With the rapid development of investment property market, an increasing number of investors choose to purchase rental apartments or commercial properties to generate stable rental income. However, disputes or complaints may sometimes arise between property management groups and owners due to various reasons like property maintenance, facilities, noise issues etc. Understanding the common complaints and effective ways to resolve issues is crucial for a pleasant investment journey.
typical complaints about investment property groups
The most common complaints regarding property management groups include poor maintenance, delays in repairs, lack of communication, unexpected fee hikes, rude staff etc. For commercial properties, business owners may complain about excessive utility bills, unauthorized access, parking issues etc. It’s important for groups to track all complaints and identify areas of improvement.
proactive steps property groups can take
To avoid frequent disputes, property groups need to be proactive. Ensure regular unit inspections, timely repairs, upgrade facilities if needed. Send periodic maintenance notices, insurance renewals to keep owners updated. Train staff to be courteous and professional in communications. Set up an owner portal, feedback forms to address concerns quickly.
how owners can resolve disputes effectively
As an owner, firstly write to the property manager regarding your complaint and keep records of all communication. Check governing bylaws for next steps if the issue persists. Send a formal complaint letter to the board president. If board fails to intervene, consult an attorney and consider filing a lawsuit as a last resort. An owner association can also collectively pressure the group.
mediation services to resolve impasses
If multiple complaints exist and there is an impasse between owners and property group, consider mediation services. An impartial mediator hears both sides and facilitates a mutually acceptable solution. Mediation is faster and less expensive than litigation. Community associations like CAI provides mediation programs specifically for homeowner and condo disputes.
reporting unresolved issues to higher authorities
For persistent unresolved complaints, property owners can approach consumer complaint units of organizations like the Better Business Bureau. Specific legal authorities exist in different states to protect property owners’ rights and interests. As examples, in Virginia, owners can report to Common Interest Community Board (CICB), in California, approach the Department of Real Estate (DRE).
To summarize, open communication, proactive management and using professional mediation services can help investment property groups and owners avoid and resolve disputes effectively. Unaddressed complaints can be reported to consumer protection organizations.