Property managers play an integral role in the success of a property. But they can also run into many mistakes and avoidable situations.
To avoid this, you must learn the top property manager’s mistakes. Then, you can avoid these pitfalls to run a smooth operation!
Luckily, we’re here to help.
In this guide, we’ll cover common mistakes property managers make so you can watch out for these dangers. Then, you can continue running your property with ease.
1. Not Properly Screening Your Tenants
One of property managers’ most common mistakes is not screening tenants. This can have serious repercussions, costing the property manager time, money, and stress. To minimize the chances of a costly mistake, taking the necessary precautions to screen your tenants is imperative.
For starters, run a thorough background check and credit report to ensure the tenant is who they say they are. Be sure to complete all steps in this process.
Additionally, ask for references from a previous landlord or employer to get an additional picture of what kind of tenant they are. Make sure to always follow up with these references.
2. Not Able to Properly Communicate With Tenants
One of the common mistakes that property managers make is not being able to communicate with tenants. Tenants should be treated with respect and given clear and consistent communication. Property managers must make sure to respond to tenants’ queries.
They should keep tenants updated on any changes in policy or rules and let them know about upcoming events. Property managers should also ensure that verbal and written information is consistent.
They should also ensure that they use appropriate language when talking to tenants. Communication should be done professionally.
3. Not Knowing the Eviction Process
The eviction process can be tricky, especially if you are a Property Manager and don’t know how to proceed. Property Managers need to be aware of the different stages and requirements of the eviction process. They should take the necessary steps to ensure the process is completed and all legal procedures followed.
These mistakes can range from filing an eviction notice to failing to communicate and document the eviction. Failure to do the eviction process can lead to lawsuits or legal problems.
To avoid such mistakes, Property Managers should always refer to the local tenant laws and read the lease agreement. They should also consult a lawyer on how to serve eviction notices. They should then ensure they clearly and accurately document violations, actions, or responses.
4. Failing to Do a Rental Property Maintenance Check
Failing periodic maintenance checks is one of property managers’ most common mistakes. It can mean that minor repair problems become major, leading to increased costs and possible liabilities. Regular property inspections should be done to prevent any issues from arising.
This includes inspecting the building, checking lights, plumbing, walls, carpets, and water heaters. Further checks should also be done on the fire alarm, air conditioning, water filter, and other equipment.
Property owners will save time and money on potential repairs by taking a proactive approach. It can also protect their property from potential hazards.
5. Poor or Reluctant Tenant Service
Poor or reluctant tenant service is one of property managers’ most common mistakes. Property managers must ensure tenants are treated respectfully and meet their needs on time. They should be clear about their expectations and responsibilities from the beginning and be sure to follow up with tenants.
This is to ensure that their issues are addressed. Property managers should also listen to tenants’ concerns and resolve problems. They should ensure that rental agreements are current and that tenants sign them.
6. Not Being Active on Social Media
Another common mistake in managing rental properties is being inactive on social media. Property managers must advertise their properties and services on social media to attract potential tenants. However, with many users on these platforms, it is possible to overlook potential customers if they are inactive enough.
Property managers should create and post consistent content to avoid this mistake. They should also engage with potential renters by liking, commenting, and sharing posts. This will help make the property manager’s page visible and also help build a rapport with potential customers.
7. Improper Setting of Rental Rates
A common mistake property managers make when setting rental rates is waiting too long to raise prices. This could be due to a fear of losing tenants or a lack of knowledge about market rates. The property manager is stuck with the old rental rate as market conditions change, which can hurt their bottom line.
Property managers should review the market rates in their area to prevent this common mistake and adjust their prices accordingly. They should also be proactive when it comes to raising their rental rates. A slight yearly increase can help stay ahead of the escalating market rates.
8. Failing To Properly Prepare A Vacant Unit
Another mistake property managers make is failing to properly prepare a vacant unit before the next tenant moves in. This includes ensuring the unit is clean and free from potential safety hazards. Also, it is vital to communicate to the new tenant what is expected of them.
This is in terms of leasing and any additional requirements. Property managers should document the condition of the unit both before and after the tenant moves in.
This can prevent costly disputes down the road. Lastly, the property manager should ensure the tenant understands their duties and responsibilities throughout their tenancy.
Mistakes Property Managers Make That Should Be Avoided
Property managers should avoid the common mistakes discussed in this article. Taking a proactive approach to prevent them can help them save time and money. These common mistakes property managers make can lead to costly damages.
In addition, instituting regular checks, being organized, and having comprehensive policies can help reduce errors. For advice and guidance on accomplishing this, speak to an experienced property management team today!
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