Avoid These Property Management Mistakes

Avoid These Property Management Mistakes

There are many reasons why residential property management is complicated. Some of them include having to follow different laws and legislation, dealing with contractual agreements and balancing various relationships. When talking about residential property management in Kitchener, it is obvious that even the best property managers will run into additional issues due to the populous nature of such a large city. However, there are things you can do to avoid making certain property management mistakes.

Kitchener Residential Property Management: What NOT To Do

One of the most important parts of any business is making the right decisions and avoiding the wrong ones. When it comes to a big city like Kitchener and the difficulties of residential property management in it, there are things you would be wise NOT to do. They include:

  • Not performing maintenance routinely
  • Having a lack of communication
  • Improperly handling money
  • Screening tenants ineffectively
  • Not having a written property management agreement

Not Performing Maintenance Routinely

The thing about routine maintenance is it can be burdensome. Good landlords are always taking note of issues or damage that needs repairing on their properties. But, a huge advantage of doing small fixes and repairs frequently is it helps you avoid larger and costlier problems down the road. Also, sometimes you can save time and add quality by hiring a professional to do the more demanding and difficult repairs for you.

Lack Of Communication

When it comes to property management skills, communication is at the very top. There are countless landlords out there that handle communication brilliantly with either the tenants or the client. However, few are equally good at communicating with both groups. It is not difficult to go above and beyond to discuss problems with both parties. Such an approach can work wonders for you.

Improperly Handling Money

Good property management includes keeping all of your financials in check. To help you with precision, regularity, and accuracy, it is a good idea to hire an accountant or bookkeeper. Such a professional can maybe offer suggestions on how not to “come up short” at the end of the month and will help you know what needs to be tracked for taxes. Money-related things are no joke and require 100% of your focus and attention.

Screening Tenants Ineffectively

Inadequately screening tenants is THE mistake that stings landlords the most. While most landlords remember the really bad tenants who leave with a huge mess, your business can equally suffer from the ones that leave after just a couple of months or fall back on the rent. That is why proper screening is crucial. Today you can use countless high-tech screening methods. The goal is to keep the costly tenants away from your properties, so don’t shy away from using multiple products to ensure a thorough screening process.

Not Having A Written Property Management Agreement

The single most significant protection a landlord can have is a written contract. When a written agreement exists, there is never the possibility of an argument about what you as a landlord agreed to do or the details surrounding it. A written contract can prevent an angry customer from claiming you didn’t hold up your end of the deal. And if you end up in court because of a dissatisfied tenant, the written agreement could save you a significant amount of money as well. Remember: a written and detailed agreement is the Holy Grail of residential property management, both in Kitchener and everywhere else.

Need Proper Residential Management For Your Kitchener Property? Contact Latitude Properties Limited

One way to avoid making property management mistakes for sure is to entrust your property to an experienced and proven property manager. When it comes to expert property managers that are passionate about their job and take it seriously, look no further than the A+ team at Latitude Properties. Leaving your Kitchener property in the hands of a professional property manager that has both the time and the know-how to ensure it continues to bring a profit is the best decision you can make. Contact Latitude Properties Limited today and ensure no management mistakes are made on your property in Kitchener.