Top Property Management Mistakes

February 01, 2024

14 Property Management Mistakes to Avoid

Too many landlords and perhaps more property managers make mistakes they might not realize are sinking their business.

For the greater part, these are errors of omission and neglect. A lack of prioritization on important matters, procrastination, and unwillingness to modernize is strongly related to the problem. Keeping the status quo, for example, lets issues creep up on you.

If you listed all the errors you made in the last year, what would stand out to you? And which are you not even aware of?

It could be your worst issues are ones you’re not fully aware of are causing a low tenant/resident experience and revenue opportunities lost. If you’re reading our property management blog, you’ll be alerted to problems and challenges, and educated to respond professionally. It all begins with awareness, so let’s look at the top 14 causes of landlord and property manager mistakes.

Top 14 Mistakes Property Managers Make:

not automating — automating maintenance, tenant communications, rent payment, owner disbursements, bookkeeping and accounting, and reporting respects your valuable time. Eliminate face to face meetings, free up time, avoid lost receipts and documents, and missed assignments by using a property management automation solution.
not generating enough communication with tenants — they feel you’re a stranger and therefore don’t care what you need, don’t pass on details and their attitudes, and you’re not keeping in touch with them about their rental experience. Poor communications are often at the bottom of all staff-related issues too. And landlords don’t like the friction they see. A good property management software optimizes communications too.
not screening tenants well — using a professional level tenant screening solution plus, social media tools, and asking smart questions help you have a tenant that’s suitable for the unit, building and neighborhood. That reduces move-in costs, advertising costs, vacancy losses, evictions, lost rent, troublesome behavior, drug use, and other tenant issues.
not having a management system to scale up when they’ve hit the 200 door mark — At some point, you’ll have too many rentals to manage in a traditional way. A modern system that includes tools, processes and automation software will help ease the challenges of scaling up.
insufficient insurance coverage — accidents, incidents and legal actions do happen and you shouldn’t be surprised when things go against you or cause financial pain. Not having the right types or amounts of insurance can leave you exposed to significant financial risks in case of fires, floods, accidents, willful damages, or lawsuits. List all your liabilities and research recent news stories to learn about what’s happening now.
not collecting enough operations information — know more about the condition of the unit, building, systems, and whether something is ready to malfunction can help avoid emergencies and unscheduled repairs. This is a feedback system that lets you know of anything that’s showing signs of a future emergency, which is one of your worst, most costly events.
being too independent — Trying to manage all aspects of property management without assistance can lead to stress, burnout and mistakes. Delegating tasks or hiring professionals can eleviate that and add value to your business.
not being aware of your property assets condition — schedule property inspections enables optimal maintenance and repairs iso your contractors can keep up on it. (e.g., laundry appliances in 30% of your units need maintenance, before they malfunction).
using imprecise accounting practices — attribution of expenses/income to the correct specific account keeps the books accurate and reliable for landlords. Having a dedicated property management accounting solution means your financial reports aren’t hogwash.
delivering poor or reluctant tenant service — making your tenants work hard for service or feel like they’re a pain almost ensures a vacancy at the end of the lease. Responsive service comes from a true customer orientation via a dedicated communication channel.
not making rent payment real easy — today’s renters love online rent payment and by providing that service to them, you’re optimizing your cash flow and reducing rent payment defaults and administration.
not marketing your property management services — your current customers and your future landlord clients will be checking you out online. You need to know if they’re arriving. And you need a dedicated, fast-loading property management website to get your brand and service quality across, and act as the center of your marketing campaigns.
not being active on social media — landlords and tenants tend to believe what they see and hear from you. By engaging them on social media, you’re creating a connection, and demonstrating how you create a great tenant experience. It’s all about attitude, intent, and creating value for them. Social media is an open channel to keep in touch with the people who pay your paycheck.
not using property management software — property management software solutions are central to the whole process of automating, improving service delivery, cutting costs and letting you scale up for more doors. A multifaceted software dedicated to the needs of property managers and landlords grows profits and confidence.

Your New System Will Help Prevent Errors

In most cases of property management errors, it’s a lack of dedicated tools that leaves managers feeling overwhelmed and dreading tenant and business issues. If you’ve ever avoided dealing with a tenant or a persistent business problem, you know about it.

It’s common to make mistakes, but most errors come from poor business practices. Adopting modern systems translates to less work, stress, conflict and worry for you, and less guilt over small mistakes.

Take the time to check out a simplified property management software solution, that’s affordable, powerful, and easy to learn. A simple way to eliminate mistakes.

Find our more about about ManageCasa™ Platform Now!