As a property manager in Raleigh, North Carolina, you probably have a long to-do list. Be it repairs or tenant issues, there is no doubt that the list can get longer by the day. Yet, even when you are kept busy with day-to-day tasks, you should still ensure your rental property is in good condition and make sure that your tenants are happy.
Even the most experienced property managers make mistakes from time to time. But it's important to understand that common property manager mistakes inevitably lead to poor profits and tenant turnover. If you are looking to learn more about managing rental property and how to avoid the most common mistakes, here is what you need to know.
1. Not Screening Tenants Thoroughly enough
One of the most common property manager mistakes is not thoroughly screening tenants. Before signing a lease, it is vital to check a potential tenant's credit score, employment history, and rental history. If you don't, you could end up with a tenant who doesn't pay rent on time or damages your property.
One way to avoid this is by using property management software to gather this information. You can also outsource the tenant screening process if you need to fill a vacant rental quickly.
2. Not Communicating with Tenants Enough
Another common mistake that property managers make is not communicating with tenants enough. It is essential to regularly share updates with your tenants to resolve any issues they may have. If you don't communicate with your tenants, they could start feeling ignored and move out of your rental property.
Some property managers have a property inspection routine, making communicating with tenants easy. You can also use property management software to help you manage communication with your tenants.
3. Not Keeping Up With Rental Property Maintenance and Repairs
Another one of the most common property manager mistakes is not keeping up with maintenance and repairs. It is vital to regularly inspect your rental property for any maintenance or repair issues.
Not keeping up with rental property maintenance and repairs means your rental could fall into disrepair and become uninhabitable. If that happens, that could mean a loss of income, so it's best to be proactive when maintaining your property.
4. Not Knowing the Law
In North Carolina, specific laws must be followed when renting a property. Not knowing the law is another common property manager mistake that is made. Knowing about Fair Housing violations and laws is critical as a property manager.
You could inadvertently discriminate against potential or current tenants if you don't know the law. Consulting with a lawyer can help you avoid this mistake.
5. Not Getting Insurance
Finally, another mistake that some property managers make is not getting insurance. As a property manager, it is crucial to get insurance in case your rental property is damaged or destroyed by fire, flooding, or other disasters.
You could be financially responsible for repairing or rebuilding your rental property if you don't have insurance.
You Can Avoid These Common Property Manager Mistakes
Avoiding these common property manager mistakes is easier than you think. Using a trusted property management service can make having a rental property hassle-free. The exemplary property management service can help you manage investment properties, market rentals, find tenants, and more.
If you want to make your Raleigh, North Carolina, rental property experience a breeze, contact us today to learn more about how we can help!
