Being a property manager means you have to keep your business successful and your tenants happy. It also means your building/room must comply with safety regulations. Keeping track of all of these important details can be made easy by using Lumiform's free Property Management Checklist.
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A property management checklist is a document used to ensure that a property, commercial or residential, is compliant with government regulations and other safety standards by, for example, adhering to proper gas safety mesaures. The requirements inside the checklist will vary depending on what country and state the establishment is in.
Aside from compliance, using a property management checklist brings a lot of benefits. One of the major benefits is that it improves tenant satisfaction. According to a study in the Journal of Asian Finance, tenant satisfaction is greatly affected by three major factors which are all directly affected by property management.
The first factor is facility management which refers to how a property management team handles the security, functionality, safety, and comfort of the property. So, it makes sense that when done right it increases tenant satisfaction.
The second factor is lease management which refers to how a property management team handles the day-to-day transactions with their tenants. It involves handling documents, reports, and payments. This also makes sense because tenants don’t want to deal with someone slow in handling transactions.
The last factor is the perceived quality of the commercial or residential property. This factor is very subjective because it refers to how a tenant views their rented property. It can be affected by various reasons such as the cost, service quality, cleanliness, and tenant policies.
All of these factors that affect tenant satisfaction are incorporated in a property management checklist. And that is why using this checklist increases the chance of a tenant renewing their lease contract.
1. The focus points of the management checklist for residential and commercial properties
2. And the benefits of using a mobile app for a property management checklist
Although residential properties don’t have as many regulations as commercial properties, there are still a lot of regulations that aim to keep the contracts fair and the leased property safe.
In the property management checklist for residential properties, two main points are focused on. For this, we will be using the resources from New York City’s Housing Preservation and Development.
Landlords and tenants both have responsibilities to each other, which is why the landlord-tenant agreement should be fair to both parties. For that to happen, these clauses should be included:
These are just some of the common clauses that should be included in a fair agreement between a landlord and tenant. But it is still subject to any government regulations that affect the property.
The next point of concern is the housing quality and safety of the property. This makes sense because no tenant would want to occupy an unsafe property. So in the property management audit checklist, these are some of the main key points:
Aside from these points, a landlord should be aware of other government regulations to prevent unwanted penalties. For tenants, there might be specifications that need to be followed such as the door lock types and window guards.
The key responsibilities in a commercial property are quite similar to those of residential properties such as safety and leasing agreements. The only differences between them are the scope and the additional government requirements regarding safety. So, below are key points that are focused on commercial properties. For this, we will be using resources from the Australian Government and their Commercial Leasing Policies.
For commercial properties, building safety is a must. This is proven by the fact that a lot of government agencies and international institutions have created a lot of regulations and guides on how to properly keep commercial establishments safe. And below are some specific points for consideration that can be found in a property management inspection checklist for commercial properties.
Commercial properties use a lot of machines such as air-conditioning units and electric equipment. And these machines, when improperly managed, can cause serious injuries to workers and even cause death. So here are some ways to reduce these accidents:
Slips, trips, and falls are the most common accidents on commercial property. This is especially true for children who love to play and run around. These accidents are caused by slippery surfaces, liquid spills, and walkway hazards. So, here are some ways how to reduce these accidents:
Fire is one of the most common accidents on commercial property. Aside from electrical components that can cause fire, restaurants and other food shops that use fire for cooking are inside it.
So, it is included in the commercial property management transition checklist that there should be a sufficient fire protection system inside the property. Also, there should be an emergency evacuation protocol in place. This way, the people inside can evacuate outside the building in the shortest time possible.
In a commercial establishment, there are a lot of vehicle and pedestrian movements. When improperly managed, these movements can cause accidents. Common causes of accidents are when loading a vehicle, reversing, and the movements at pedestrian crosswalks. So here are some ways to reduce these accidents:
Operating a commercial property requires a lot of permits, unlike a residential one. But these permits are important because they certify that the property underwent careful inspection and is safe for operation. Aside from that, building permits are needed by the tenants that want to open their businesses on the property.
With Lumiform's thousands of customizable templates, maintaining the integrity of your property just got a whole lot easier. Lumiform's features are readily available on-the-go from your smartphone or tablet - online or offline. Using Lumiform to create effective and free checklists will help you and any team members stay organized, and you'll be sure to check every box as a property manager, leaving your tenants happy and healthy.
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