Even the most established property management company in Fort Collins will face challenges as they work to manage and maintain the investment that they have been entrusted with. A property owner chooses to hire a property manager with the expectation that the details of their rental property will be taken care of effectively and efficiently. From small tenant complaints to distributing funds from the rent collected, property managers are largely responsible for the success of someone else’s investment.
Although it all may fit under the job description, there are still a number of challenges faced on a daily basis that can make the job difficult or frustrating. However, property managers understand the demands of their position. With experience, respect, professionalism, and patience, the best property managers are able to overcome the three most common issues they are faced with on a daily basis.
1. Collecting Rent
One of the most frustrating problems for a property manager is handling situations where rent is paid late or not paid at all. In the majority of lease agreements, there is a late payment fee that is assessed after a certain period and terms that outline what occurs if payment is not made. Regardless of these clauses, there seems to always be issues of rent that is not paid by the first of the month, in which case, it is the property manager’s responsibility to contact the tenant and take action to collect the rent.
Property managers must be assertive yet respectful, understanding yet resolute. The rent that is collected each month from tenants is used for paying the mortgage and insurance, maintaining the property, and paying utilities or fees, but it may also be source of income for the property owner. Paying on time is not simply an annoying requirement, it is your obligation as a renter and it serves a greater purpose. Property managers must find the right approach that offers solutions for tenants in difficult circumstances without affecting the financial stability of the property owner or their company.
2. Unexpected Maintenance
Providing solutions for an emergency repair is an inevitable aspect of property management. Sooner or later, in homes of all ages or conditions, a repair will be needed. It may be something relatively simple like a leaky faucet or it could be something much more complex and urgent like a broken water line. Regardless of what the problem is, property managers are responsible for coordinating the needed repair.
In order to do so, they must first receive the complaint in a timely manner. In too many cases, property managers are not informed of a problem until it has grown into a bigger problem. Communicating to tenants how important it is to report problems as soon as they’re identified can be a challenge in and of itself.
After receiving a complaint, the property manager must coordinate between the schedules of repair technicians and that of the tenant. They must also manage the funds allotted for repairs and communicate the problem to the property owner. Then they must ensure that the repair is performed effectively and the issue is resolved.
In all of this, they do understand the inconvenience faced by the tenant, but there are times when they cannot provide immediate solutions.
3. Tenant Complaints
A property management company must manage the properties entrusted to them, but they must also manage the people that are involved with those properties. This involves addressing complaints that come in from the tenant or complaints that come in about the tenant. In order to be effective at resolving these conflicts, property managers must be careful on how they react, but they must also be certain to take appropriate action. Ignoring or dismissing complaints can create bigger problems down the road.
Complaints from tenants come in on a daily basis and property managers must address each concern individually regardless if it is a small issue or a major problem. They must remain responsive, patient, and calm, but they may also be required to take serious actions.
All Property Services
All Property Services has served Fort Collins and the surrounding communities for over 30 years, providing expert property management services. We have protocols in place that help our team to effectively and efficiently address any issue that may come up. Call us today at 970-224-4488 to speak to a property manager and learn more about how we handle problems or challenges.