5 Property Management Mistakes and How Landlords Can Avoid Them
Part of keeping property in shape for tenants involves knowing what not to do. Here are property management mistakes and how landlords can avoid them.
Keyword(s): property management mistakes
If you have positioned yourself in the rental property market as a landlord, you understand the time and energy it takes to keep everything running smoothly. From vetting new tenants to staying on top of repairs, there is always something to do.
Even with all your hard work, there are still a few pitfalls that await if you are not careful. Learn how to avoid these 5 property management mistakes.
1. Not Completely Preparing a Unit for New Tenants
While it is true you are evaluating potential tenants before allowing them to sign a lease, they are also evaluating the property.
A newly vacated unit must be completely cleaned and refreshed. There should be an inspection to locate and resolve issues with any of the appliances or systems in the home.
Any holes or damage to walls, door frames, or windows should be repaired. Check closely for water damage. If there is carpet in the home, it should be cleaned and deodorized. A fresh coat of paint is always a good idea.
The last thing you want is for the ideal tenant to walk in and find something amiss and decide to look elsewhere.
2. No Background Check on the Potential Tenant
You may want to believe that the person walking through your unit is trustworthy with their finances in order. Just because they give a good talk though, don't be fooled.
A background check should be done on all new tenants. Don't rush just to fill a vacancy. Make sure you are leasing to a responsible party for long term occupants.
3. Property Management Mistakes - Slow Response to Maintenance Issues
Just like you don't want to deal with a leaky faucet or an AC that doesn't work, neither does your tenant. There will always be a need for repairs. Don't delay in responding.
Talking to your tenants and giving them reassurance is great, but be sure to follow through with experienced and qualified repair professionals that will get the job done right the first time.
4. Hiring Inexperienced Property Management
Once you realize the benefits of property management services, it will be a quick move to hire one to help take care of your investment.
You must do your due diligence, however, and only hire a reliable and experienced team. You never want to turn your valuable tenants and property over to someone without a proven track record.
5. Not Hiring a Local Property Management Team
While an experienced firm is a necessity, you also want your property management to be local. They need to be familiar with the area and the local contractors.
They need to be able to respond immediately in an emergency. When a tenant calls and needs assistance, you need the peace of mind knowing someone is right around the corner.
Protect Your Investment
You have put time, money, and energy into your rental property. You owe it to yourself and your tenants to avoid these costly property management mistakes.
For more information on how we can help with all your property management needs, please reach out.