What Every Building Owner and Property Manager Needs to Know in 2021

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The 5 Things You Need to Know About Property Management | The World  Financial Review

Every exceptional property manager and building owner alike recognizes and appreciates that their biggest and most crucial responsibilities revolve around the people within. Be it private lettings or commercial premises, building owners’ duties are numerous and exhaustive. Your principal obligations include full maintenance and repair responsibilities, ensuring equipment that furnishes services provided in good repair, and the replacement of any plumbing, electrical wiring, and machinery included under the lease. So with that being said, here is everything that you need to know.

Outsource Your Inspections

System malfunctions cost time, money, and unnecessary stress, not to mention potential human harm when an elevator, escalator, or a moving walkway breaks down. However, there are ways that you can avoid this. For example, trusted and expert companies such as ATIS elevator inspections pride themselves on unrivaled expertise of all things vertical transportation related. With objective assessments, innovative technology, and industry-based expertise, you will be safe in the knowledge that all your vertical transportation systems are operating safely and securely at all times.

Hiring a trusted advisor ensures your maintenance costs are kept to a minimum, with the upkeep of each individual system a matter of the utmost priority.

Screening Your Occupants

Be it for personal, private lettings, or commercial business premises, it is vital that you screen your occupants carefully. Are you a private landlord? Tenant screening services are a comprehensive tool to ensure your building and its contents will be respected and your lease agreement adhered to.

Aside from the need for occupants to pay their rent on time, you also need to ensure your tenants have no evidence of any concerning criminal convictions or evictions. While some states prevent landlords from using eviction information against prospective tenants, most allow landlords to refuse to rent based on any type of eviction activity.

Prospective landlords also look at a tenant’s employment status and income during the screening process, and it is acceptable for you to require potential occupants to earn double or even triple the annual rental amount. In some cases, it is possible to obtain a letter of recommendation from an employer.

Property Insurance

Property owner and landlord insurance is an absolute must whether you are a commercial or a private landlord. Your insurance should include quality, extensive cover, and it is prudent to select an insurer that additionally offers extensive risk management services at no extra cost to help evade the need to make a claim.

Your landlord insurance essentially covers against risks to your property, with most insurance policies starting with building insurance and property owner’s liability insurance. Building insurance covers the cost of repairing or rebuilding your property, while contents insurance covers your contents should they be stolen or damaged.

You can also add many other extra covers to your insurance policy, including but not restricted to loss of rent, tenant default, and accidental damage.

Managing property is an ever-changing, ever-more complicated responsibility. The more maintenance, inspections, and regular reviews of your systems, policies, and rental agreements you undertake, the lesser the risk of you encountering financial and emotional difficulties in the future.