Did you know that most American landlords own three properties? Also, half of all landlords manage their own properties and choose not to hire property managers!
There is definitely a fine art to becoming a high-functioning property manager who never drops a ball! From property maintenance lists to tenant management and even property upgrades, management is not for the faint-hearted!
Property maintenance can be one of the most difficult aspects of managing a property effectively, keep reading to find out which 5 rental property mistakes you need to avoid.
1. Being Disorganized
With property maintenance, there are things like rental property inspections that should happen according to a schedule.
Also, things like general maintenance of air conditioning and heating can be scheduled on a regular basis. You should try to be organized and keep a calendar to make sure that these happen on time.
2. Forgetting Property Inspections
You must conduct an inspection when you buy a rental property to make sure it complies with all applicable building, fire, and safety regulations. According to Brady Realty Group, the safety of the tenants and the livability of the rental unit are the main concerns of this process. Landlords are required to address any issues that arise during a property inspection before letting a tenant move in.
Furthermore, no landlord should skip the move-in and move-out inspection procedures. You can note all the damages, problems, and concerns with your rental during these walkthroughs of your home. You risk being held liable for significant damages that end up costing you more money than you planned if you neglect to inspect your properties in between tenant stays.
3. Trying Too Much DIY
To save money, the landlord can make some easy repairs. It is not financially feasible to always pay someone to fix a leak or change a lightbulb. However, it starts to become a false economy when larger repairs are required.
If a task is not properly completed, it will inevitably break again very soon. Additionally, you might put tenants in danger. Instead, hire professionals to handle the difficult tasks.
4. Know The Law
You may think that the law has nothing to do directly with property maintenance but it does. Knowing your local area law may turn out to be a saving grace.
It can be beneficial to know what is the responsibility of the tenant and what needs to be on your maintenance list, legally speaking.
5. Having Too Many Properties
When you have multiple properties, there can be a lot to keep track of. However, trying to manage too many properties at once is one of the more frequent mistakes made by landlords. Even though the aim of rental investing is to generate passive income, if you don't streamline the process, being a landlord can quickly become a full-time job.
Consider hiring a property management team like Mavi Real Estate Unlimited if you find that you are managing too many things at once. You won't have to worry about the tiresome day-to-day tasks of managing a rental business once you find a reputable management firm.
Perfecting Your Property Maintenance
Property maintenance doesn't have to be a thorn in your side. If you avoid these mistakes and stay ahead of your maintenance checklist then you'll find the job gets a little easier.
If you're feeling overwhelmed with all the work and tasks that come with managing your property, then you've found the right partner for your Denver property. Contact us now to find out how we make landlords' lives easier.