The business of managing and owning apartment buildings can create wealth for those involved, but it can also create risks that could impact earnings, growth, and profits. We understand there are many issues to be aware of when it comes to owning and managing apartments, but here are a few that we have found to be difficult to manage.
Having the Proper Commercial Insurance Apartment managers should have commercial insurance that includes property, commercial liability, tenant discrimination, directors and officers, loss of rent, and commercial auto. Many things can go wrong in apartment buildings, such as slip-and-fall injuries, faulty wiring damaging a tenant’s possessions, fire, and vandalism. Screen Tenants Don't rent to anyone before checking his or her credit history, references, and background. Failure to do due diligence could place you and your tenants as risk, thus increasing your liability. Maintain Security Equipment It is always a good idea to make sure all security equipment and detectors are in good working order. We recommend that management complete a monthly safety check on the following items:
Make Repairs It is very important to stay on top of all repairs and maintenance. If repairs are made in a timely manner, tenants may have the right to withhold rent. Maintain Accurate Records Having well maintained records can be very valuable for tax purposes, liability issues, insurance administration and more. |
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10/2/2024
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