Real Estate Risk Management By far the highest number of commission penalties, consumer complaints, and license suspensions and revocations in most states, are connected to property management. Not that those property managers are being inefficient. It’s just property management one extremely transaction-heavy business. Though your typical agent might do a dozen sale transactions yearly with a purchase agreement and related documents, the typical property manager can do hundreds of smaller transactions. Just because they’re smaller doesn’t give these transactions less importance, and it doesn’t decrease the risk entailed in doing them. If you’re a property manager, you’re dealing with an owner as you market and rent their property, collect and remit their rent, and handle practically all other aspects of property management, from implementing tenant rules to maintenance. Doing this means you’re transacting with owners and tenants, repair companies, advertising agencies, contractors and the rest. All of these transactions inject some type of risk into your business, especially those which are related to finances. Risk management is, of course, extremely important. A sizable disaster can economically threaten the property’s survival. Record-keeping plays a huge part, since any legal action others may take can be easily disproven if there are detailed records that dispute their claims.
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A considerable part of risk management is determining risk versus reward. Take, for example, a property with a swimming pool on it. The property manager and owner should balance the pool’s value with its risks. When a risk has been identified, it can addressed in three ways:
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Avoidance The pool will be removed because the additional rental income is a lot less than the cost of insurance or the risks involved. Control Retaining the pool is possible with the installation of a coded lock and fence to keep small kids out. Risk Transfer The most common way of handling risk is to purchase insurance so that the risk is transferred to the insurer. The successful property manager will anticipate and plan for problems, keep records of each activity, and consistently assess these functions to know if change is in order. Documents and Email In different states, you only need to maintain transaction records for half a year. It is best to keep them for much longer though, especially if you may do so digitally or electronically. For sure, if any of the parties has a claim and someone wants to sue you for something that occurred earlier than six years ago, they will still be holding their document copies. If you’ve already destroyed your own copies, it would be much harder to plead your case. Finally, in terms of email, any court action that involves a federally guaranteed loan (pretty much all residential deals), will be able to compel you to produce emails that have something to do with your transaction and communications with your customer or client.

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