Common Property Management Mistakes Part 2
As a DIY property manager, it’s easier than you think to make costly mistakes.
There are so many reasons to choose to work with a professional property management company if you are planning to rent out your investment property. One of the biggest reasons is that the right company can help you avoid common property management mistakes that can leave you open to liability, damage and expensive repairs. If you haven’t already, check out our last blog to learn about some of those costly property management mistakes, and keep reading to learn more.
Mistake #4. You don’t stay on top of routine maintenance.
In our previous post, we talked about the importance of hiring the right contractor when repairs and replacements are necessary for your rental home. However, in addition to getting repairs done when you need them, it’s also important to stay on top of preventative maintenance. Your roof, plumbing system, HVAC system and electrical system all require regular inspections and maintenance, which help to prevent repairs, ensure energy efficiency and extend the life of those systems. You simply cannot rely on your tenants to stay on top of this kind of maintenance, so make sure that you do so yourself.
Mistake #5. You fail to inspect the property after your tenants move out.
Even if you have had the perfect tenant living in the home for the past five years, it’s essential to make sure that you thoroughly inspect the property after they move out. There are countless horror stories out there from property managers who have discovered severe damage in their homes long after old tenants moved out. If you hope to have your tenants pay for the damage they caused, you need to make sure that your place is properly and thoroughly inspected after they move out.
Mistake #6. You don’t keep records or document properly.
As a property manager, you might be surprised at the number of ways that you are susceptible to liability, and one of the best and easiest ways to protect yourself is to always document notable communications with your tenants. Every time your tenants contact you to discuss changes in the lease, damages in the home, necessary repairs or anything else you think could be important, write it down. When damage is reported, go to the property and take time-stamped photos. When your tenant asks about repairs, make a note of the date and the nature of the request and keep track of communications with contractors and receipts. This kind of documentation may not be the first thing on your mind, but it can go a long way in protecting you from liability down the line.
The fact of the matter is that managing a property can be more difficult than most people realize, and even the smallest mistake can really cost you. The good news is that by hiring the right property management company, you can take the guesswork out of the process and enjoy more peace of mind in knowing that your property is in the right hands. Contact us today to learn more about professional property management in San Ramon.