As with any business, there are highs and lows to consider. If you are new to this field, there are common mistakes to be aware of before you get your business into trouble. Even seasoned property managers can get behind on things that must be done if they have too much on their plate. Let’s look at 5 areas to help your business run smoothly, efficiently and effectively. These things matter because each of these areas impacts your bottom line.

  1. Screen tenants thoroughly.
  2. Automate as much as possible.
  3. Stay ahead of maintenance duties.
  4. Frivolous financial mistakes add up over time.
  5. Pick the right property management team.

Screening tenants thoroughly 

is one of the most important things you can do for your property. Depending on the type of property you manage/rent, extensive vetting is important. As a business owner, you can use background services, check social media, and ask relevant questions to determine if the tenant is suitable for your property. Any good property owner knows that a consistent, long-term tenant is preferred. The goal here is to avoid repeated move-in prep, advertising costs, vacancies, evictions, lost rent, and other negative tenant issues.

Automate as much as possible 

in your business. Every business function you can automate, you should. This frees up your valuable time to do other important tasks. One way to accomplish this is to outsource property management to a local and reputable company. If you’re not ready to hand over the reins of your business just yet, then search for software to streamline your work. Start with accounting software like Quickbooks. Then look at other property management software options based on your specific property needs to help you communicate with tenants, calendar maintenance needs, track receipts and expenses and handle rent payments.

Stay ahead of maintenance duties

Take time to assess every inch of your property. Determine the maintenance needed for every line item. Schedule the maintenance for an entire year. Once you’ve set your annual calendar once, you won’t have to repeat the process except when new things are added. Maintaining an annual maintenance calendar can spread your expenses out over time and keep your property up to date. It can also assist your tenants in planning for scheduled maintenance.

Frivolous financial mistakes add up over time

The replacement of an AC unit would be an extensive, one-time issue. Ouch! But it’s also the small things that add up to drain your bank account. Are you paying too much for repairs? You might be. Check with at least 3 competitors before selecting your repairman. You also want to avoid being too cheap with repairs. Get three quotes and compare their ratings and reviews online. The cheapest may not be the best and end up costing you more in the long run. Check your current market rates for rent regularly. Keep all your files and computers backed up.

Pick the right property management team

A wise decision may be to hire expert property management advisors. Your job is acquiring real estate and building your portfolio. Their job is to manage your properties well. Property managers already have systems in place to do all of the above and more, with efficiency and effectiveness.

Weaver Realty has over 20 years of property management experience. Boasting an expert team with strong professional relationships, we can find affordable solutions for your portfolio of property. Call Weaver Realty today at (904) 733-0039.