5 Common Property Management Mistakes to Avoid
Efficient and effective property management requires a diverse range of skill sets. It also requires the ability to adapt to changing conditions. Whether you have a residential or commercial property, it is important to maintain a balance between the bottom-line and quality customer service. It is easy to make many mistakes that can be costly to the whole operation.
We at Belmares Properties specialize in full-service real estate and property management solutions in San Antonio, TX. We would recommend you to avoid the following 5 common property management mistakes to run your property more efficiently.
1. Lack of Proper & Regular Inspections
A common mistake is not inspecting your properties regularly and properly. It often happens that property owners are able to find extensive damage to their units only after tenants have moved out. Make sure to regularly inspect the units to identify issues and get them fixed as per the contract.
2. Handling Repairs Yourself
Many property owners think that they can handle time-consuming repair and maintenance tasks themselves. The only way to save enough money with these tasks is to get the job completed as quickly as possible. Besides, the tasks must be done properly. Failing to do so can negate the whole purpose of your effort. Allowing professional property management services to take care of repairs and maintenance can help you save both time and money. At the same time, the job will be done properly.
3. Letting Tenants Handle Repairs
It is a common thing to let tenants make repairs by giving them an off of their rent. This may seem reasonable at first, but it will expose you to certain risks. If an accident occurs during the repair work and someone gets injured, you could be held liable for the injuries and damages. This can especially be the case when there is no workers comp insurance in place.
4. Avoiding Maintenance
As a property owner, you will have maintenance as in major expense in the management of your properties. It is another common mistake to defer maintenance just because the issues are minor ones. The fact is that any form of deferred maintenance is going to cost you more over time. It can also lower your property’s value.
5. Ignoring Legal Aspects
There are many legal aspects that are ignored by property owners. We recommend that you should address the following points if you wish to manage your properties effectively and safely:
- Understand the Laws: Property management laws are complex. Your management practices should comply with the legislation. Besides, the laws are always under review. It is best to get professional help to ensure that you can stay safe.
- Tenancy Agreement: Make sure to create a tenancy agreement. This contract should clearly spell out all the terms of the property’s rental to protect respective interests in case of a dispute.
- Fill Out a Property Condition Report: This report lists all the items that are included in the premises and the repairs done on the premises.
At Belmares Properties, we specialize in property management, residential real estate, commercial lease and sales, new home marketing and sales, and much more. If you need more information about our services, we recommend you to give us a call at (210) 877-0815 or sending us a message by visiting our Contact Us page.