From natural disasters to sudden maintenance issues, crises can arise unexpectedly, putting your investment property and your income at risk. On Florida’s Atlantic coast, we’re always worrying about the next hurricane or tropical storm. Even an afternoon thunderstorm can bring down trees and cause property damage.
Are you prepared?
Effective crisis management is essential for safeguarding your assets, ensuring tenant safety, and maintaining your property’s value. Don’t wait for the worst case scenario to arrive. Let’s take a look at some strategies for handling unexpected challenges as a rental property owner, and how you can navigate a potential crisis.
Develop a Comprehensive Emergency Plan
Preparation is the best way to effectively manage a crisis. Developing a comprehensive emergency plan that meets the specific needs of your rental properties can make a significant difference when a crisis strikes. Here’s what to include in any emergency plan:
- Emergency Contact Information. Maintain an updated list of emergency contacts, including local authorities, utility companies, contractors, and your property management team. You’ll want your tenant’s contact information, too, and an emergency contact for them.
- Evacuation Plans. When a hurricane or other situation requires an evacuation, you’ll want to make sure your tenants know where they’re going and how they’re getting there. Set up a phone tree or even a designated route out of the area.
- Communication Protocols. An emergency plan requires that you establish protocols for communicating with tenants during emergencies. This could include using email, text messages, or a dedicated app.
Conducting Regular Maintenance Checks
A preventative approach to crisis management is ideal, especially when we’re talking about maintenance challenges.
Regular maintenance checks can prevent a problem from becoming a crisis. Schedule routine inspections of your property’s key systems such as plumbing, electrical, HVAC, and structural integrity. Early identification of potential issues can lead to timely repairs, reducing the likelihood of unexpected breakdowns.
Check the roof and the gutters. Look for leaks and take care of any damage or blockages. You’ll want to check for leaks and corrosion around pipes, water heaters, and faucets. Make sure wiring and circuits are functioning properly. Always test smoke detectors, carbon monoxide detectors, and fire extinguishers.
Insurance and Financial Readiness
Insurance is a crucial component of crisis management.
Ensure you have comprehensive insurance coverage that includes property damage, liability, and loss of rental income. Review your policy regularly and make adjustments as necessary to cover new risks. Your property value will change year to year, and you need to have enough coverage to rebuild or recover.
This is a great time to remind your tenants about keeping their own renter’s insurance up to date. They will want to be protected if their own personal possessions are damaged or if their own negligence sets off a crisis at the property.
Partner with Reliable Contractors
Having a network of reliable vendors, contractors, and service professionals can expedite the resolution of maintenance issues and assist in crisis management. Establish relationships with reputable professionals in plumbing, electrical work, roofing, and general contracting. Ensure they are available for emergency services and understand your property’s specific needs.
When you’re continually improving your strategies for crisis management, you can navigate unexpected challenges with more confidence and less confusion. Focus on preparation and decisive action so that you can protect your property and maintain tenant satisfaction. If you’d like some additional thoughts from a professional property management expert, please contact us at Oceans
Managing Group by calling (386) 255-8585, or visit www.oceanspropertymanagement.com.
