It’s the call every property manager hates to receive: the first notification of what will turn into an insurance loss for the client. Sometimes it comes late at night or in the wee hours of the morning. Depending on the severity of the loss, it signals the beginning of what could be months of work above and beyond the normal scope of the job.
In the immediate aftermath of an insurance loss, property management firms are challenged to maintain their normal workload while overseeing additional tasks related to the loss. Hiring a public adjuster will ease the burden, but some tasks will remain in the purview of the management company. Hiring and supervising contractors, tracking down unit owners to work on remediation and repairs, meeting with the association for updates, and the time-consuming job of documentation is only a partial list of additional responsibilities adding up to supplementary management company expenses.Read More