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Property managers are not the most loved persons in #1 Details are ignored during repairs
As per the contract, the property has to be maintained to a certain extent. However, most property managers ignore the fine details and complete work on the surface. They mostly exploit the gray areas in the contract where details are usually skipped. So, if you are thinking of becoming a landlord, pay attention to the small things to make a lasting impression on the tenants.
#2 Stop over spending on unnecessary items
Now the crooked property managers will over spend on many items just to show expenses. If you operate without any budgetary plan, you can quickly burn out your cash reserves. Right communication with the tenants can reduce these expenses. For example, if they want AC repairs and maintenance, do not offer a full replacement. Save money wherever you can but at the same time solve the issues your tenants are reporting on your path to becoming a landlord.
#3 Don't be too thin spread
Handling too many properties, more than 100 at a time, can lead to more problems rather than profit. If a property manager does not have enough time to oversee each property comfortably, it will not only lead to tenant resentment but also more damages to the property in the long term. While you are becoming a landlord, you should hire a team the moment you cross 50 or 60 properties. On the other hand, if the portfolio is short but contains expensive rental homes, you should devote your time personally to more of the properties.
#4 Not giving due reasons and explanations to tenants
Open communication is a problem with many people looking to becoming a lonadlord. From tenant to the PM, you have to be able to discuss the issues openly and give ample reasons to the tenants. For example, if you are doing renovations in certain parts of the home, be sure that you consult with the tenants first. In the case of tenant, you should ask questions about matters and not simply accept the situation. Property managers should also explore the details to remove any apprehensions.
#5 Always return calls and don't delay tasks
Property managers should always return the calls of the tenants. Yes, the job is stressful and you may be tired, but that does not mean you can ignore a call. Never be unreasonable with a tenant unless you absolutely have to. Don't have unrealistic expectations in the beginning. Also, don't delay the scheduled tasks. Tenants may respond by delaying the rent payments. Your dream of becoming a landlord will be over sooner than you think.
Becoming a landlord can be hectic. But rewards can totally justify the hard work. So, start humble and make your way up the ladder.
