5 Common Property Management Mistakes
5 Common Property Management Mistakes
blog1.jpg

Jan 04,2023

5 Common Property Management Mistakes

Did you know nearly ten million Americans make money off of rental properties? If you plan to become a rental property owner, it is essential to avoid common mistakes that compromise your return on investment. While being a landlord may seem straightforward, there are everyday things most people need to correct. At 3 Options Realty, we have an experienced team of property managers ready to help you actualize your dream of owning rental property without compromising available revenue sources. Let’s look at common property management errors new landlords make and how to avoid them.

Not Keeping Up with Maintenance

One of the most important tasks of a landlord is providing regular maintenance. If a landlord doesn’t maintain the property, it may lead to low rent rates: Not to mention you may spend more in the future on severe damages. If you only own a single property, you may be tempted to handle maintenance on your own. However, hiring a property management company allows you to work with specialized contractors for permanent solutions.

Not Screening Your Tenants

The primary goal of owning rental property is to turn a profit on your investment. This means reducing vacancy rates to ensure you have a solid income-generating channel. Even if you have tenants lining up to rent your space, we recommend conducting an in-depth screening process to detect red flags before signing the lease. Our professional property managers leverage innovative technology to conduct comprehensive tenant screening so you don’t lease to a bad tenant.

Not Investing in Marketing

Landlords need to invest in marketing to enhance the visibility of their properties. However, some are lucky and get tenants right away. If your rentals aren’t getting the attention they deserve, hire a professional property management company. We go the extra mile to handle all the heavy lifting, from social media marketing to listing your property on popular websites. Our goal is to reduce vacancies by ensuring your listing appears in front of the target audience.

Not Aware of the Current Rental Market

As a rental property owner, it is essential to check out the rates of similar properties within your area. The last thing you want is to set your rental rates too high or low, compromising your return on investment in the long run. It is challenging for landlords to maintain a busy schedule and keep up with local rental rates. Luckily, working with a property management company ensures your rates are fair, giving you a competitive advantage.

Doing It All Alone

As mentioned, landlords with a single property often handle most tasks alone. While this is a cost-effective solution, it can be challenging when you have multiple properties. Working with a property management company is the best way to relieve the burden and optimize profits. We can handle the behind-the-scenes work with property ownership, so you have time to address other critical issues.

These are common mistakes made in property management and ways to avoid them. Contact us at 3 Options Realty and schedule a consultation with our property managers. We guarantee exceptional property management services at pocket-friendly rates.

Recent Blogs

small1
Feb 01,2023
7 Strategies for Landlords to…

Property managers know the importance of on-time rental payments…

Read More
small1
Jan 25,2023
How to Choose Tenant Screening…

Owning rental property is lucrative and allows you to…

Read More
small1
Jan 18,2023
What is the Average Real…

Buying and selling a house usually involves several costs,…

Read More

Landlord Options

small1
Owner Portal

In appreciation for your continued patronage, we are pleased to offer you a management fee rebate equal to 2 months of management fees for any…

Read More
small1
Leasing & Management

If you are interested in professional property management services, you probably have some questions about the process and we have a few questions we…

Read More
small1
Rent Disbursement

Standard Rental Proceeds Disbursement Policy. It is the standard policy of 3 Options Realty to disburse monthly rental proceeds to property owners between the 15th…

Read More

We Are Ready to
Take Your Call

lander1

If you have been rummaging through web results for “property management companies near me,” then you are at the right place. 3 Options Realty’s property managers in Atlanta are experienced and trained to deliver top-tier service. Call 3 Options Realty to speak with a friendly representative today to learn more about our property management & real estate services. We are ready to take your call.

Buy, Sell & Rent with 3 Options Realty

lander1

We use professional market research to determine fair-market rent, and we use broad market advertising to reach a large audience. Our agents will also help you prepare your property and skillfully present your property. Prospective tenants will undergo comprehensive interviews and background screening before we negotiate with them the rental agreement using our proprietary, attorney-reviewed forms.