We know that property management is one of those things that can strike fear into the bravest hearts. For some people, just the stress about whether or not they can reach full occupancy is enough to make their heart pound. Not to mention all the maintenance and paperwork.
And that’s just the tip of the iceberg! Here are a few other nightmares that could stand between you and a profitable property.
Credit histories and background checks can reveal some pretty awful things. But you need to make sure that you’re checking out prospects in accordance with Fair Housing laws. Sometimes this can be a tricky line.
A high-quality website will go a long way for you, but they can be expensive. Tenants want to see something professional and easy to navigate with useful tools. If you have a website with no useful information that looks outdated, you’re likely to have tenants turning away.
Poor maintenance, or an untrained maintenance tech, is a risk to themselves and tenants. Electricity is dangerous if not properly handled. It can also be incredibly expensive if a home isn’t wired properly.
Curb appeal is the fastest way to get a home off of the market. Unraked lawns, pooling water, piled snowbanks, chipping paint, and poor lighting are all red flags. Not only can these properties be dangerous to residents, but they can be dangerous to owners. One flooded crawlspace can cost a fortune.
Drugs. Parties. Poor maintenance. Environmental hazards. Low rated schools. There are so many things that potential renters want to avoid. Of course, some of these things crop up after you’ve owned the property for a time so you can’t avoid them. But there are ways to deal with them.
From bed bugs to mice – any infestation is a big deal. And you won’t always know they’re there until the situation isn’t easily remedied. High-quality tenants will take their own preventative measures to prevent these, or at the very least they’ll notify you at the first sign.
Bad things happen and owners can’t always prevent them from happening in their homes. Once a house is known for drug activity, major fires, crime, accidents, or death it can be hard to clear its reputation.
Property management definitely isn’t for the faint of heart. That’s why we’re here. We have the experience to navigate these nightmares with you so that you can be a successful property owner!