Your life as a property owner or landlord will never be free of mistakes. After all, nobody’s perfect. However, you can make your life a lot easier this year by avoiding some of the most common mistakes in property management. How can you simplify property management and ease your mind in 2018?
Mistake #1: I Need a New Tenant Right Now
After you lose a tenant, jumping right into a commitment with a new tenant is not a great idea. You need to take the time to screen your prospective tenants to ensure that you have the best tenants for your property. You may not find anything, but if a tenant has a bad rental history, it’s best to know in advance.
You also need to make sure that you abide by the law in your search for a new tenant. According to Green Residential, “Fair housing laws require that landlords not discriminate…property managers need to be aware of how discrimination can seep into every stage of property management – from advertising all the way to eviction.”
Mistake #2: What Rules?
Every property has rules, and you need to be clear with your tenants about these rules and expectations. For instance, if there are rules or laws in the area about noise, your tenants should know about them and abide by them. If you would prefer that your tenants have no pets or ask before they get a pet, then you must let them know before this occurs. Even expectations such as the responsibility for cleaning the carpets and mowing the lawn should be clear before your tenants move in.
Mistake #3: That Doesn’t Need to Be Fixed Yet
If you’re feeling financially strapped, it can be tempting to put off basic cleaning and maintenance for a little while longer. After all, nothing has broken yet. However, routine maintenance can unearth many other problems. And if you ignore some of these, they can erupt with a bang, like the bang of the pipes breaking and flooding the kitchen in the middle of the night. This mistake can cost you a lot more than the cost of basic maintenance.
Mistake #4: My Tenants Are Doing Just Fine
It’s important to keep up with how your tenants are doing. This means that you complete routine inspections and you check in with your tenants on a regular basis to hear about any concerns that they might have about the property. This can also give you a helpful heads-up on upcoming needs and moves that you may not have heard about otherwise.
Mistake #5: They’re Just a Little Behind on the Rent
Your job is to make sure that there are processes in place that make it hard for tenants to get behind. For instance, direct debit makes it impossible for the check to get lost in the mail. You must also follow up quickly if tenants fail to pay the rent. According to Rent.com, “Not practicing effective early intervention techniques can result in action taken when it is too late to quickly fix the problem.”
Would you like some help avoiding some of the most common property management mistakes this year? At Lori Gill and Associates, we are proud of our ability to work with all property owners. No matter whether you own one home or many, we can make your property management easier. Connect with us about ways to simplify your property management business – work with us in 2018.