Unexpected crises – a natural tragedy, extended power outage, or emergency maintenance – can generate major disruptions for rental properties. For property owners, these events can produce property damage, renter displacement, and costly repairs. For renters, a disaster could lead to the devastating loss of their houses, belongings, and so on. This is why having a great crisis management strategy in place is imperative.
While nothing can totally prevent a crisis, being organized can help minimize damage and losses, ensure tenant safety, and speed up recovery. Here are critical strategies that property managers and owners can use to prepare for extreme events – and beyond.
Conduct Regular Risk Assessments
The primary step in preparing for effective crisis management is identifying your rental property’s potential vulnerabilities. The ideal approach to achieve this is through regular property inspections.
During these inspections, structural weaknesses in the roof, windows, foundation, and main systems, to name a few, are assessed. An important best practice for property management is to develop and utilize a checklist specific to seasonal risks in your region and means to evaluate and prepare your property to weather the storms.
Create an Emergency Preparedness Plan
Another critical element of effective crisis management is to have a reliable emergency preparedness plan in place. The benefit of a well-thought-out plan is that it guarantees every person is aware of what to do before, during, and after a crisis. As part of your strategy, explain evacuation routes, emergency contacts, and safety protocols for your renters, and save a copy in your records. Inform your residents on how to shut off utilities like gas and water in emergencies, and confirm the property is stocked with safety essentials such as fire extinguishers, first aid supplies, and all that. Thorough planning can go a long way toward keeping your property and your tenants safe in a crisis.
Update Your Insurance Coverage
One of the ideal means to protect your rental property in a crisis is to have adequate insurance. In reality, obtaining the right coverage can indicate the difference between an unrecoverable loss and a quick recovery. At least annually, you need to review your insurance coverage and ensure it is conversant with any property updates or changes. In addition, you should have appropriate coverage for natural disasters common in your area, including flood coverage. You might want supplementary insurance to ensure you have all the coverage to protect your property in a catastrophe.
Also, it’s imperative to require your renters to carry their own renter’s insurance policy. Your property insurance will not provide coverage for their own stuff, and a renter’s insurance policy will also provide additional liability protection.
Maintain Clear Communication with Tenants
In a crisis situation, transparent interaction is important. Not only does it help keep your residents knowledgeable, but it can also help reduce confusion and chaos when under stress. As a property manager or owner, it is important to set up a communication system for your tenants that permits communication both ways. For illustration, you could utilize text alerts, email, or an online messaging platform to deliver information to your residents and assist them in keeping you up-to-date.
Send regular updates and reminders about your emergency plan and procedures during the crisis. Following the disaster, keep clear interaction to ensure your renter’s safety, organize repairs, and plan impermanent accommodations when necessary.
Develop a Post-Crisis Recovery Plan
Being ready to act after a crisis should also be an integral component of your management plan. Taking rapid response after a crisis can help prevent further damage and assure your renter’s safety. As soon as you’ve taken care of your renter, directly inspect your property and assess the damage. You may wish to have a professional fulfill this phase. After you know whether the property is habitable, establish a ranked list of urgent repairs to fix it as soon as possible. This should cover any damage to structural elements, drainage systems, electrical systems, and other major systems. Partner with your insurance company and reputable contractors to make sure fixes are executed properly. As appropriate, submit insurance claims right away and keep comprehensive records of the damage and the repairs.
Partner with a Professional Property Management Company
Property owners can navigate catastrophes more efficiently by preparing in advance and reacting quickly.
Also, having the appropriate experts by your side in an emergency can be a useful asset. The proficient professionals at Real Property Management Solutions can help guide you through crisis circumstances and give you the essential tools for managing your property in Portland and neighboring areas. Contact us online or call 503-224-3002 for more information!
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