Managing an apartment is not as easy as buying a building, sitting back, and waiting for rent checks to come in each month. A successful building, like a successful business, requires care and consistent oversight to function properly. Get ready by reading these common mistakes to avoid when managing apartment buildings.
Neglecting Building Repairs
Property managers put off repairs and renovations for many reasons. Maybe they don’t like the contractor’s price, or they have a busy week and can’t prioritize. Repairs can be time-consuming and costly. That said, fixing problems in the building is an essential part of managing property. Tenants don’t want to sign a new lease with an apartment full of incomplete repairs.
This doesn’t just apply to repairs within the apartments. You must think about the entrance, halls, and the exterior too. As a property manager, it’s important to understand the signs it’s time to replace your cluster mailbox unit and other hardware around the building. Letting roof leaks, broken locks, malfunctioning doors, and other damages fester can encourage more issues over time. For instance, ignoring roof leaks will eventually lead to mold accrual in the ceiling. Likewise, neglecting broken locks on mailboxes is an easy way to let theft occur under your roof. Sometimes, a small repair will go a long way in the eyes of your tenants.
Not Maintaining Communication With Tenants
It’s important to build and maintain clear communication with the tenants in your building. When they move in, a new tenant should instantly receive your contact information. This ensures they can always reach out to you when they have issues or questions that require your help. Always prioritize your tenant’s communication so they understand you are taking them seriously.
For example, if scheduling a contractor for apartment repairs means the tenant must wait a week or more for help, then communicate that to them clearly. If you leave them in the dark for weeks, it seems like you’re ignoring the tenant. Maintain a consistent line of communication, whether it’s via emails, phone calls, or texts. That way, tenants always know how to reach you easily, making it a breeze to schedule repairs. Providing tenants with the help they need for repairs makes their time in the building less stressful, giving them a big reason to renew their lease when the time comes.
Improperly Screening New Tenants
Speaking of tenants, one of the most common mistakes to avoid when managing apartment buildings is improperly screening new tenants. Good screening procedures include running background and credit checks. You should also look at previous apartments for evictions in the past. Don’t forget to ask new tenants about their income and see proof of payment to ensure they can afford the apartment. That way, you can ensure you are bringing a reliable tenant into the building who has the means to cover their rent for the whole duration of their stay.