Four Mistakes That Successful Property Managers Should Avoid Making

Property managers have a complex and demanding job that involves a diverse client base. If you are trying to position your company as a leader in the industry, you'll need to focus on efficiency and effectiveness. Many newer property management companies struggle with some of the same fundamental mistakes that can prove costly. Here are several key mistakes that property managers make and tips to help you avoid them.

Shopping Around Every Time You Need Services

Whether you're repainting the building or looking for someone to fix a broken pipe, calling around for quotes each time may help you save a little bit off the bottom line. Unfortunately, it also prevents you from building a professional relationship with a reliable service provider. When you hire a different contractor every time you need a service, you have no consistency in quality.

The technician coming in this time may not be able to identify what the previous technician did, or may inadvertently change something that could cause more problems. Without a solid history of the property's repairs and maintenance, it can be difficult for the repair contractor to determine exactly what has been done.

Additionally, by hiring different contractors all the time, you put your property's security at risk. Once you find a contractor in a chosen specialty that you have vetted and you trust, rely on him or her for of your repairs. That way, you know exactly who has been on the property and who is working in your tenant units.

Hiring Untrained Repair Technicians

Worse than hiring a different contractor for every repair is hiring an unskilled worker to do the job. If you're looking for ways to cut costs, you might think that hiring unskilled or untrained repair technicians will save you money. The fact is, while these workers are typically more affordable, the quality of the work will not be as good.

Whether you're having a building repainted or a garbage disposal replaced, it's in your best interest to work with a professional. The upfront cost may be higher, but if it saves you from having to have the work repeated in a few months or a year, it's worth the investment.

Letting Tenants Do Repairs Themselves

Some larger properties have provisions for tenants to do small repairs on their own and then deduct the repair cost from the rent. Although this may seem like it will save you time and money, but it can actually lead to a variety of more significant problems.

If a tenant is doing a repair and gets injured, the property owner and your property management company may be liable for the injury. This can lead to costly settlements. Instead, stress the importance of reporting any damage or necessary repairs and waiting for a contractor to take care of them. Not only does this protect you from liability, but it can also reduce the risk of your tenant causing a bigger problem with an inaccurate repair.

Overlooking Routine Property Inspections

Although much of your role as a property manager involves working indoors with paperwork, it's equally important that you step out from behind the desk on a regular basis and walk the property. It's the best way for you to spot potential problems before they become serious. Often, you can see the signs of wear and tear starting to appear, so you can address it right away. Additionally, by staying ahead of those repairs, your tenants will see that you are proactive, responsible and thorough.

The best way to attract and retain quality tenants is to be sure that you are taking proper care of the property and being responsive to issues. With the tips presented here, you can avoid these common mistakes and help to put your property management company in a position to succeed. Click here for more information about property management.

About Me

Real Estate Crash Course: The Fundamentals

After inheriting my house from a deceased loved one, I had no idea what it was like to go through the home sales and purchase process. When a medical emergency necessitated selling and moving somewhere else, I was in over my head. Luckily, I worked with a great real estate agent who helped me understand the entire process, from listing to inspection and closing. I created this site to share my experiences and knowledge. Whether you're buying or selling a family home like I did, I hope that it helps you as you venture into your first real estate transaction.

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