Property management is a complex job with lots of details and a diverse clientele. In order to keep your business running in the most productive and efficient way possible, it is important to keep these 5 common mistakes in mind and to do your best to avoid or remedy them. If you take these issues into account, you will increase the likelihood of saving money and time in the long run.
- Hiring New Contractors Every Time
When a maintenance issue emerges, it is understandable that you want to get it fixed as economically as possible. Contractors can charge anything they want, so if you shop around with each round of repairs or maintenance tasks, sure you can save a penny or two. However, you are going to pay in delayed time as well as increased risk, as your assurance of the project being completed efficiently and with a long-term solution is vastly reduced. In addition, you’ll potentially have to spend extra time in dealing with tenant complaints while you bid out the work. Instead, look to build a network of highly trusted, responsive contractors whom you can call on time and time again. You’ll be more efficient, faster and achieve higher quality work – keeping your tenants happier in the process. - Letting Tenants Fix Their Own Maintenance Problems
This can be a common occurrence, especially in larger properties. Tenants fix problems themselves and then deduct the cost from rent. This seems like an attractive solution to the burden of a maintenance pileup, but it can cause more harm than good. If tenants injure themselves while doing repairs, you could be liable for damages. Also, a tenant could easily do a poor repair and create a larger problem without your knowledge. It is always better to get repairs done by a licensed contractor or trusted maintenance worker. - Bad Or No Tenant Screening
This one may seem like a no-brainer, but you can run into major problems down the road if you don’t effectively screen potential tenants. It is well worth the extra time and cost (which is typically minimal) to do thorough background checks on any possible tenant. - Hiring Unskilled Workers To Save Money
It may seem like an easy way to save money, but hiring just anyone to perform repairs will probably come back to haunt you. Although the fee an expert charges is almost always higher, they are much more likely to do a thorough and long-lasting repair. For instance, if you hire an unskilled painter, you could be forced to repaint within 2 years. An expert paint job, on the other hand, can last 5-10 years. By hiring a true pro, you avoid having to repeat repairs, thus saving money in the long run. - Failing To Do Routine Inspection Of Your Property
As discussed in a recent blog post, preventative maintenance saves you time and money. Doing a routine inspection of your property can help you spot problems before they become worse, and gives your tenants the impression that you are responsible and thorough.
