Taking on the role of a property manager entails having a reliable method of performing the task. Over time, you will begin to discover your own processes and what works for you as every Baltimore property manager’s situation will differ, thus demanding different approaches. However, several key elements are necessary to carry out the job of property management, regardless of the circumstances. In order to sufficiently fulfill your duty as a property manager, here are 7 mistakes that Baltimore property managers commonly make that you can avoid.
Not Forming Routine Habits
With the multitude of responsibilities that come with property management, not forming routine habits and dedicated methods can easily become a recipe for disaster. Establishing processes for your property management duties is invaluable as it will provide consistent and expected results. Baltimore property managers should have a plan committed for everything from rent collection and lease documents to maintenance requests and tenant screening. Having these procedures in place will greatly increase your organization, productivity, and tenant retention.
Not Securing Trusted Vendors
Part of being a property manager includes responding to maintenance requests and seeing to it that the property receives professional repairs. To make this task infinitely easier, establish relationships with a network of trusted vendors. There is a variety of potential problems that can occur on a property that requires a specialist to properly take care of. That being said, you should have an electrician, an HVAC specialist, a plumber, etc. that you can confidently rely on to take care of the relevant issues. Not securing trusted vendors will leave you scrambling to find a professional to handle your maintenance request.
Not Screening For Bad Tenants
For Baltimore property managers, finding the right tenants to occupy your rental property is one of the most important tasks as it will determine your experience for the duration of their stay. Tenant screening is your way of avoiding a bad experience so it is not something you want to take lightly. Take the time to carefully consider each of the applicants so that you can accurately determine if they are a good fit and will respect and maintain the property, make timely payments and maintain an open line of communication. It is also important to ensure that you follow the laws in place for selecting tenants and that you are careful to avoid any discrimination.
Not Being Aware of Housing Laws
Fair housing laws prevent discriminatory property management practices and will dictate how you must legally conduct your tenant screening process. Baltimore property managers must be well versed in the Fair housing laws in order to avoid any legal repercussions. Facilitating a fair screening process and conducting a broad marketing campaign will ensure that you have a wide selection of potential tenants to choose from and avoid discrimination.
DIY Repair & Maintenance
Far too often Baltimore property managers make the mistake of cutting corners and taking the cheapest route to maintain their properties. While this may initially cost less than hiring a professional, it will almost always not be a proper job. DIY repair and maintenance usually will only provide a temporary solution and has the potential to make the problem worse. Avoid this altogether by responding to maintenance requests with the relevant professional from your trusted network of vendors.
The amount of effort you put into marketing your rental property will reflect in the number of prospective tenants that apply to rent. Conducting efficient and effective marketing means taking high-quality photos, listing the property across a variety of rental sites, and beginning to market several months before your current tenants move out. Doing this avoids having to select from a limited number of potential tenants and ensures that you have a replacement when your current tenants’ lease expires.
Lack of Record-Keeping
Any successful Baltimore property manager will tell you that refined organization and meticulous keeping of all records are crucial to implementing a positive property management experience. This includes everything from tenant records, rent payments, maintenance and repair receipts, and quite literally anything that’s on paper involving your property or your tenants. This will help you clarify any disputes by having a record of all transactions. Tracking your finances, and especially your profits will assist in guiding your future investments or rethinking your current ones.
Committed Baltimore Property Managers
At Premier Property Management, we remain committed to providing the absolute best property management experience possible. If you don’t want to deal with the stress of managing every detail about your properties, we’re here to help. Our team of professional Baltimore property managers will handle everything from rent collection and tenant screening to price setting and fulfilling maintenance and repair requests. Ensure that your properties and tenants are properly taken care of and that your investment portfolio continues to benefit with the expert help offered at Premier Property Management. Call us or visit our website to get in touch with our team and begin serving your rental properties today.