While it’s clear that rental property is a smart financial investment, many investors don’t understand the complexities of managing that investment. A professional management company can help rental property owners improve cash flow and achieve more efficiency and stability. We hate to see these common, avoidable mistakes:
- Too many vacancy days. Many landlords face long vacancy periods and leasing delays.
- Poor rental property selection. You want to identify opportunities that fit your investment goals.
- Inadequate property preparation. This turns off the best renters.
- Poor marketing strategies. You need to know how to advertise your home.
- Lax tenant qualification. This can lead to unpaid rent and property damage.
- Negative tenant interaction. Many landlords get too personal or confrontational.
- High tenant turnover. Not keeping good tenants costs you money and time.
- Inadequate rent collection processes. You need a consistent and documented way to collect rent on time every month.
- Costly regulatory violations. Many landlords don’t know what’s required to own and manage a property.
- Insufficient maintenance. This causes property damage and high tenant turnover.
- Cash flow problems. There could be a number of reasons that you’re not earning enough.
- Failing to choose a property manager carefully. You need an expert who can help your property perform.
Investing in property is a great idea. Residential rental property is an excellent financial investment when managed well. If you’re a new investor or you’re thinking about buying an investment property, make sure you understand the complexity and risks of managing tenants and properties. Don’t let your bottom line suffer from these mistakes.
You need a management company that can help you avoid these costly errors. If you need assistance with real estate investing or you’re interviewing property management companies, please contact us at Real Property Management Gold. We are the leading expert in rental property management, and we’d be happy to help you.