English French German Spain Italian Dutch Russian Portuguese Japanese Korean Arabic Chinese Simplified

Thursday, July 16, 2009

Managing Empty Property Has Its Challenges

Owning a property management company used to be a very easy job to have, but now considering the subprime lending fallout in the real estate market things have gotten very tough and indeed there are new components to the game that make life as a property manager much more serious.

Today, many property managers are asked to manage properties that are empty or vacated, some have even taken contracts with banks and therefore foreclosed properties. This is when the challenges get quite serious for instance, there are people that go in and steal copper pipes and anything that's not bolted to the floor, plus some things that are.

Now, city code enforcement departments are writing tickets with serious fines for un-kept properties, some of them over $1000 per day for noncompliance. Some are for very minor infractions like not cutting the grass. But cities are sick and tired of empty properties that become decayed and the neighbors are upset that it is driving down property values for everyone else.

In some cases there are serious health threats for instance, if the property has a pool, and the pool is not maintained and then gets a layer of algae that grows on top of the smelly water; where eventually it becomes literally a cesspool and breeding ground for mosquitoes. Yes, property managers certainly have their hands full these days, and it is a completely serious issue. I hope you will consider all this and give a hug to anyone that tells you that they are a property manager. Perhaps even buy them a cup of coffee and ask them about all this.

Lance_Winslow

Enter your email address:

FeedBurner



Related Post :




0 comments: