Reducing Risks and Liabilities as a Property Manager

Being a property manager doesn’t stop at managing resident needs and writing reports.  The Balance Small Business’ post on property managers also notes how these professionals are required to have an in-depth familiarity with regional and national property laws. This is important not just to comply with safety standards, but also to effectively mediate between residents and the condo board and management.

Apart from the aforementioned responsibilities, another factor that makes it even more difficult for property managers to fulfill their duties is the ever-growing number of new properties on the market. A ZenBusiness guide to the best businesses to start in Florida highlights how the population in the state of Florida grows by 900 people every day, causing more companies to build condos. And while this growing number of residents is good for business, it also means taking on more risks as a property manager. After all, managing more residents can lead to an increase in mistakes.

That said, here are some ways property managers can reduce the risks and liabilities that come with the job.

Keeping all amenities in working order

Risks can come in many different forms. However, the ones you want to minimize are those that are heavily related to health and safety. One way you can minimize such risks is by ensuring that all your amenities are in working order. By doing so, you can significantly reduce the chances of accidents and unwanted repairs, which, by the way, usually costs hundreds to thousands of dollars.

An article by Entrepreneur on property management tips notes that it would be a good idea to take preventative maintenance seriously. Make it a habit to keep tabs on the dates when thorough and regular inspections will be conducted. It’s also in your best interest to build a strong relationship with your local plumbers, electricians, and contractors. This way, you can be sure that there’s always someone you can call and come in case of emergencies.

Plus, given current circumstances, it’s also crucial for property managers to look into ways the spread of the virus can be prevented all throughout the building. In our post on ‘How to Manage Your Association Effectively During COVID-19’, we noted the importance of being proactive, having better communication channels, and leveraging online platforms in your list of responsibilities.

Practicing safety with incoming deliveries and parcels

To limit this type of risk, one thing you can do is to use a reliable Experience Management platform. As highlighted in our article ‘Parcel Management in a COVID-19 Environment’, such platforms can help residents and staff deal with packages in a hassle-free and contactless way. Residents will also receive automated notifications and follow-up messages, limiting the chances of mixed-up parcels.

Making full use of property management technology

Our Resident Experience Management platform can make your job easier by taking some of the mundane administrative tasks off your hands, like scheduling appointments. It can also synchronize resident data and integrate it into your existing accounting platform. Our solution can also provide property managers with snapshots of day-to-day operations, a summary of important documents, and is used by residents and staff to communicate with each other.

Among many, the following are most popular features:

• Amenity Booking – With a detailed list of common amenities and a calendar view of their availability, our Amenity Booking feature feature allows community members to book amenities according to timeslots you establish (hourly, daily, etc.).

• Service requests – Our Service Requests feature lets you create a completely customized, online form which can be accessed from any desktop computer, tablet, or mobile device … anywhere.

• Parking management – With our Parking Management solution, you can easily track which parking spaces, bikes, and lockers belong to which unit. Your concierge or security desk can manage visitor parking, track vehicle details, and even print visitor parking passes using an optional printer.

• Package Tracking – Our Package Tracking module allows your front desk or receiving staff to quickly scan and process each item and notify residents of its arrival either by email, text message, or automated phone call. Your staff will spend less time processing packages and notifying residents and be able to get back to the rest of their duties.

As a property manager, your job not only entails a myriad of responsibilities but a lot of potential risks and liabilities, too. Fortunately, they can be significantly reduced by performing frequent maintenance on your building’s amenities, practicing transparency with your policies and fees, as well as making full use of the right property management technology.

Does your residential community have an efficient parcel management system? Watch our webinar now and learn how to manage the surge of parcels brought on by COVID conditions.