Property management matters from the screening and selection of tenants and all that follows. The best location and building in the world won’t overcome the cost of poor management. The key is to create good communication channels with the tenants; when tenant complaints are ignored consistently, as a rule, it can mean trouble down the road. Leaving unresolved tenants and management can also lead to non-payment of rent in protest of poor management practices. After all, if tenants aren’t happy, they can leave. Read on to discover the five property management mistakes McAllen investors often make.
Assess Priorities
If cost is the leading priority for the team you select, this is how investors often make one of the biggest property management mistakes McAllen. Let’s face it; you get what you pay for, including choosing a property management company. If a property management company is pricing their services far below others, they probably lack enough staff to be attentive to the needs of the tenants; when tenants call, and there is no answer, things can escalate and this can create a costly situation. There is no excuse for communication failure; tenants can use email, text, or website solutions to get in touch and get fast responses.
Always interview and compare quotes and service from different management companies to see which one can give you more bang for the buck without compromising customer service.
Be Realistic
One of the easily remedied property management mistakes McAllen investors often make is failing to listen to experienced property managers’ advice. Quite often, less emotionally attached professionals like property managers see past our emotional attachment and offer input to help you get the most potential return on your investment, which may mean that the carpet you love has to go. It is best to go into the project with open eyes and a willingness to listen to constructive criticism of your property.
Unexpected Expense Fund
Sadly, one of the financial property management mistakes McAllen investors often make is the failure to account for an emergency fund of about ten percent of the property’s value, which should be readily available for unexpected expenses, which will happen sooner or later. We all remember the hail storm or some of the hurricanes in the Valley few years ago. More common eventualities will be A/C units that have to be serviced or replaced in our hot Texas summers.
Supervisor
If you’ve experienced the discomfort of being micromanaged, you’ll understand all too well the next of our property management mistakes that McAllen investors often make. When you’re a passive investor, which is possible when you hire a property management company, it means just what it sounds like; you should be busy doing anything but managing your rentals. If you are tired of changing management companies you may want an exit strategy and sell your property to an experienced investor at Dolfin RGV.
Delayed Commitment
Delaying your decision is one of the most costly property management mistakes McAllen investors often make. Don’t wait until the rehab is completed on your investment property to begin working with your property management company, or you’ll likely find yourself in the red with your property sitting vacant for weeks. It takes time to market and screen prospective tenants. Poor screening need to be avoided at al cost; stick to your background checks, credit requirements and income levels to improve occupancy rates. Without proper screening, you may end up with tenants that do not pay rent and then you will be asking – how much notice does a landlord need to give to tenants when they are behind in payments in Texas?
Any top property management provider will have begun the process long before the first day the unit is available for tenants so that you start collecting rent checks immediately.
Why make any of the property management mistakes McAllen investors often make?
If you are tired of being a landlord and you would offload your rentals you may consider working with Dolfin RGV instead. At Dolfin RGV, we have years of experience in real estate. Dolfin RGV isn’t just another real estate buyer; our team members live and work here in McAllen; we’re your neighbors. If you may be interested in selling your rental property, contact us, lets talk. Contact Dolfin RGV at (956) 904 5234.