As a rental property manager, it's important to avoid making common mistakes that can lead to unhappy tenants and financial losses. Here are some rental property management mistakes to avoid.

Failing to Screen Tenants Well

One of the biggest mistakes a rental property manager can make is failing to screen tenants properly. This can lead to tenants who are unreliable, disrespectful, or even dangerous. A single bad tenant can wreak devastating damage on your property, as well as disturb their neighbors. They also might not pay on time (or at all).

Be sure to thoroughly check the background and credit history of potential tenants to ensure that they will be reliable and responsible.

Neglecting Needed Maintenance

Neglecting maintenance can lead to costly repairs and unhappy tenants. Be sure to promptly address any maintenance issues that arise and conduct regular inspections to prevent problems from escalating. 

When tenants report an issue or you notice something, attend to maintenance promptly before it becomes a more serious problem. This will also help ensure your tenants remain happy with their units and the overall building.

Failing to Enforce Rules

If you have rules and/or regulations that tenants are expected to follow, be sure you enforce clear rules and regulations for tenants. This can include rules about noise, cleanliness, and the use of common areas. 

Failing to enforce these rules can lead to conflicts and create a negative living environment for tenants. Some might even take action against you if violations go unchecked and are serious enough.

Not Conducting Market Research

Setting rent at an unreasonable price can lead to vacancies and financial losses. A price that's too high will result in units being empty for too long, and revenues being low. A price that's too low might generate a fully occupied property, but the property might not be as profitable as it should be. It could even lose money if rents are too far below market value.

It's important to conduct market research and set the rent at a price that's competitive with other rentals in the area. The price should attract tenants, yet ensure you can cover all rental property management expenses and other costs.

Not Using Written Leases

A written lease is an important document that outlines the rights and responsibilities of both the landlord and the tenant. Without a written lease, it can be difficult to resolve disputes or enforce rules. Be sure to have a written lease in place to protect both you and your tenants.

Additionally, good record-keeping is crucial for rental property managers. This includes keeping track of rent payments, maintenance requests, and any other important information. Failing to keep good records can lead to confusion and difficulties in the event of a dispute.

Speak to property management services to learn more.

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