Avoid These Five Property Management Mistakes

A property manager is open for all kinds of litigation from both owners and renter’s side. Rental properties are an excellent financial investment, but as a new investor sometimes you don’t realise the complexity.

In this article, we have outlined few common mistakes property managers can avoid making to protect themselves.

• No written property management agreement paper

A written contract is one of the biggest protections as it clearly confirms your responsibility as a property manager and responsibility of property owner. As per the agreement, you should be entitled to perform only those jobs, which are enlisted in the agreement.

• No tenant signature on move-out and move-in form

You must create a simple checklist to inspect the move-in and move-out dates of the tenants. Always document the condition of the apartment when a tenant moves in and after they move out. You should save these observations in the tenant file.

• No adequate rent collection process

As a property manager, the most important task is to collect rent every month and deposit into owner’s account. You should always create invoices and keep track of the rent collection on a monthly basis. If there are any changes due to some renovation or maintenance work, always add the bills to the rent invoice for your owner’s reference.

• Inefficient and overlooked maintenance

As a property manager, it is your duty and responsibility to ensure complete maintenance and condition of the rented property. If possible, you should take a property near your place or office so that you don’t have to travels for long hours to do the regular inspections.

• No connection with clients

 As a property manager, you are not responsive just to collect rent, it is your duty to protect, preserve, and enhance the investment made by the owner. Sent monthly report to the owner regarding the updates on properties and if there are any changes or need for repair. If you provide good services to the owner, he/she will also refer you to other people.

Managing a property can be a daunting task with contractual agreements and relationships with owner and tenant. However, if managed well, more people will hire you for future property services Tunbridge Wells area.