The 5 Common Property Management Mistakes
It's no secret that property management can be a tricky business. From dealing with tenants to maintaining the property, there are plenty of potential pitfalls. However, by avoiding the most common issues that arise, you can make it a lot easier for yourself. In this blog post, we'll take a look at the five most common property management mistakes and how to avoid them.
1. Not Doing Your Due Diligence
Before looking to carry out property management, it’s important that you do your due diligence. Research the owner to make sure that they are a good fit for you and your property.
If you don’t do your due diligence, you could end up working with a tenant who has unrealistic expectations or isn’t fully dedicated to keeping your property in good shape. As a landlord, you should be looking to avoid these kinds of issues.
2. Not Screening Tenants Properly
Another mistake that property managers often make is not screening tenants properly. It’s important to run a background check and credit check on all potential tenants to make sure that they will be able to pay rent on time and take care of the property.
If you don’t screen tenants properly, you could end up with tenants who don’t pay rent, damage the property, or cause other problems.
3. Not Keeping Up With Maintenance
Keeping up with maintenance is a vital part of being a property manager. If you let maintenance issues go unaddressed, they will only get worse over time. This can result in costly repairs at some point down the road.
Make sure to stay on top of all maintenance issues, no matter how small they may seem. It’s better to deal with the problems as soon as they arise.
4. Not Collecting Rent On Time
One of the most important things for a property manager to do is collect rent on time. If rent is not collected on time, it can put a serious strain on the tenant’s finances.
To avoid this, make sure to have a strict rent collection policy in place. You should also have a late fee for tenants who don’t pay rent on time. This will help motivate them to pay on time and will help offset any losses that you may incur as the landlord incurs.
5. Not Keeping Accurate Records
Keeping accurate records is another important part of being a property manager. You need to keep track of all income and expenses related to the property. This includes rent payments, repair and maintenance costs, and more.
Accurate record-keeping will not only help you stay organized, but it will also come in handy if there are ever any questions or disputes about the property.
Avoiding these common mistakes will go a long way in helping you be a successful property manager. If you can avoid them, the property you’re managing will be in a great position for its occupants.
As a landlord, it can be challenging to also carry out the role of a property manager. As such, our team of experts at Hadleigh Estate Agents are able to carry out landlord letting services on your behalf.
Contact Hadleigh Estate Agents for Properties to Buy or Rent
If you’re looking for a property to buy or rent, but you’re unsure of where to start, get in touch with our property experts at Hadleigh. We’re an established estate and lettings agent in Harborne and we’re here to help you find your ideal property.