Managing a property, especially a large condominium complex or apartment building, is no easy task. It takes a combination of good business sense and an eye on the bottom line to exceptional relationship skills. Property managers are part detective, accountant, handyman and bill collector. Property managers can make their jobs easier by fixing 5 top property management mistakes.
5 Top Property Management Mistakes
- Little or poor tenant screening. Sure, there is pressure to fill vacancies quickly, but not properly screening tenants is a recipe for continuing problems, and continued vacancies conselho. Improve your screening process by including employment verifications, checking for previous evictions, getting and checking references and conducting a credit check. There are a variety of services available to accomplish this that can be covered by an application fee. Remember, if a tenant balks at a reasonable application fee, it is an indication they may feel they are wasting their money.
- Failure to conduct regular overall property and unit inspections. Routine inspections will not only give you an idea on how the property is being maintained, it can help you spot small problems that can turn into big problems. Make sure all electrical sockets and switches are working properly and there are no water leaks from plumbing or rain or weather.
- Not being proactive about tenant renewals. Vacancies create pressure, pressure creates stress and stress creates mistakes. Staying on top of renewals can relieve pressure. Avoid letting renewals stay on a month to month basis. Have them sign at least a short term renewal. Manage your renewals well-before they approach and avoid surprises.
- Not providing attentive tenant services. Attentive tenant service lets residents know this is a businesslike relationship that needs to be upheld on both sides. Unresponsiveness from management can lead to slower rent payments and deteriorating care. Tenant phone calls, emails, and texts are important and should be responded to promptly.
- Not staying up on the latest maintenance and repair techniques. As technology advances, so do the options for fixing and preventing building issues. One such technology is that of preventive pipe maintenance and pipe rehabilitation through water pipe relining. Using a potable water safe, standards liquid epoxy lining, NuFlow Midwest delivers an efficient and effective way to prevent and fix the problem of deteriorating plumbing. It is particularly impressive in multi-family buildings and high rises.