Property Management Best Practices to Protect Property Values

Agi Anderson — Thu, 23 Jul 2009 23:04:17 +0000

Property Documentation with Photographs
“A picture is worth a 1000 words,” holds true with protecting investments for your owners. Make certain you take first-rate photos prior to move-in, digital photography makes this a simple, effective task. Show the condition of the entire property inside and out. Include; appliances, fixtures, walls, flooring and every room of the property. Create a CD and place it with the tenant or property file, you may also want to have a copy on a back up drive in case of disaster. When a tenant vacates, photograph issues with cleaning and repairs. This provides a decisive manner of determining if money needs to be withheld from the security deposit.

Develop a Disaster Plan
Weather is unpredictable and brings threats of hurricanes, tornados, severe storms, blizzards, ice storms fires and floods. The key is having a plan in place and be ready just in case. The following are suggestions to consider when developing your property management company’s disaster plan:

Do you have a generator for loss of power
Do you have a process to communicate with residents and owners
Do you have method to protect your data off site
Do you have current owner and tenant e-mail and cell numbers
Do you have a place on your web site to post updates
Who will man the phones, monitor e-mails and be the spokesperson
Who will conduct post disaster inspections
Will each inspector have a digital camera to photograph damage
Do you have an inspection report that can be accessed on line

The more prepared you are in advance the less mayhem you will have in a crisis situation. Review disaster plan guidelines with residents at lease signing. Make sure your web site includes emergency instructions for owners to make inquires and residents to register problems. Emergency situations create an influx of calls and emails. Have a plan how you will prioritize catastrophes, make it known the most critical issues take precedence. Be prepared to assist out of area owners with insurance claims.

It’s our job as property managers to protect the properties of owners and assist residents in a time of crisis. Create a well developed plan and you will have cooperative owners and residents if there is ever an unfortunate disaster.

Agi Anderson is co-owner of KGB Vision Systems. After nearly 20 years marketing and selling real estate as a Florida real estate broker, Agi teamed up with Karen Gunn-Bardot who manages the largest property management company in Brevard County, Fl with more than 2000 accounts. Agi and Karen compiled all the forms, legal agreements and processes and created KGB Vision Systems (KGBVisionSystems.com). Their consulting firm helps real estate companies launch and grow property management divisions throughout the United States. Agi can be reached by email at agi [at] a1ainfo [dot] com.

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Property Management Best Practices to Protect Property Values