The definition of a “dilemma” is: A situation in which a difficult choice has to be made between two or more alternatives, esp. equally undesirable ones.
Well, there are plenty of dilemmas in property management. One of the common dilemmas we deal with on a daily basis is that Owners generally do not want a lot of maintenance done on their property and yet the #1 reason tenants move out is that maintenance issues are not being dealt with. Coupled with the fact that owners want to keep occupancy high and with good tenants. However, we know that to attract good tenants we must provide a certain level of service…well you can see the tug-of-war this interesting dilemma creates. As a guiding rule for our property management company, we insist that every rental property that we rent out must at a minimum conform to 3 basic standards:
The property doesn’t need all the latest modernizations and top of the line upgrades but is must be free of safety issues, it must be habitable which is a legally defined term that means it must be suitable to live in (ie: working stove, functioning doors and windows, etc…) and of course the rental unit must be clean. Sounds easy enough, yet it still comes back to get it done AND don’t spend a lot of money doing it.
The dual mandate of keeping costs down while making sure things are taken care of at the property is a daily challenge. However, if it were easy it wouldn’t be called work and we wouldn’t have a job. We strive to rise to the difficult task of balancing these competing choices that have such an impact on the bottom line and our owners overall satisfaction. We seek to be transparent in all the work we do. We manage the property as if it were our own in accordance with the wishes of our clients and we never stop looking for ways to improve.