5 Most Common Pitfalls in Property Management
Property management companies are a lifesaver for absentee landlords or those who need help taking care of their buildings and tenants. But what is property management, exactly? In a nutshell, a third-party contractor oversees the day-to-day running of the property.
Residential property management covers many services, but the main task is to maintain a relationship between a tenant and a landlord. If you’re wondering what does a property manager do precisely, the short answer is – everything.
They screen tenants, collect rent, maintain the property, deal with repairs, and oversee building projects on the property. The property management work can be overwhelming, and there are potential problems everywhere. Here are the five most common pitfalls of providing property management services.
Lack of Planning
Whether you’re tasked with commercial property management or you’re caring for residential homes, it’s easy to get into a “too busy” mindset.
Often, addressing every issue presented by a tenant or a landlord can be overwhelming, but there are ways that property management companies can mitigate. London, in particular, is a busy place and a lack of planning can lead to inefficiency, burn-out, and a loss of direction.
To handle a daunting workload, property management companies should develop strategies that will ensure every task is completed promptly.
Inadequate Tenant Screening
If you’re still wondering what is property management or what does a property manager do, the answer is screening potential tenants. One of the most apparent indicators that property management services are not what they should be is a high tenant turnover.
This tends to happen when tenant screening is not a priority for property management. London landlords should insist on a thorough and efficient screening process to reduce the time their properties are empty.
The same applies to residential property management and commercial property management. Checking references, double-checking IDs, and even rental histories are all a part of property management services landlords should expect.
Not Communicating Well With the Landlord
One of the major factors that will determine the success of property management companies is how well they communicate with the landlords. It’s not surprising since the entire industry relies on managing the relationships between tenants and landlords.
What does a property manager do if the communication is lacking? They should reach out more, whether by email or telephone, and keep the landlords in the loop.
Understanding that people have different expectations and knowing how to communicate with them is one of the most significant skills in property management. UK property management companies that thrive value the importance of excellent communication.
Skipping Routine Inspections
When it comes to residential property management, it’s easier to see the importance of routine maintenance. Still, this insight is not present among some property management companies. UK landlords renting a residential property should demand regular inspections in a set time frame.
Skipping these checks could lead to excessive damage left behind by tenants. The method should be applied to commercial property management services, only the scope might be different.
Identifying issues and fixing minor problems is an essential component of property management. London-based property maintenance companies like Building Vision London offer regular inspections to all their clients.
Not Documenting Everything
Anything less than impeccable documentation is not good enough when it comes to property management. The UK renting industry requirements mean all parties have to provide important documentation. Therefore, everything needs to be kept in order.
Keeping formal property agreements and a record of all correspondence is essential for property management companies. UK property managers should also keep details about maintenance requests and proof that these issues were addressed.
Not putting it in writing is one of the biggest pitfalls for property management companies. UK managers shouldn’t try to keep everything memorised and develop a well-organised system of documenting every detail.
Finally, it’s worth noting that managing too many properties simultaneously is not advisable for property management companies. UK landlords with too many properties should always hire experienced companies that can handle the workload.
What Is Property Management? Everything Building Vision London Offers
Every industry has its pitfalls, and the same goes for property management. London tenants and landlords deserve to be comfortable and have their needs met without any issues arising in the process.
While occasional repair delays or conflicts are expected, continuously encountering these pitfalls is a problem that has no place in property management. UK homeowners and tenants can enjoy the services Building Vision London team provides. We’re here to facilitate better communication, excellent documentation, and routine inspections.