Are you trying to become the best property manager you can be? Want to avoid making the biggest property management mistakes?
If you’re managing property and want to have as easy a time as possible doing it, you need to make sure you work smart, not hard. Preparing for the biggest potential mistakes is critical if you want to avoid running into any big issues with clients or tenants.
Luckily, we’re here to be your guide. Here are the top 5 property management mistakes you’ll want to avoid making.
1. Not Screening Tenants Thoroughly
One of the biggest mistakes property managers make is failing to do their due diligence when it comes to screening potential tenants.
It’s important that you have a standardized process for vetting potential tenants and that you’re putting the time and effort into finding out more information about them. This may mean performing background checks, verifying income or credit scores, and interviewing them to ensure that they’ll be the right fit.
2. Making Things Difficult For Tenants
Another mistake that property managers make is that they don’t ensure that things are as simple and easy for tenants.
Property managers should facilitate great communication with tenants and should ensure that essential duties are made as easy as possible for them. Allowing for online rent payments, for example, will make things easier for tenants while also making it more likely that no payments will be missed.
3. Not Building Strong Contractor Relationships
One mistake that you’ll want to avoid making when managing a property is failing to build great relationships with contractors.
When it comes to making repairs and maintaining a property, it’s not in your best interest to use different contractors every time. It’s better to find some skilled and reliable workers who you can build an ongoing relationship with for any of your service or repair needs.
4. Not Inspecting a Property Regularly
If you’re a property manager, then it’s important that you make routine inspections and repairs a part of the job. Let your tenants know when they move in that you’ll want to check out the property for issues from time to time and make updates as needed.
At the very least, doing an inspection yearly will help ensure your property stays in great shape and you’ll prevent more extensive problems from emerging later on down the road.
5. Leaving Marketing Up to Chance
If you provide property management services, then it’s also essential that you market your business properly. Don’t get complacent and neglect your duties to seek out new clients and new properties to manage.
Learn some basic marketing skills and figure out how to market your services properly, both online and offline. You should also keep up with all of the latest real estate market trends to ensure you’re marketing your services properly at any given time.
Avoiding These Property Management Mistakes
If you want to ensure that your business grows strong and you don’t hit any major roadblocks, you need to make sure you’re avoiding these property management mistakes. With a little bit of careful preparation and awareness, you’ll be able to ensure you have a much easier time as a property manager.
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