Situations That Property Managers Might Bring To Owners
Last night I heard a crackling sound at the breaker box in my apartment. I woke my husband but he said not to worry. Shortly thereafter the air conditioner stopped blowing cool and we had a long miserable hot night. When I called the property management company this morning, they advised me that I could’ve phoned in an afterhours emergency. Unfortunately, I had to wait until the late afternoon just to find out the air conditioner died completely and a new unit has to be approved, ordered and installed. At this point we could be out of air for days. Property owners need to be aware that emergencies happen and we can’t take all day to approve something. Property owners should brace themselves for management requesting reduced rent, capital expenditures, and unique renewals.
Reduced Rent
As the economy gets tougher jobs become harder to find, and apartments become harder to afford. Renters will continue to view properties, but the main focus will be finding something large enough yet affordable. When the numbers are shared there will be questions about specials and reduced rates. Previous tenants will also be hesitant about the increased rate property managers will offer them when they get ready to renew. Owners will hear from property managers about requests to reduce these rates and it’s up to them if they want to negotiate with the tenant or not. Some deals and rates are final, and in my experience, I’ve seen cases where you can get a reduced rate if you choose to ask for one.
Capital Expenditures
In older buildings things tend to break quite often. In the case of my apartment, I think my air conditioner was hanging on by a thread for a while. We’ve have issues with the unit being frozen quite a few times over the last few years and now it finally gave out. I’m not sure how long it will take for the property managers to get approval, but I think there should be a budget for these types of repairs so that tenants don’t have to go without air conditioning. Waiting to get approval on something functional in a shelter is leaving the tenant to suffer until a decision is made. What is there to decide? The repair must be made, it’s in the lease that we will have working air conditioning. If you need a trust worthy and dependable place to manage your properties you should search for someone like Image Property Rental Properties in Brisbane.
Unique Renewals
Unique renewals with account balances are geared more towards commercial properties. Residential properties don’t tend to let tenants carry balances over but some commercial properties will. Unique renewals is when something other than the standard renewal deal takes place. Maybe a tenant gets a carpet cleaning with their renewal or a lower rate for the first couple of months. Unique renewals are a great way to keep your occupancy level high. Tenants like to feel like they are benefitting from staying where they are instead of having to look for a new place. It makes for a perfect time to win them over. Property owners need to be creative in this area and think of ways make the tenant feel like they are getting the best deal out there.
Property management is not easy. Property ownership can be easier with a management company, but only if the owner allows the management company to manage the property. It’s ok to be hands on to an extent, but owners have to share their expectations and let the property carry on. Owners will lose tenants if they are suffering and feeling like services are not being professionally rendered. Owners should expect to hear from the property management team only in extreme cases. Things that property owners should be ready for include rent reduction requests, capital expenditures, and unique renewals.
