Avoid Costly Risks with Seasoned Property Management Guidance

Owning a property you rent to tenants can be profitable. However, as with all industries, the property management industry comes with a fair share of risks.

If you are new to the property management game and want to avoid financial and legal troubles as a landlord, here is a look at the top management risks you can avoid with the help of an excellent property management team.

Property Damages

When you are a first-time landlord, the integrity of your property is the bread and butter of how you attract/retain renters and make your money. Problems as small as damaged countertops to larger repairs like a roof replacement are equally important no matter the size of your rental property.

A property management team will teach you how to keep an inventory on what has been damaged, how to expedite repairs, and how to select an appropriate contractor for the repair.

Multi Tenant Property Trouble

Owning multiple single-family homes or a multi-tenant building like an apartment comes with the greater risk of overlooking renters’ needs or red-flag renters. 

When you have an experienced property management company on your side, you have a second set of eyes watching your property. We have professional tools and management software to streamline effective dialogue between renters and property managers. 

We also help you maintain your properties to avoid costly situations like multi-level property leaks or mass renter evacuations.

Slip and Fall Risks

Without a property management company on your side, you might be at risk for slip and fall accidents resulting in a suit against you for property negligence.

These types of lawsuits can cost between $50,000 and $100,000 just to defend yourself. This range does not even include the restitution you’d pay or increased insurance rates. 

Property management can keep your properties safe for renters, help you reduce the risk of injured renters, and put your money towards improvements and investments instead of losing in lawsuit defense.

Contractor Liabilities

As a property owner, it’s your responsibility to maintain property upkeep. You must perform timely repairs when necessary.

Although most contractors help you make your property its best, some may be less adept to the specifics of your property. Their inexperience could exacerbate a situation.

A property management company like Classic Property Management has long-standing relationships with reliable vendors specializing in all property sizes, types and needs.

We ensure every contractor you hire is properly vetted for experience and insurance.

Manage Your Property Like a Pro with Classic Property Management

Don’t let the risks involved with property management get you down. Trust the experts of Classic Property Management to help you navigate the ins and outs of the rental industry.

We’ve managed everything from multi-tenant properties to single-family homes. No matter the size of the property you rent, the same risks will always apply. Let the professional property managers on our team help you manage with confidence.



Contact us today to learn more about our services and how to become a Classic Property Management family member.