You, a property manager, reading that title thinking “Me? Mistakes? No chance…” With over a decade of experience in the real estate industry, we know full well that property management is a difficult job (that’s why we exist, of course). But it’s hard to blame someone for mistakes when their job description is so encompassing. Property managers are responsible for a wide range of duties including vetting rental applicants, managing the leasing process, maintaining their properties, collecting rent, delivering an exceptional resident experience, and much, much more. Whether you’re just getting started down this career path, or you’re a seasoned professional looking to improve your business, today we’ll take a look at the worst mistakes you can make as a property manager and discuss how you can avoid them.
Mistake #1: Picking the wrong rental applicants
You may be keeping your cash flow steady by picking the very first applicant for a unit, but at what cost? We understand the natural instinct to fill vacancies as quickly as possible, but we urge you to reconsider the rush. Failing to thoroughly screen candidates may leave you with untrustworthy renters who fail to pay rent on time or cause disruption at your property–cons that we’d argue far outweigh the benefit of uninterrupted cash.
Solution:
The real solution to selecting rental applicants is taking the time to thoroughly screen each candidate and pick the best-suited contender–but this can be time-consuming. Consider employing proptech to do the hard work for you. With ManageGo, applicants can send all of their information to you online in minutes, and you have one easy place to review and compare. What’s better? Our partners at Weimark do the work of running credit and background checks, so you can focus your energy on what’s important.
Mistake #2: Chasing rent payments
We all know this one a little too well, but it’s costing you valuable time and money. Not receiving your resident’s rent payments on time disrupts your cash flow and finances, hurting your bottom line and causing you stress. Of course, whether or not a resident pays on time is not entirely in your hands, but there are ways to make it easier for them and thus significantly reduce the number of late payments you have to chase down.
Solution:
If you’re still requesting residents pay their rent through the delivery of a physical check, you’re doing yourself a major disservice. Offering renters the ability to pay online, especially with the option of recurring payments, makes it significantly more convenient for them, increasing the likelihood of on-time payments. Over 19% of ManageGo property managers report an increase in timely rent payments! Learn more about how automatic payments are a must-have for property managers in this blog post.
Mistake #3: Neglecting preventive maintenance
Let’s admit that the adjective preventive is a cue for most of us to put whatever the task is on the back burner. You might say you’ll get around to it…but will you? Neglecting preventive maintenance is going to cost you in the long run as you scramble to put out fires that never needed to happen in the first place.
Solution:
Preventive maintenance is an important part of successful property management, from extending the life of your assets and equipment to reducing resident maintenance requests and safeguarding your property from emergencies. There’s no solution to getting around this responsibility, but we do have a solution to make it easier to execute at your properties. With ManageGo’s maintenance platform, property managers can schedule recurring maintenance tickets. Schedule them annually, monthly, or even weekly, and easily assign them to staff members, so your preventive tasks are always being accounted for.
No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management.
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