4 Common Property Management Challenges (And How You Can Tackle Them)

Posted by: TheGuarantors on July 19, 2022

Owning and managing a property comes with challenges. In this article, we’ll identify the most common ones and provide you with tips on addressing them quickly and effectively.

1. Attracting and retaining good tenants

As a property manager, one of your most important tasks is attracting and retaining quality residents. But just as you have your standards, renters also have theirs when it comes to their living situation. Not meeting their expectations could result in them leaving the property for any number of reasons, including:

  • The property is in poor condition
  • The rent is too high
  • The lease is too restrictive
  • There are problems with other tenants
  • The property manager is difficult to work with

Additionally, more and more renters are seeking alternative ways to meet building requirements. Whether self-employed or working as freelancers, qualifying them may be difficult due to their variable income. The good news is that services like TheGuarantors’ lease guarantee can help you boost occupancy while mitigating risk.

2. Collecting rent in a timely manner

The longer you wait, the harder it becomes to get the money you're owed. Offering a discount for early payment is a great way to reduce the risk of late payments. Likewise, offering a security deposit replacement from TheGuarantors provides you coverage as a property owner by ensuring you can collect rent in the event the resident doesn't pay. It also lets you attract more renters by reducing move-in costs.

3. Managing maintenance and repair costs

Keeping costs down while still providing a high level of service to residents can be difficult. And maintenance and repairs is one area where costs can quickly spiral out of control.

With inflation rising, many US maintenance providers and vendors are increasing their costs. On top of that, many might not be able to provide the same services they did in previous years. To keep costs down, consider the following:

  • Negotiating with contractors and suppliers
  • Using preventative maintenance measures
  • Keeping good records
  • Being proactive and keeping a close eye on your budget

4. Ensuring a safe and secure property

With crime on the rise, it is important to ensure that all entrances and exits to your property are kept well-lit, locked, and regularly checked. If possible, you should install CCTV cameras in vulnerable areas such as stairwells and entrances to monitor them remotely.

Likewise, a safe and secure environment means ensuring homes are free from hazards such as faulty wiring, roof leaks, and mold.

Tackle Property Management Challenges with TheGuarantors.

Whether it’s government regulations on housing marketing, rising rents, increased expenses, or higher expectations from renters, it’s only becoming more difficult for property managers to manage and maintain their properties.

That’s why TheGuarantors provides property owners and managers with insurance products like Lease Guarantees and Security Deposit replacements that improve renter affordability and accessibility while reducing risk.

Let TheGuarantors help you tackle your property management challenges and increase your occupancy by creating a customized program for your portfolio.