Property management is a great thing to invest in, but several costly mistakes can quickly ruin your tenant relations.
When you begin investing in real estate, property management will be one of the first things you need to consider. Without it, you'll face many problems that will prevent you from maximizing profits. However, approaching it incorrectly can make attracting and retaining tenants hard.
Here at PMI Alameda County, we can help you get the most out of real estate in Livermore. Keep reading to learn about 3 common property management mistakes and how to avoid them!
1. Showing Up Unannounced
Showing up to your tenant's residence is a drastic mistake that can not only ruin tenant relations but also make them feel uncomfortable.
Whenever you need to visit your property, you must let the tenants living there know. However, you shouldn't have many reasons to visit unless you want to conduct property inspections.
To avoid this mistake, you should provide your tenants with a schedule that outlines when exactly you will visit the property. When it comes to conducting inspections, you can get good results by doing them quarterly, but tenants will likely prefer to have more time between visits.
2. Not Investing in Maintenance
Avoiding property maintenance can lead to a variety of major issues that will affect both your property and its tenants. Without investing in it, you'll have no way of keeping a property in good shape while protecting its tenants.
You can easily overcome this by creating a preventive maintenance schedule, which can typically align with inspections. However, any time you or a tenant notice something wrong, you should resolve it as soon as possible, regardless of the severity.
When tenants see that you're proactive about maintaining your property, getting lease renewals will be much easier. As a result, you will earn more money.
3. Poor Communication
No matter how much experience you have in real estate, you can only find success by learning how to communicate with others. Also, unless you outsource everything to a property manager, tenants will speak directly with you.
Fortunately, being a good landlord is as simple as being proactive and transparent. If you provide all of the information tenants need before and after signing leases, you can avoid a plethora of issues that would otherwise damage your relationship.
Aside from that, you can provide them with various ways to contact you. This will also benefit you because it will help you resolve issues quicker, making it easier to maintain your property.
Outsource Property Management to PMI Alameda County
Being a landlord isn't easy, but these tips will help you avoid some of the biggest issues that prevent investors from growing in real estate.
Now that you know how to avoid ruining tenant relations, you should consider outsourcing the entire property management process to us at PMI Alameda County. We can help ensure that your properties in Livermore generate as much revenue as possible while giving you more time to do other things.
When you're ready to get started, contact us for more information about our property management services!
