Avoid these 5 Common Property Management Mistakes

When it comes to real estate property management, you want to have a team in place to take care of the day to day operations of your properties. Whether you have residential or commercial investments, with a property management team in place, you will be able to see your properties thrive while earning you a steady income. A management company has the know-how as well as experience to help you in any given situation, be it handling tenants or property maintenance. If you try to handle the management yourself, you may end up making a few mistakes. Below are a few examples of common mistakes that property owners make when trying to manage their own investments.

Unoriginal Lease Agreement

When you are leasing your property to an individual, be it a renter of a residential property or a commercial building, you have to create a lease agreement. This agreement is a legally binding contract between you and the tenant. Many times, property owners will find an agreement online and just copy the information. This is not a good idea. A unique lease agreement should be created, by a professional, so that no important legal steps are missed. An attorney can draw up an official document to ensure that the contract signed is valid.

Handling Repairs Yourself

Another big mistake is trying to handle repair needs of the property yourself. It is not a good idea to try and make repairs yourself as you can end up wasting time as well as causing even more damage to the property. If a property is vacant and you are trying to fix it, you can lose money by not having a renter in place due to time-consuming repairs.

Hiring Unskilled Workers

If you don’t do the work yourself and hire unskilled workers to cut corners via the budget you are wasting time and money on repairs. It is best to let a property management company hire skilled contractors to ensure repairs of your property are completed correctly the first time.

Avoiding Inspections

A property management company will inspect your properties regularly to ensure the property is not damaged by the tenant and to check for any other concerns. When you take on the management process yourself, you may avoid such inspections or complete them sporadically. This is not a good idea and can lead to major damage to your property and the need for extensive repairs.

Not Hiring a Property Management Company

Perhaps the biggest mistake you can make when owning real estate used as investment property is to not hire a property management company. When you own multiple properties, it can be difficult to handle all the issues yourself, from dealing with tenants to maintenance and repairs. With a team in place, all of your properties are handled and you are better equipped to deal with your regular business operations while the daily tasks are left to the professionals.

When you are in need of quality property management services, contact our team at Latitude Properties. We are happy to assist you with management options for all properties, both commercial and residential.