The property management industry certainly isn’t a new one, and like any established field, many have come and gone before us. Some have tried and succeeded, but a great many have failed due to costly mistakes. If you want to help your organization thrive in the face of fierce competition, here are 6 things you should avoid with great care.
Not properly screening
Yes, it costs money to screen tenants, but that doesn’t mean it’s not worth the investment. In fact, if you add up the expenses associated with having to replace residents multiple times, the sum will far outweigh what you spend on proper screening. By weeding through applicants more thoroughly up front, you’ll have a better chance of landing long-term, quality tenants.
Related Post: A Property Manager’s Guide for Finding the Perfect Tenant
Hiring unskilled workers
No doubt, one of the biggest tasks in property management is handling maintenance requests. The way you manage these requests can have a direct impact on your tenant and/or customer satisfaction. That’s why it’s important that you choose maintenance workers with care. Avoid the temptation of hiring based on price alone. Experience and dependability will cost more, but the quality results will be worth it.
Letting residents handle their own requests
It may seem like the easiest way to get maintenance and repairs taken care of, but allowing your residents to handle these tasks can open the door to a world of trouble, including additional damages and even liability for potential injury. Stick with skilled professionals to avoid these potential issues.
Not staying on top of routine care
Regularly inspecting the properties you manage may seem like a huge drain on your precious time, but it’s a necessary evil if you want to succeed in property management. Routine checks will help you identify and correct any issues as they occur and before they have a chance to develop and worsen.
Not communicating
As a busy property management professional, you probably feel like you’re being pulled in a hundred different directions on any given day. Focusing on that ever-growing to-do list can make it easy to neglect the simple yet highly critical act of communication – with your team, your residents and your customers. Being present is very powerful, even if it’s just a quick call or email.
Not using technology to your advantage
Keeping your schedule in check can be challenging in an industry such as ours. Whether it’s managing maintenance requests, keeping track of payments, running reports – you name it – it’s probably on your to-do list. If you’re not leveraging software, particularly one that is designed specifically for property management, you’re wasting time and money.
Being successful in this industry takes a concerted effort. The best way to position yourself and your organization for ongoing profitability is to know what common mistakes to avoid. By staying clear of the 6 issues listed here, you can improve the chances of your firm remaining in the game for many years to come.
What mistakes have you or your team made that you’ve been able to overcome? Please share in the comments below.
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