Property Managers Errors and Omissions

Property managers are involved in many activities that often result in professional liability to owners and others. The responsibilities of property managers may include the activities outlined below. However, some companies or managers may only provide limited services such as rental collections or maintenance.

Property Management/Administration
■Development of management plans for complexes
■Processing of service requests on routine and emergency services
■Development of detailed purchase specifications for all contractors
■Negotiation of subcontractor contracts
■Development of preventive maintenance programs
■Conducting of weekly on-site inspections
■Development of internal controls/administration
■Maintenance of security for all association documents/records
■Provision of assistance and counsel to boards and committees regarding the development of their objectives, committee training, and administration as requested
■Preparation of monthly management reports for boards or owners
■Provision of advice and recommendations to boards concerning the interpretation of all governing documentation to minimize risks to boards and associations
■Correspondence detail
■Minimization of violations of rules and regulations
■Personnel administration
■Attendance at board meetings and committee meetings on request
■Recommendation of new policies, rules, and regulations based on community needs (if applicable)
General Management Services
■Management audits
■Resident surveys
■Maintenance responsibility policies
■Risk management programs
■Insurance analysis
■Policy/program evaluations
■Architectural guideline development details
■Inventory management
■Election materials and assistance
■Five-year budget forecasting
■Resolve of rules and regulations violations under board direction
■Rent collection
Careful supervision of all these activities is absolutely essential for any property manager or management firm in order to avoid errors and omissions claims!