patrons.
Keep in mind that while it may be stated in a commercial rental contract that your tenant is responsible for the upkeep and maintenance of the property, you may find that providing your tenants with the right tools can help to mitigate risk.
For example, keeping an updated commercial property free of clutter and with all safety checks in place is a great way to start. This can include having an updated property inspector come and visit the property to assess if any issues are evident. In addition, ensuring that all of your property’s features such as parking lot surfacing, water access, and electrical wiring are up to date can keep issues from arising.
Further, providing your tenants with basic safety equipment may also be a great way to help mitigate risk. As such, providing updated fire extinguishers and other safety equipment inside the commercial space may need to be considered.
Owning a business or managing a commercial space can be a great way to make a living. And this type of work can also be quite rewarding. But if you want to succeed without the daily headache that comes along with managing properties, covering all of your bases for the safety of you and your tenants is going to be the best path forward.
Comments on this Look Out for this When You Become a Property Manager article are welcome.
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