As a property manager, there are many things you have to keep track of, and it can be easy to make mistakes. Make sure that you avoid these three common property management mistakes this year. Avoiding these mistakes will make your job easier.
#1 Failing To Properly Screen Prospective Clients
One of the biggest mistakes that property managers make is failing to properly screen prospective clients. Do not cut corners when you screen potential new tenants; cutting corners up front can result in having tenants in your property who damage your property and who fail to pay their rent on time.
Make sure that you always call all previous owners or property managers that prospective tenants list on their application. Many tenants who have poor rental histories will still provide accurate contact information because they know that the chance that you call and find out that they were a bad tenant is very slim.
Additionally, be sure to spend the money to get a credit report and criminal records on all prospective tenants. It can help you weed out potential clients who will not pay their bills and will bring trouble to your properties.
#2 Allow Residents To Take Care Of Their Own Maintenance Requests
The second biggest mistakes that property managers make is allowing residents to take care of their own maintenance request. The only time you should allow a resident to take care of their own maintenance request is if they are a professional in that area and you hire them in a professional capacity.
You should only hire professionals to take care of maintenance requests. Professionals can back up their work with a guarantee. They also have liability insurance, so if anyone gets hurt while they are doing their repairs, you'll be covered.
When you allow your residents to take care of their own maintenance request, you risk the work being done incorrectly or poorly. You also risk your tenant becoming injured and facing a liability claim for their injuries.
#3 Failing To Do Routine Maintenance
The third biggest mistake that property managers make is failing to do routine maintenance. Routine maintenance is necessary in order to keep your property in good shape. It is also necessary to attract high-quality tenants. Additionally, staying on top of routine maintenance can prevent you from investing a lot of money into fixing building problems that could have been prevented with a little foresight.
Create a maintenance checklist for each season or quarter of the year. Then, make plans ahead of the season to bring in professional assistance to help you check off your maintenance list. If you have a dedicated maintenance department, set weekly or monthly goals for certain tasks to be accomplished, then follow through and make sure that they were completed.
If you want to have a strong year, make sure that you don't fall for any of the common property maintenance mistakes listed above. Always take the time to effectively screen potential tenants, hire professionals to take care of maintenance requests and stay on top of routine maintenance matters.
For more information, contact a business like MGR Property Management Inc.