Property managers are tasked with ensuring that the tenants are well taken care of. From prioritizing resident requests to vetting the right contractors for routine maintenance, property managers often have a lot on their plates at any given time. Therefore, in order to reduce liability and mitigate risks, your clients should be equipped with a comprehensive Property Manager Professional Liability policy and adopt the following procedures into their practices.
Remember daily management.
Property managers cannot physically be in each location each day. Therefore, relying on a well-trained and efficient team is the only way day-to-day tasks can be completed. However, even if your clients have great teams, management is still required. Be sure your clients oversee all the properties and ensure everything is running smoothly.
Utilize technology.
Property Ware recommends that you understand industry trends and social trends and think about where they’ll go next; for example, if you note that a neighborhood is attractive to seniors, can you rent multiple homes in the area and help create the community that people are looking for in their retirement? Being trendy ultimately translates into more money and business for your clients.
Be an expert.
New trends and regulations that affect the industry are bound to come into play. Stay on top of these and think of the big picture when implementing these new strategies.
Protect the bottom line.
Analyze the figures for each property. Are there holes? Does something look suspicious? Are there missing funds? These trends can indicate financial red flags and highlight the importance of implementing checks and balances. Financial security determines the longevity and health of the property, so stay alert!
About PL Risk
In addition to bringing you the latest news from the insurance industry, PL Risk provides Resources for Agents and Brokers nationwide. We’ve recently implemented Hiscox Now, which allows agents their own access to Hiscox and instant quoting. To learn more about our operations, contact us today at (855) 403-5982.
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