Best Practice for Risk Management

Rachael Jenkins
Property Managers are, on the majority, very busy individuals. They must keep their eye on many tasks, spread over very many properties, and maintain relationships and communication with people from all walks of life. 

But as the times change, legislation changes. And when legislation changes, there are always additions to the tasks of Property Managers. 

 

Picture


 

Firstly, there are the everyday tasks that we monitor; maintenance, arrears, bill payments, tradesman insurance, routine inspections, lease renewals and rent reviews. Then we add in the tasks related to legislation changes; Smoke Alarms, Water Efficiency, Pool Fences, and even Blind Cords, just to name a few! 

To be able to keep on top of all these matters, a Property Manager really needs a comprehensive database system or manual tracking & recording system. But remember, systems are only as good as the data put into them - and the people who monitor them. It is great to put information in, but you have to have a schedule for following it up. A diary is great to keep track of your appointments, but if you don’t keep checking it, what’s the point? 

Best Practice teaches us that just informing Landlords of their legal requirements does not absolve the PM from their responsibilities. 



'systems are only as good as the data put into them - and the people who monitor them'

Picture


 

To really cover yourself, you need to; warn of the dangers, offer a solution and follow up a response,. If you are met with objections, either choose to mitigate your loss by deciding not to manage that property, or have the landlord sign a notice that they have been made aware of the dangers, have been told how to avoid it and are choosing to waive your advice &   absolve your  liability in relation to that matter.

To quote Stacey Holt from Real Estate Excellence, “Hope for the best, but prepare for the worst”.  We are a litigious society these days, and as the trained professional, you need to be ahead of the game to ensure you are not the perceived cause of someone else’s loss, or you may be found liable.  

The Property Management Doctor provides an auditing service to Property Management departments - we can identify areas where you are open to risk & help implement procedures to close off these risks. 

Wondering how much it will cost? Book a free consultation before 31 January 2012 & receive 20% off follow up services. Start your year on the right track! *Conditions apply - call now!

Rachael Jenkins - The Property Management Doctor