There's no right way to manage a property, but there's definitely a wrong way to do so! This week, Cal Bay Property Management's Scott Safadi hones in one the seven deadly sins of property management. Avoid these sins at all costs!

 

1. Not getting it in writing. By it, we mean everything. That's right: any conversation you have with a tenant about your policies and procedures should be reflected in writing somewhere. The same goes for your interactions with contractors and employees. Without backing up your word in writing, your word is truly useless. That doesn't just make leadership difficult, it means you could face potential legal trouble down the road.

 

2. Not using the latest technology. Some people are early adapters of the latest gadgets, while others wait for new technology to become mainstream before buying in. Whatever you do, resist the urge to hold off for too long. Tenants are often on the cutting edge of technology, and learning that your community won't let them pay rent online can be a deal breaker for someone who lives their entire life online.

 

3. Not renting to the right tenants. The difference between an amazing community and a terrible one lies within the folks who live there. That's right: you can have all the incredible, expensive amenities in the world, but if you rent to awful tenants, nobody will want to move in. Take the time to screen out problem tenants. It'll save you money and time!

 

4. Not valuing the tenants you already have. Far too many landlords neglect to show appreciation for the tenants they already have. You know the ones - the folks who have quietly, peacefully lived in your rental for years, have always paid their rent on time and give you virtually no trouble whatsoever. It's easy to put those kinds of people out of sight and out of mind. You'll miss them when they move to a community where they're valued.

 

5. Procrastinating on maintenance. You know you need to replace those HVAC systems before they finally give out. Do so before that happens, and you'll save your tenants (and your staff) a world of trouble.

 

6. Ignoring bad reviews. Bad reviews happen to us all, but how you deal with them says a lot to prospective tenants who read your response. Address them politely and quickly!

 

7. Ignoring your website. Even if you're not into web design, your website is your first and best chance to show off. By letting your website collect dust, you neglect your property's reputation.

 

- Scott Safadi, Cal Bay Property Management

There's no right way to manage a property, but there's definitely a wrong way to do so! This week, Cal Bay Property Management's Scott Safadi hones in one the seven deadly sins of property management. Avoid these sins at all costs!

1. Not getting it in writing. By it, we mean everything. That's right: any conversation you have with a tenant about your policies and procedures should be reflected in writing somewhere. The same goes for your interactions with contractors and employees. Without backing up your word in writing, your word is truly useless. That doesn't just make leadership difficult, it means you could face potential legal trouble down the road.

2. Not using the latest technology. Some people are early adapters of the latest gadgets, while others wait for new technology to become mainstream before buying in. Whatever you do, resist the urge to hold off for too long. Tenants are often on the cutting edge of technology, and learning that your community won't let them pay rent online can be a deal breaker for someone who lives their entire life online.

3. Not renting to the right tenants. The difference between an amazing community and a terrible one lies within the folks who live there. That's right: you can have all the incredible, expensive amenities in the world, but if you rent to awful tenants, nobody will want to move in. Take the time to screen out problem tenants. It'll save you money and time!

4. Not valuing the tenants you already have. Far too many landlords neglect to show appreciation for the tenants they already have. You know the ones - the folks who have quietly, peacefully lived in your rental for years, have always paid their rent on time and give you virtually no trouble whatsoever. It's easy to put those kinds of people out of sight and out of mind. You'll miss them when they move to a community where they're valued.

5. Procrastinating on maintenance. You know you need to replace those HVAC systems before they finally give out. Do so before that happens, and you'll save your tenants (and your staff) a world of trouble.

6. Ignoring bad reviews. Bad reviews happen to us all, but how you deal with them says a lot to prospective tenants who read your response. Address them politely and quickly!

7. Ignoring your website. Even if you're not into web design, your website is your first and best chance to show off. By letting your website collect dust, you neglect your property's reputation.

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