While it’s clear that rental property is a smart investment, investors often don’t realize the complexities of managing that investment. Here at RPM, we love to help rental property owners improve cash flow, efficiency and stability. However, we hate to see them make these common and often avoidable mistakes.
Vacancy and Leasing
Landlords who manage their own properties often make mistakes that lead to excessive vacancy days and unnecessary leasing delays. They also make poor selections when it comes to choosing which rental properties to buy. Inadequate preparation of their property can turn off prospective renters when they’re looking at properties to lease. There are a number of problems that are a result of poor marketing strategies, and one of the most costly mistakes is lax tenant qualification.
Once you have a good tenant in place, you want to develop a positive relationship that will lead to a longer tenancy. Many landlords make the mistake of engaging in negative, personal or confrontation tenant interactions. Their actions or inaction might lead to high tenant turnover.
An inadequate rent collection process costs landlords money all the time. Property owners are also prone to expensive regulatory violations. Neglecting to do regular inspections can lead to inefficient or overlooked maintenance. Cash flow problems are often hard for investors to solve, especially if their mistake was failing to choose a property manager carefully.
Residential rental property can be an excellent financial investment, but if your property is not managed well, you’ll be exposed to complexities and risks. Managing tenants and properties comes with a lot of liability that impacts your bottom line.
We are uniquely able to help you avoid these common mistakes. If you’re interested in our proven process, contact us at Real Property Management, and we’ll put it to work for you.