Over 44 million American households are renters. The real estate market is booming, and there has never been a better time to get into the property management game than now. But managing a rental property can be quite difficult if you don't have a property management strategy.
So, keep reading to find out more about four mistakes in property management and how you can avoid them.
1. Fixing Repairs Yourself
If you own a property and something needs fixings, it's common to try and do it yourself first. You might think you're saving time and money, but if you don't have the specific skills required for the task, you'll most likely end up making an even bigger mess.
While trying to keep your property management costs down is a good idea, when it comes to repairs, it's always better to have a professional come and do it. This way, you know the problem will be fixed with as little mess as possible.
2. Not Checking Local Pet Ownership Ordinances
If you're allowing pets in your rental unit, you need to understand how local pet ownership ordinances can affect you. For instance, Florida has laws regarding certain dangerous dog breeds that Jacksonville landlords need to be aware of. If you don't take note of these laws and ordinances your insurance can be voided.
You can check out this blog post for more tips on allowing poets in your rental unit.
3. Bypassing Resident Screening
When you're just getting started managing your property, it can be daunting not to give potential tenants the benefit of the doubt. But resident screening processes exist for a reason. When you're managing a property, you need to learn to set your emotions aside when making decisions.
You don't want to rush this process. You need to run a thorough background check as well as a credit check before you even look at their applications. You can also use property management software to help streamline this process if all the paperwork is weighing you down.
4. Neglecting Proper Inspections
While inspections can take some time, and tenants might not like the regular interruptions to their lives, they are crucial. Not only will regular inspections ensure there is no damage that slips through, but you'll also be able to spot issues as they arise. These inspections exist to make your and your tenant's lives easier.
Skip These Mistakes in Property Management
Making mistakes in property management is part of learning the process, but you can definitely benefit by skipping these mistakes from the get-go. There will be problems and issues that crop up in your journey, but you'll learn from each one, and you won't make the same mistakes again.
If you need help with your tenant screening process, please feel free to contact us today. HomeRiver Group Jacksonville is a national property management company that provides owners the full range of property management and all related services under one roof.