Whether you are new to property ownership or a seasoned professional, there is generally one goal. That goal is to generate income on the property.

In order to do that, the place to start is with an experienced property manager. A property manager can make or break your financial situation in very little time if they are making mistakes. Let’s look at 6 simple mistakes to avoid.

Property Management Agreement

As the owner, your first task is to enter a formal agreement on paper with your property manager. Establish up front the expectations of your PM in writing. This provides a clear picture to your PM and to you of the job description. This step provides protection for you as the owner and for your property manager should any legal issues arise.

Rental Agreement

Your property manager should obtain a written rental agreement for each property that details the terms and conditions of the rental. Additionally, prior to the tenant occupying the space, time-stamped photos of the property should be taken and catalogued.

A walk-through with the tenant while you take these photos can provide protection to you and them in the event of future repairs. Any requested changes to the rental agreement should be in paper form and both parties retain a copy.

Thorough Tenant Screening

Just as important as getting everything in writing is thorough client screening. When a tenant submits an application, it is your job to vet them to make sure they’ll be a good, long-term tenant. Proper investigation will save you stress down the line. Verifying their income will save you headaches and hassle trying to collect rent later on.

Skip this step at your own peril.

Regular Inspections

Making regular visits to inspect the property does two things. First it builds rapport between you and the tenant. It demonstrates concern and interest in their profitability as a business. Second, it allows you to have eyes on the property and see any issues or damages that warrant intervention. Finally, scheduling annual property inspections can mitigate large repair costs in the future.

Routine Maintenance

Stay on top of routine maintenance in order to avoid more costly repairs later. Operate on a maintenance calendar with scheduled tasks to keep your property looking great.

Communicate, Communicate, Communicate

The more you communicate with tenants, the better. Respond quickly to any requests. Make repairs a priority. This builds a positive relationship between you as the property manager and your tenants. Happy tenants stick around, and they also tell their business owner friends about your property also.

At Weaver Realty, we can simplify the property management process for you. Our expertise provides a positive and financially beneficial experience for you. Call us today at (904) 733-0039.