Are you managing properties?

Over 300,000 property management businesses operate in the United States. It covers all types of property in the country. It means property owners and landlords have lots of options.

This industry growth is a double-edged sword. You have more work opportunities, but it means you’re replaceable as well. If you lack the best property management practices, you’ll end up losing clients.

How do you avoid this situation? The best way to start is to learn what not to do. Read on as we list some common property management errors.

1. Lack of Formal Property Management Agreement

When managing a property, you’re betting on your money. As such, consider making a property management agreement. Let the property owner sign it, even when your current state does not require it.

Doing this protects you from future legal action. It becomes vital when disputes with the property owner happen during your business relationship.

2. Not Documenting Vital Information

Aside from the property management agreement, consider documenting anything notable. It’s the best practice when working with property tenants. These include:

• Damages
• Conversations
• Repairs

When taking photos of property damages, add timestamps to add more authenticity. Recording these means more work, but it offers legal protection when something goes wrong. It secures your long-term single family property management career.

3. Failure of Communication

Always be proactive and keep communication lines open. It applies to both clients and tenants. After all, effective conversations will prevent conflict while understanding the other party’s needs. 

Accomplishing these means your clients will feel more satisfied. It means you’ll get more positive reviews on various platforms, such as the Better Business Bureau (BBB).

4. Using an Ineffective Screening Strategy

Trusting the tenant’s words on their income and rental history is tempting. However, the lack of screening processes will result in expensive issues in the long run.

For example, the tenant could struggle to pay rent without verifying their income. It results in more stress and work since you’ll have to evict them. 

5. No Regular Property Inspections

Some tenants leave excessive property damages as they move out. The good news is you can easily avoid this issue.

Consider regular inspections to root out problems before they become more severe. It allows you to get timely repairs for the property.

6. Putting Off Routine Maintenance

Neglecting routine maintenance makes the property look rundown. It decreases the curb appeal and value. As you continue to ignore these issues, costlier problems will arise.

For this reason, never delay maintenance tasks. It will help preserve the property and your reputation as a property manager.

Avoid Common Property Management Errors Now

These are some common property management errors. The good news is they are easy to avoid. All you need is to exert more effort to ensure the property’s long-term health.

Did you find this guide helpful? If so, consider reading our other posts. We offer valuable real estate tips and tricks to ensure your future growth.