Whether you’re new to property management or already have several buildings, we’re all prone to making mistakes from time to time. Knowing the most common mistakes that property owners make can help you take preventative action and make owning income property as seamless as possible. Don’t fall victim to one of these common property management mistakes.
Failure to Properly Screen Tenants
To secure quality tenants, a rigorous screening process is necessary. Obtaining a credit history is important, but so is getting references from employers and previous landlords. Proof of ability to pay, through pay stubs or bank statements, is also essential. A thorough tenant screening can help minimize the risk of delinquency, but remember that you must use the same process for each prospective tenant commensurate with the Fair Housing Act.
Not Having a Preferred List of Contractors
No matter how well you take care of your property, a repair or other issue will inevitably arise. When it’s time to complete repairs, having a preferred list of contractors is convenient and will save you time on the vetting process. When you need emergency repairs, for example, you may be stuck with the first available company, who may charge high fees or do a less quality job. Having a list of professionals with which you are familiar will save you both time and money.
Lacking a Consistent Schedule
Experienced property owners know the value in being proactive in both tenant management and maintenance. If you want to avoid a crisis and ensure you have a steady cash flow from your properties, take steps to make a monthly schedule. Include which maintenance tasks you will complete that month and develop seamless processes for resolving tenant issues. This will save you money on costly repairs and keep your tenants happy.
How Property Management Services Can Help
The most experienced property owners realize the value in having a quality property management service. Home 365 helps streamline your property ownership and helps ensure steady cash flow. We use a thorough tenant screening process and help you find quality tenants that stay in your property for the long term. Our tenant management system allows tenants to report any issues with the property, and our preventive maintenance sensory system identifies issues before they can develop into costly problems.
Home 365 takes the inconveniences out of property ownership and renting. For more information about our services, please contact us.