There are a ton of things you can do to improve your property management business even if you’ve already got a good business going on. From balancing relationships and contractual agreements to keeping up with apartment vacancy solutions, it’s all just apart of the business. Today we’ve got a few mistakes that property managers make and how you can protect yourself against them.
- No written property management agreement. This is your greatest piece of protection as a property manager and you should always have one. The agreement should clearly state your responsibilities as the property manager and your client’s responsibilities as the property owner.
- You have a lease agreement that’s not up to par. Don’t take a lease you find online and simply edit it to meet your needs. Hire an attorney if you don’t have one already and have them draw one up with you. This way you’ll be able to ensure that it complies with laws while still meeting your needs.
- You’re not putting security deposits in the right type of trust accounts. If you hold a renter’s security deposit for the owner yourself, you may be required to pay interest on it.
- Are you making the tenant sign a move-in and move-out form? If not, you need to be. Why? You need to be able to document the condition of the apartment at both move-in and move-out times.
- Did you incorporate a lease-purchase agreement into the lease agreement? Should an issue with a tenant arise that lands you in court, a judge could have a hard time determining whether the property is purchased or leased — thus making it more difficult to determine what your rights are as the property manager.