John C. Maxwell, the American author, speaker, and pastor, is known for making some pretty powerful statements. On the topic of mistakes, he said, “A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.”
Landlords are no exception; and there are some very common mistakes many landlords are guilty of committing. Yet, like Maxwell said, if you are big enough to admit to them and strong enough to correct them, profiting from them will not be far behind.
Here are the top 3 most common mistakes made by landlords and how you can fix them.
- Going it alone. Is it possible to manage a multifamily property on your own? Absolutely. But there comes a time when it’s necessary to admit you need help, and failing to do so can be the biggest downfall of any property manager. If you struggle with back office details or getting the right tenants to come and stay, or you’re simply wondering whether you’re the property management “type,” reaching out for the assistance of a professional management team may be the best decision you’ll ever make.
- Making friends with tenants. Working so close to where other people live often means being exposed to the more personal side of those peoples’ lives. And, with this ongoing intimate relationship can come feelings of friendship. But crossing the line from the business side to friendship can be detrimental. Not only does it make it harder to enforce rules, but can also lead to feelings of dissention among the other tenants who feel either left out or treated unfairly. The best decision for the business is to keep all relationships professional and equal treatment of tenants across the board.
- Keeping status quo. A serious mistake on the part of any landlord is taking the “if it ain’t broke” attitude toward property management. Markets change, the economy changes, tenants change, and your competition changes. By keeping everything as is, you stand the chance of allowing everything and everyone else to pass you by, quite literally. Critically assess your lease on an annual basis, your competition much more frequently than that, and your marketing and positioning efforts on a continual basis. Real growth in this industry comes to those who are most responsive to tenant needs.
Let the team at Class A Management help you rectify or avoid these mistakes. Contact us today to learn about our comprehensive suite of property management services. Call us at 817-295-5959 or send us an email to .