Managing property rentals isn’t an easy business, but it can be a lucrative one. I have seen both ends. Even the people that get it right are going to make mistakes from time to time. It is important to know what you are doing and have clear expectations in place, for yourself, your property, other employees if there are any and of course the tenants.
Speaking from experience
Watching a less than professional property manager run his business, I want to tell you the three biggest problems I noticed in regards to property management. If you have your own property rentals, or are about to make an investment, maybe you will learn something from this. These three mistakes are definitely ones you want to avoid.
The biggest mistake I saw this particular property manager make was that he doesn’t have a structured set of rules and regulations concerning the rent monies he collects. He does have his renters sign agreements, but he doesn’t uphold them or stick to what he’s supposed to do when it comes to collections. It is a miserable business indeed. Read about The Rise Of Real Estate In Ohio .
The second part
What he does that should not be part of your business is that he doesn’t make appropriate repairs to the condo units. He will cut all kinds of corners, and it has made me wonder how he gets away with doing that when it comes to the condo owners. No matter what, you don’t want to handle your business like that, whether you are the owner or the property manager.
The next thing
I wanted to bring to your attention about the way he runs his business is that he gets too close to some of his renters. Yes, it is always good to be friendly and social with as many people as you can, but he has a working business relationship with his renters. And let me tell you, it isn’t much of one, that’s for sure.
They run all over him, and he brings it upon himself. He has gotten better in the past few years, but I mention mistakes of his to avoid because you want to be sure that you don’t make the same ones. The mistakes he is making are some of the most costly, and it is taking awhile for him to turn his property management business around. I hope you have learned something from reading this. For more information click here .