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5 Property Management errors and how to avoid them
5 Property Management errors and how to avoid them:
1) Failing to carry out regular property inspections
We carry out quarterly inspections which help to ensure that even minor problems are noticed, stopping them from becoming major issues which could result in large repair costs.
2) Failing to carry out immediate repairs
Well-maintained properties house satisfied tenants that are more likely to wish to remain in tenancy, decreasing the risk of lengthy void periods for landlords. Poorly maintained properties are less appealing and may achieve lower rental amounts – not ideal!
We react as soon as possible to problems and have contractors available 24/7 for emergency situations.
3) Failing to chase rent arrears
We monitor payments and engage with tenants to ensure that any payment problems can be spotted early and resolved. We have procedures in place to take legal action and secure possession of the property, should this be necessary.
The longer problems go unnoticed or are ignored, the more unmanageable the amount of money owed becomes.
4) Failing to comply with laws and regulations
All of our staff are fully trained to ensure we understand all the laws and regulations which relate to the letting of a property.
Failing to comply with both civil laws and criminal laws could result in the landlord ending up with a fine or even imprisonment!
5) Failing to carry out a thorough inventory report
We are confident in our ability to provide detailed inventories of each of our properties. Clear and thorough inventories prove the condition of the property at the time of letting and assist in resolving any possible deposit disputes.
In property management, small problems can become huge if they’re not tackled immediately. Here’s what ensures success:
- Responsive management
- Organisation and availability
- Comprehensive knowledge of the market, laws and legislation
- Good relationship building skills
