As a property investor, you have a lot on your plate! Finding and keeping ideal tenants, collecting rent and making sure that repairs are attended to in a timely manner are just some of the tasks that need to get done. If you own an investment property with tenants, then this one's for you!
Here are common mistakes that landlords make when they don’t hire a property manager:
Often property owners either don’t have the time to go conduct routine inspections or their tenants will try and avoid it. Your property manager is able to keep a professional and neutral relationship with your tenants - they will also ensure the regular check ups and routine inspections are conducted against the scheduled calendar.
Improper rental agreements
It’s vital, if you have tenants living in your property, to have a good rental agreement in place! This is often missed by property owners due to lack of knowledge - your property manager will ensure that your tenants enter into a legally correct contract with you.
No entry condition report
A step that is often overlooked is the initial entry condition report. This report is incredibly important to properly document the condition of your property when your tenant enters and starts living there. You may never need this report - however, if you find yourself in a situation where the tenant has damaged your property, this report will help you to recover some of the cost.