Let me guess. You purchased real estate to earn passive income but now you are struggling to manage your property in the way that it deserves.
First-time landlords tend to come across this problem, so don't be alarmed. You've come to the right place for help.
Part of being a great landlord involves knowing what not to do. Keep reading to learn about the most common rental property management mistakes and how to avoid them.
Not Running Background Checks
One of the most common rental property management mistakes landlords tend to make is not running background checks before allowing a tenant to move in.
Although a lot of applicants are truthful in their applications, you might discover that others lie about their finances and can't afford to pay rent on time.
You should run a background check on all new tenants. Be sure to ask for their approval before screening a tenant to abide by the laws.
Slow Maintenance
The best rental property management advice out there is to focus on maintenance around your property. Maintenance is one of the top things tenants look for when moving into a new place.
If you have slow maintenance, your tenants are going to nag about it online. These reviews aren't going to attract new tenants to your property.
Don't delay in responding to repairs or fixing problems. Emergency situations should be handled first, but don't take too long to change out a lightbulb or fix the blinds either.
Outsource maintenance tasks to a team of professionals that has the right experience. Attempting to complete all maintenance repairs on your own won't be beneficial to anyone.
Lack of Regular Inspections
Completing regular and proper inspections of your property is one of the most essential rental property management tips to follow.
Property owners cannot find extensive damage to their units without inspections. Per your contract, you have a responsibility to identify and fix issues on your property.
Complete each of these inspection types on a regular basis:
- Move-in inspection
- Quarterly inspection
- Drive-by inspection
- Move-out inspection
Have new tenants complete a form stating the condition of the unit when they move in. This can help you keep track of who pays for repairs.
Not Automating Tasks
Being a landlord and a property manager involves a lot of time-consuming tasks. Luckily, you can automate a lot of the rental property management processes to save time and focus on other important matters.
For example, consider automating the following:
- Rent payment
- Owner disbursements
- Bookkeeping and accounting
- Maintenance
- Tenant communications
Using a reputable software solution can automate each of these tasks, among other jobs, for you.
Not Hiring a Rental Property Management Company
If you want to avoid all of the mistakes in this guide, you need to hire a rental property management company. The professionals working at a property management firm can help you run your property legally and successfully.
Whether you need background checks, maintenance help, regular inspections, or task automation, property managers are the way to go.
Don't wait any longer to make your job as a landlord easier. Contact us today to learn more about our services.
