Are Errors in Property Management Killing Your Rental?
A property management company is created for a specific purpose, and that is to control and manage properties. Currently, there are many of these types of property management companies in the world, and every company has a different purpose for their business.
However, there are many errors most property management companies make, and they seem not to analyze and correct the error. So let’s look at some of these errors.
- Allowing tenants themselves to make repairs
Although it is common practice to give the tenant a little money from their rent for repairs, it is a kind of risk to the tenant. If someone falls off a ladder or injured, when trying to do a job, and the owner does not have the workers’ compensation insurance for them, the owner may be personally liable to pay for medical expenses and loss of income.
- Avoiding Phone Calls
There are different policies on telephone etiquette and response. Implementing a policy and stick with potential customers is important. If you always say that tenants will call you back at all times, then it’s really wrong. Potential customers will usually not call you back.
- No proper method of screening
Yes, it costs money to screen tenants properly, but that does not mean it is not worth the investment. But it’s very essential to screen tenants in the proper way.
- Overpaying workers
Contractors can charge what they want you to pay for your work. Therefore, to ensure a fair price, it is always advisable to get several bids for the project. To get the best value, it is best to agree on the price per hour in advance and agree to pay the cost of materials.
Including rental option with purchase option in the same lease agreement.
If a property manager has a problem with a tenant and it lands in court, the judge may have difficulty determining if the property is purchased or leased – making it difficult to determine what is the tenant as a renter.
- Failure to use technology
Keep checking the calendar may be difficult in property management system. Rental properties require maintenance, track payments, run reports. If you do not make use of software, especially one that is specifically designed for property management, everything could be time wasting.
- Having staffs with low or no experience
It is always a bad idea to hire inexperienced staff. For the same reason, picking a company for property management should not be considered based on the price.
Look at the people who have maintenance experience and the best value in the industry. One of the best resources to find a reliable property management company that can find references from your competitor.
We at St. Louis Property Management have made sure that we tackle all these errors. We are specialized in the property management industry, and we have skilled personnel who can meet up to any task. If you need any question or inquiry about our service, you can visit our website and contact us at https://www.stlouispm.com.