There are now over 29,200 property management businesses in the US. Whether you’re new to the industry or have years of experience under your belt, inefficiency could hurt your bottom line. You might feel stretched thin if you’re collecting rent, interviewing candidates, marketing, and more.
Here are five errors with rental property management to avoid this year. Using these tips can help you maximize the value of your property.
Read on to streamline your property manager properties today.
In this article
1. Setting Rental Rates
Avoid trusting your gut when you set your rental rates. Instead, gather market research.
First, look at similar properties in the area. Note their rental rates and which utilities (if any) are included. Try to avoid letting your emotions lead the decision-making process when you set rates.
While it’s normal to feel sentimental about your properties, it’s important to set an objective rent. It’s also important to remain competitive and fair. Researching other properties can help you better determine rental rates.
Otherwise, consider outsourcing. You can find local services for property owners here.
2. Neglecting Marketing
A strong marketing strategy can help you attract new tenants. You’ll need to develop an eye-catching, engaging, unique strategy to stand out from other properties. Otherwise, your marketing materials could fade into the background.
Make sure you have up-to-date, high-quality images of your listings. Create engaging, compelling social media posts to highlight the value you’re offering tenants. Make sure you’re marketing properties two months before any current tenant’s lease expires.
If you’re too busy to market your listings on your own, consider outsourcing.
3. Chasing Rent Checks
Chasing late rent checks can waste your time and cause unnecessary stress.
Make sure all expectations and penalties for late rent payments are outlined in each lease. Charge late expenses to urge occupants to pay on time.
4. DIY Maintenance
Your property maintenance routine could steal valuable time from your already busy schedule. Instead of doing repairs and maintenance alone, consider outsourcing.
Use an online system to track maintenance requests.
5. Not Vetting Renters
Take the time to screen every applicant. Make sure they don’t have a history of late rent payments or evictions. Pull their credit reports and contact their current employers or landlords to thoroughly vet each applicant.
Define your ideal candidate and make sure all applicants meet those standards. Make sure you understand local and federal fair housing laws, too. Otherwise, you could waste valuable time and money in court.
Staying compliant with housing laws can protect you against violation claims.
Avoid These Errors With Rental Property Management
Don’t let these errors with rental property management hurt your potential profits. Instead, develop an efficient plan while working through your property manager’s responsibilities. With these tips, you can make money and get the most value out of your property.
Make a change for the better today.
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