AVOIDING COMMON PROPERTY MANAGEMENT MISTAKES
Put simply, rental property is a smart financial investment, but all too often investors don’t realize the complexities of managing that investment. While we love to help rental property owners improve cash flow, efficiency and stability, we hate to see see these common, avoidable mistakes:
- Leasing delays and extended vacancy. Avoid rent losses with faster leasing.
- Poor rental property selection. Follow these tips when looking for an investment property.
- Property not “rent ready.” Help your property rent more quickly.
- Inadequate tenant qualification. Place more reliable tenants.
- Negative tenant interaction. Protect yourself from unpleasant tenant encounters.
- High tenant turnover. Avoid vacancies by being a good landlord.
- Inadequate rent collection processes. Maintain stability by enforcing the rent cycle.
- Costly regulatory violations. Avoid expense and liability with strict compliance.
- Neglecting inspections. Avoid problems and increased expense with proactive attention.
- Inefficient or overlooked maintenance. Stay responsive while lowering your costs.
- Managing themselves to save money. Learn how self management may be costing you more.
- Cash flow problems. Increase stability with good decisions.
- Failing to choose a property manager carefully. Learn what to ask when shopping around.
FIVE IMPORTANT REMINDERS FOR RENTAL PROPERTY INVESTORS
- Residential rental property can be an excellent financial investment if managed well.
- New investors often don’t realize the complexities and risks of managing tenants and properties.
- Self-management can work if you are willing to dedicate the time and headaches and take on the learning curve, but often can cost more in longer vacancies and costly mistakes.
- Many investors find the simplest, safest, and most profitable approach is a professional property manager.
Specialized Property Management is the leading residential property manager nationwide and is ready to answer your questions.
Put our team, experience, and ethics to work for you.