Rental management is a complex task that involves lots of responsibilities from finding and screening tenants to paperwork and from handling maintenance and repairs to collecting the rent. With such a busy schedule, it is easy to make mistakes, so commendable condo rental management Denver pros say that these are some of the common property management pitfalls to avoid:
- Undertaking more than can be handled – many property managers focus on growth without ensuring that their system can handle that growth. Not being able to stay on top of their tasks because they have undertaken more doors than they can manage inevitably leads to unhappy clients and lost business;
- Accepting the first tenant – tenant screening is an essential part of property management that many managers skip, even though they shouldn’t; without it, there is no way to ensure that the tenant accepted will pay the rent and will treat their rental as if it were their own;
- Not being aware of the condition that the property is in – it is essential for a property manager to stay on top of maintenance and repair tasks. Failing to do that can lead to tenants terminating their lease and the property is likely to get reviews and evaluations that could be damaging for their reputation.