As we briefly covered in our first edition of The Worst Mistakes A Property Manager Could Make, property management is an extensive job. From overseeing rental applications and the leasing process to collecting rent payments and managing property maintenance, property managers regularly oversee an array of moving parts.
The result of that? A lot of opportunity for mistakes.
But don’t stress! Knowing these common mistakes is your first step to avoiding them. Plus, we’ve outlined simple solutions to help keep your property running smoothly.
Let’s dive into property management mistakes #4, #5, and #6. And if you missed it, be sure to catch the first three mistakes you should avoid in part 1!
Mistake #4: Failing to research local laws and regulations
Not reading up on the laws and regulations in the jurisdiction of your property is a surefire way to run into legal trouble as a property owner or manager. With dozens of ever-changing laws to stay compliant with, it’s understandably a daunting task. Regulations are extensive and include laws surrounding rent pricing and payments, security deposits, early termination and eviction, and even housing discrimination.
But like many other things in adult life – it’s gotta be done. Here’s what we recommend:
First things first, do your own research. If you’re in New York City, the Housing Preservation & Development’s ABC’s of Housing is a great resource to learn your rights and responsibilities as both an owner and a resident. The big headache associated with staying compliant is the ever-evolving nature of laws. On top of all of your other responsibilities as a property manager, you may want to consider hiring a professional who can keep up-to-date for you, and even offer recommendations based on your unique property needs.
Mistake #5: Not strictly enforcing lease terms
This mistake comes in two parts. To even be able to enforce policies at your property, they need to be written into your leases. Without having them in writing, it will be that much easier for residents to violate rules. Lease terms will differ from lease to lease, but there are three common ones you should make sure are outlined in your leases and enforced accordingly.
The easy answer here is to
- always outline your property rules in your leases and
- well, strictly enforce them!
The problem with being lax when it comes to enforcing lease terms is that residents will notice – and keep doing whatever it is you wish they wouldn’t. Whether it’s letting a guest stay a little too long or smoking in non-smoking areas, or even habitually paying rent late, the more lenient you are, the more you’ll reinforce their behavior. It’s just like parenting! Only, you actually get paid to manage property…
Mistake #6: Poor organization of records
We can’t stress enough that property managers have their hands in a lot of different areas. With that comes a lot of important records that need proper organization. Failing to prioritize organization will be detrimental to your business’ efficiency, cost you time (and we know time = money), and even put you at risk for legal trouble. This goes for all of your company’s information, from leases to vendor paperwork to accounting records.
Going digital is your fast-track way to successful record-keeping. This tactic is useful for every type of record but can be especially game-changing in your company’s accounting. From increased accuracy to improved efficiency, switching to a digital accounting method will transform your accounting organization and improve your operations overall.
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. Plus, subscribe to our weekly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!
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