4 Common Property Management Mistakes: What to Avoid
If you invest in or own properties, you know how paramount it is to have robust property management. Whether you’re renting for residential or business purposes, you need to consider many factors, such as marketing your vacant space to getting quality tenants and maintaining the units. This is where hiring a property manager becomes imperative.
Here at Quest Real Estate, we offer both commercial and residential property management in the Jacksonville area. Our goal is to eliminate your worries and ensure efficiency so that you can gain profit without having to deal with day-to-day operations!
Unfortunately, some property owners tend to commit costly mistakes when it comes to managing their properties. In this article, we will share four common property management mistakes that you must avoid:
Mistake 1: Taking DIY property management
If you’ve invested in a handful of properties and are renting them for business, hiring a property manager can go a long way. Sure, you may consider taking the DIY route if you only manage one property and have the knowledge, skills, expertise, and experience in doing so.
However, you must understand that property management comes with many complexities. As it can be quite daunting and overwhelming for you, leaving everything to an expert will take all your stress, hassle, and worries away without compromising your business.
Mistake 2: Hiring a real estate agent
While a real estate agent and a property manager are both experts in the real estate market, there’s usually a line drawn between them. While a realtor is specialized in buying and selling a property, a property manager is more concerned with managing and maintaining your property in the long run after purchasing or investing in it. Now that you own some rental properties, it makes more sense to hire a property manager to handle your properties for the long term!
Mistake 3: Getting a lease—not management service
Some property owners also make the mistake of hiring a leasing company to manage their properties. What they fail to realize is that such a company is only focused on renting out the vacant unit. As they have no incentives in finding the best tenants, their goal is to simply get properties occupied.
What you need is to hire a property manager because they will fill your vacant properties and ensure that you only get quality tenants. Other than that, they will deal with tenant concerns, ensure consistent rental payments, and keep your properties in top shape and working order.
Mistake 4: Having no property insurance
If you have some rental properties, it’s a wise move to get insurance for them. As other people occupy your properties, you need to ensure they are protected. If something happens to them due to natural calamities and other factors, you will be insured. However, you must only get the right insurance policy.
The scope of coverage you may want to include are additional coverage for your property manager, owner liability protection, 100-percent replacement cost, dwelling vs. homeowner’s policy, vacancy clause, and rental loss.
Your properties are indeed some of your biggest investments or assets you’ll make in your life. As such, be sure to avoid some of the common mistakes mentioned above—taking DIY property management, hiring a real estate agent, getting a lease but not a management service, and having no property insurance. As there are complexities in managing and maintaining real estate, hiring a property manager can make all the difference!
As the best property management company in Jacksonville, FL, we cater to all types of commercial and residential properties. Whether planning to buy, sell, or manage a property, get in touch with us today to learn more about our services!