A good level of property management ensures that your property is in excellent condition and holds an above-average price in the market. You might hire a project manager, but you still need to involve yourself in the maintenance side and inspect your rental properties to get a better return on investment in the long run.
Though there are some common property management mistakes, you should be aware of and know how to eliminate them. Below are some of these common mistakes and effective ways to avoid them.
Lack of regular inspections
As a property owner, you must regularly inspect the property to ensure better maintenance. It will also help in coming up with better preventive measures to avoid damage to the property.
You can avoid some property damages if they are addressed on time. Avoid taking shortcuts with inspections, as you will not fully understand the state of your property. Some issues that are not keenly addressed will force the property to fall out of compliance. At this stage, the real estate property cannot house tenants anymore.
Inspect your property often and ensure that you have a trustworthy real estate agency to manage the property. Evernest, Mynd, and APM are some of the trusted rental agency in Atlanta that offer smooth and hassle-free property management services and get the best rentals.
Failure to supervise fixes and repairs
There are property owners who even let the tenants repair broken window panes and paint units rented out to them. With the advanced technology, tenants can watch videos on the internet on how to solve house maintenance issues and try DIY if they become unresponsive.
While this may save you some maintenance fees, it may result in greater damage in the long run. Property repairs must be taken seriously and done as efficiently as possible to avoid further damage. You should never allow the tenants to repair the damaged parts of the property.
If the tenants do it, it will be difficult for you to understand what is happening to the property. You can also be held liable if the tenants get hurt while trying to repair the property or some DIY goes wrong. Remember that most do-it-yourself fixes and improvements often go wrong, and fixing them is very hard. Take time and supervise fixes and repairs.
Not screening tenants
Tenants’ screening process through paperwork can be tedious and time-consuming. Thorough screening of the tenants is vital because tenants who have not been properly vetted can often lead to stress and financial loss. For the screening process to be effective, you must stick to the requirements you have set for your property. Conduct a thorough background check of all the tenants willing to rent units from your property.
There are five steps that you can follow for the effective screening of the tenants. First, set your requirements. The requirements are the first checklist you will use to know the income level of the tenants, credit history, and any instances of evictions.
After that, you can disclose all the requirements through the advertisements to save time. On the advert, ensure that you include the link to the site or the page from where tenants can download the application form. The tenants can also obtain the application form from the real estate agency you have collaborated with.
Not hiring property managers
This is one of the common mistakes that most real estate owners commit. Most of them think that hiring property managers will cost them a lot of money, eventually affecting their profit margin. What you need to understand is that you cannot handle everything on your own. It’s better to work with the property management team.
The property managers will handle all the areas you failed to inspect and give proper feedback to you. Invest in property managers that are highly educated on matters to deal with real estate as they are the best to handle your tenants’ issues. They also understand most of the policies that are related to real estate and will manage your property effectively.
Being unorganized
Proper organization is a key factor that will lead to a higher return on investment. This stems from handling applicant files and rental contracts and adhering to the tenants’ policies.
There is a lot of paperwork to be stored, and you have to keep proper record-keeping. If the copies of contracts get lost, you are not sure whether the tenant will be willing to provide their copy. Adopt a proper filing system and have a social media page for your property where customer queries can be addressed.
Post some information from time to time about the services you offer to update new tenants about the available units. The more organized and diligent you are, the higher your chances of success with property management and deriving maximum rentals from it.