CapStar Tips: Property Management Emergencies and Prevention
Owning property comes with many unexpected risks, expenses, and other factors outside of an owner's control. A property management company will have set a proactive system to support unexpected emergencies on top of the regular operating maintenance processes. These include...
1) Keeping up-to-date on regulations and recently passed laws.
These laws can vary across Federal, State, and/ or County. Normally, stricter laws are imposed on the local level compared to Federal. Especially with Covid-19, property owner's will need to stay up-to-date on the changing or expiring laws. As a result, there are a lot of grey areas whether rent increases, penalties, or evictions can can be taken with action. As a proactive solution, research the topic by your state and local government websites, contact your legal team on what you can or can't do, give your tenant sufficient notice, and don't wait in a long queue with the increased filing 2021 price of filing a suit.
2) Having reliable and available property engineers to fix issues in a timely manner
Using CapStar's local maintenance and engineering team as an example; experience can include a combined 30+ years of experience in building operations, maintenance and repair. Availability, especially in terms of an emergency, would include engineer(s) on call and provide same day service. As a rule of thumb, one engineer can cover one building with roughly 50-75K sf.
3) and Managing risk as well as submitting insurance claims for you.
Upon the damage done, a property owner may need to submit an insurance claim. A property management company can help an owner go through the necessary steps to claim the best possible compensation coverage. These steps includes; ensuring tenant compliance with insurance requirements and ensuring property service providers are properly licensed and insured in accordance with their risk level and scope of work