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Property management challenges and how to deal with them Part 1

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Owning rental, stratified property and commercial property can be very profitable but it can also be very difficult.

There are many challenges that come with property ownership and more specifically with the management of stratified and rental property. In part one of three articles, Cornerstone Properties will look at some challenges that every property manager faces and offer some practical advice on how to deal with them.

Dealing with Tenant and Resident Complaints

It is impossible to avoid problems altogether in a tenant-landlord or tenant-property manager relationship.

Disagreement, conflict and acrimony comes with the territory.

However, professional property managers can reduce the chance of conflict and maintain good working relationships with tenants through responsive, level-headed and respectful communications and relations with tenants.

Cornerstone Properties recommend property managers keep lines of communication open with tenants, treat all tenants equally and equitably and to keep tenants informed to avoid surprises. The latter is accomplished by letting tenants know how they can contact the property manager and what to do in case of an emergency or if they need to make contact outside normal working hours.

Cornerstone Property managers realize that a leaky pipe, broken window or jammed lock can seriously impact a tenant and they will strive to respond in as efficient manner possible.

These scenarios (and many others) may create a lot of frustration in tenants. It is important for the property manager to respond in a level-headed manner and to remain professional – no matter how angry the tenant and possibly incendiary the situation may become.

There is always the potential for multiple small situations to snowball into one, big, angry incident. Tenant frustrations, sometimes fuelled to rumour and innuendo, can overwhelm a manager. Cornerstone

Property managers believe it is always best to make sure tenants feel like they are being heard and respected and that their complaints are not being ignored.

While disagreement, conflict and acrimony will always be a part of the property manager’s world, it is possible to manage and minimize its negative impact on tenants and on the bottom line.