51% of people who own properties go the extra step to hire a property manager to oversee the properties in their portfolio. Although it's a smart move to hire a property manager, some mistakes can be made, but they can also be avoided given the right information.
When it comes to property management advice, we've got the information you need to ensure you can avoid these issues in the long run.
1. Not Knowing the Law
Not knowing the law can be the downfall of any good property manager. Laws are in place to ensure property managers, properties, and tenants are protected on all sides, no matter what happens.
It ensures that tenants and property managers know what steps they need to take in the case of filing for an eviction or any other form of legal process that needs to take place.
2. Failing to Inspect All Properties
Before and after tenants move into your properties, you need to take the time to inspect them thoroughly. This ensures you can make updates when needed and prepare the property before more tenants move in.
Another reason to inspect a property is to ensure you can enforce the lease that your tenants have to sign. Conducting inspections shows tenants you take your property management status seriously and want to ensure the property they live in is up to code and safe for them to live in.
Part of being a property management firm is staying on top of fixes that need to be made and making them.
3. Ignoring the Opportunity to Conduct a Tenant Screening
Tenant screenings are important because they let you know if the people moving into your properties are standup tenants. The most crucial piece of property management advice we have to offer is not to ignore conducting a tenant screening.
Tenant screenings are thorough and give you information about things like:
- Tenants' past rental history
- Current and past employment
- References from previous property management landlords
- Eviction red flags
Conducting a tenant screening can ensure that you only allow people to move into your properties that you're sure you won't run into issues with.
4. Not Setting and Enforcing Property Rules
Some property managers fail to enforce and set rules with their tenants. This is because they don't want to ruin the relationships they've built. However you should know as a property management company, this can have several adverse reactions rather than positive ones.
From the beginning, you need to ensure you let tenants know what the rules are to live in your properties from the beginning to ensure your tenants are comfortable and properties are taken care of at all times.
Property Management Mistakes You need to Avoid
There are several property management mistakes that you should avoid if you want to ensure you continue to have your properties filled with ideal tenants. Don't forget to screen tenants and always conduct property inspections.
If you're in need of property management and tenant resources, contact the Home River Group for more information and help today.
