Nobody’s perfect, and property management professionals are no exception. Making mistakes is something that happens in business. Thankfully, those mistakes don’t have to be yours to make. By identifying and understanding some of the most common blunders made by property managers, you can hopefully sidestep them in your own career. Check out our list of the top five property management mistakes to avoid below.
Being too quick to fill a vacancy.
While it’s true that vacant properties mean lost revenue, so does filling them too quickly. Think about it. How much money does it cost to prepare, list, show and fill an available property? If you aren’t careful about how you screen your prospective tenants, you could end up with a frustrating and expensive revolving door. Likewise, if you don’t do your homework before turning over the keys, you could end up with a nightmare tenant and the costs associated with that. Take your time to find the right candidates.
Viewing tenants as a source of income.
Yes, your properties are there to generate income. That doesn’t mean you should treat your tenants as though they are cash cows. In fact, to the contrary. If you want to keep your properties filled with quality, long-term renters, you should be making a conscious, consistent effort to keep them happy. And that means treating them with dignity and providing them with what they need to enjoy their residence. Remember – the people you are renting to are just that: people. Treating them as such will earn you their respect and loyalty.
Getting too friendly with tenants.
Should you treat your residents like humans? Absolutely. Should you hang out with them on weekends? Probably not. Becoming too friendly with residents can blur the lines and negate the boundaries that are so important to have between a tenant and landlord or property manager. And this can lead to emotionally-driven decisions that could come back to bite you in the long run. Your relationship with your tenants should be cordial, but professional at all times.
Failing to keep properties maintained.
If your properties are in disrepair, don’t expect to be successful as a property manager. It’s simple. One of the biggest keys to long-term profitability in this industry is prioritizing maintenance. Whether it’s keeping up with inspections and preventative maintenance or staying on top of incoming repair requests from tenants, keeping your properties in optimal condition should be a top priority. If it isn’t, you won’t be in business long.
Not taking advantage of technology.
With so many advancements in technology over the past several years, there’s really no excuse not to take advantage of it. In fact, investing in the right property management software solution can help with all of the issues listed above. For instance, with an online portal, tenants can instantly communicate with you, access information they need, pay securely online and more. Additionally, property management software can also streamline the maintenance process as well, ensuring that routine service is always performed on time and any incoming repair requests are prioritized.
To err is human, or so they say. When it comes to running a successful property management company, however, some mistakes can easily be avoided. The tips listed above should help prevent you from going down the wrong path, saving you time and money in the process.