The number of property management businesses grows about 3.5% each year in the US.
Rental properties are becoming more popular, especially as the current generation continues to delay the time in which they settle down. And with more rental properties comes the need for more property managers.
It's important that property managers know what to do to attract and maintain tenants. However, it's sometimes more important for property managers to know what not to do.
Below is a list of 5 common property management mistakes and how to avoid them. Make sure to take notes!
1. Failing to Get Things in Writing
Creating written legal documents for the sake of security is a must as a property manager. In the case a tenant attempts to take legal action, you'll have the paperwork to defend your name.
Creating and storing paperwork is a tedious job, but luckily, there are plenty of property management software programs that allow you to digitally organize your contracts and tenant files.
2. Failing to Communicate With Tenants
Communication is one of the most difficult tasks for property managers due to packed schedules and dozens of tiny moving parts. However, no matter how difficult it is, it's crucial for success.
Reach out to your tenants in the case of late payments, upcoming inspections, or property renovations. You owe it to your tenants to keep them in the loop.
3. Failing to Properly Screen Tenants
A property manager's worst nightmare is a terrible tenant.
Do your best to avoid this type of tenant by investing in a tenant screening process. Run credit and background checks to double-check the information they've provided on their application.
Ask the tenant for references in the case of suspicion.
4. Failing to Perform Inspections and Maintenance
Regular property inspections are required for maximum health and safety.
Schedule regular inspections with your tenants, and take the time to step inside their space. Make note of any damage or areas of concern.
If you need an expert opinion on a possible issue, hire a contractor to come out and take a look. And if something needs to be fixed, waste no time.
5. Failing to Choose Quality Contractors
Speaking of contractors, only hire the best. Mediocre contractors will only cause more issues in the future.
Read online reviews before hiring a contractor, or contact other property managers for referrals. Once you find a crew you can trust, turn to them regularly for onsite jobs.
Quality is Your Concern: Common Property Management Mistakes to Avoid
Ensure a high-quality experience for your tenants by avoiding the above common property management mistakes.
Not only will your tenants be thankful for your commitment to quality, but you'll also thank yourself. Avoiding major mistakes will save you from major repairs, legal cases, and a whole lot of headaches.
Are you a landlord searching for property management services in the Hampton Roads area? Look no further. Use our site to check out our available services, and contact us today with any questions.