As one of the top Fort Worth residential property management companies, Specialized RPM helps homeowners reduce costly mistakes that befall many inexperienced landlords. We do this in part because we are familiar with the the most common property management mistakes. We want you to be aware of these mistakes that cost many new landlords time, money, and could end up being the end of their rental investment.
Mistakes to Avoid When Buying and Setting Up Your Property
- Poor rental property selection – location, type, and age of the home are all factors in a good rental property.
- Showing the home too early – potential tenants are put off by the weird sights and smells of an old tenant or a construction zone.
- Long vacancies – the longer the home is vacant the more money you lose!
- Lax tenant qualifications – credit and rental history are a MUST for every tenant you screen.
Mistakes to Avoid After Tenants Have Moved In
- Unpleasant landlord/tenant interactions – unpleasant interactions lead to vacancies. Property managers in Fort Worth are a good go-between so that interactions never become tense between landlords and their tenants.
- Not keeping up with needed maintenance – regular maintenance is a must for the health and happiness of your tenants and your property!
- Inadequate rent collection – always be clear and communicative on rent collection processes with your tenants.
- Regulatory violations – stay current on all regulatory matters to avoid risk.
- Not keeping up with inspections – inspect and evaluate your property regularly. Setting a schedule for these inspections can be helpful.
- Not being proactive with maintenance – spending less now may mean spending more later when you have to replace or do a major repair on your home. Property managers in Fort Worth recommend proactive maintenance.
General Mistakes Landlords Make
- Poor cash flow – be realistic about your cash flow and remember to budget for maintenance issues.
- Hiring unqualified management – slip ups, mistakes, and overlooked inspections can cost you much more than you are saving by going with a “discount” property management company.
Choose the Fort Worth residential property management company trusted by landlords for almost 30 years. Call Specialized RPM today for more information about our services!