Five mistakes property managers should avoid

Being a property manager can be a satisfying and rewarding career, but it’s not without its challenges. From finding good tenants to dealing with unexpected maintenance issues, you’ll find yourself spinning many plates at once.

Here are five common mistakes property managers make – and how you can avoid them.

Not Carrying Out Inspections

A property inspection is an important tool for maintaining compliance and, at the same time, building good relationships with your tenants. Routine inspections can help you proactively stay on top of issues like pest infestations or leaky taps.

What should you include in an inspection? Make sure you review all areas of the property, nothing routine maintenance that needs attention or areas where repairs might be needed soon, such as damaged floor or worn carpeting. If possible, take pictures of potential issues, so you have physical evidence to support your observations. The goal here isn’t to ‘catch’ tenants doing something wrong; it’s simply to collect information about what contributes to the conditions of the property so you can create a plan for maintenance and repairs going forward.

Finally, document everything about each property inspection, such as who was present for each ones and when the inspection took place. This will help protect both parties should questions arise about whether issues were flagged and checked. Remind hesitant tenants that the report is there to help them as well, any issues found at the beginning of the lease cannot be pinned on them.

Poor Communication

Managing properties is as much about managing people as it is buildings. You must communicate clearly with your tenants, landlords, and tradespeople. One way to do this is by establishing a method of communication that everyone agrees on.

This will minimise any confusion or miscommunications that could arise from using different methods of communication for different purposes. If you are finding yourself getting lost in a sea of properties in an ever-increasing rent roll, you will need to evaluate and update your current management strategies.

Not having a good system in place can lead to chaos and disorder if people aren’t sure how or when they should contact each other, which opens up the potential for miscommunication and errors in judgement.

Using the Wrong Software

When it comes to running your property management business, you have a lot on your plate. From managing and training a team of employees to dealing with day to day issues like repairs and maintenance, there is a lot to track. However, choosing the right property management software can save you a lot of time, money, and headaches in the long run.

When choosing software for your business, look for one that is user friendly and makes it easy for you to keep track of reports, projects, and other important information all in one place. You should also make sure that it will be able to meet any legal requirements.

Poor Tenant Checks

While you’re busy with the countless aspects of property management, it can be tempting to put off completing background checks on prospective tenants.

Don’t let this happen! When you disregard tenant checks, you are more likely to get stuck in a bad situation with a bad tenant, and put your time and reputation at stake.

The best way to avoid these problems is by taking a proactive approach when looking for new tenants.

Following up on references and conducting credit and employment history checks are necessary steps in getting an accurate picture of what kind of person will be renting from you – so put the work in now so that you won’t regret it later. Make sure you know your local tenancy laws inside and out, so you can deal with any issues as they arise, secure in the knowledge that you understand the legal requirements for both tenants and landlords.

Poor Maintenance

Proper maintenance is an ongoing process that must be documented and planned to keep on top of issues. Car manufacturers have recommended service intervals, buildings have their own set of maintenance tasks and schedules tailored to their history and condition.

Professional property management teams go the extra mile by mapping out a logical series of routine inspections that identify potential problems before they become actual problems, reducing their frequency and severity.

These Common Mistakes Can Be Avoided

Many problems can come up when managing a rental property, and the financial impact of these problems can be significant.

Fortunately, you can avoid these issues in the first place. The best way to avoid costly issues is to have your systems set up correctly from the beginning and be sure to monitor your progress.

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