3 Things Realtors Do Wrong When They Manage Their Clients Properties Themselves

When realtors manage properties themselves, they often encounter unique challenges that can lead to missteps. Here are three common mistakes they make:
Neglecting Proper Tenant Screening:
One of the most critical aspects of property management is tenant screening. It’s a process that should always take time. Realtors often feel the pressure to fill vacancies quickly, but this can lead to problematic tenants who might not pay rent on time or damage the property. A thorough screening process, including background checks, credit checks, and references from previous landlords, is essential to ensure reliable and responsible tenants. This caution and attention to detail can make a significant difference in the quality of your tenants and the overall management of your properties.
Inadequate Maintenance and Repairs:
Regular maintenance and timely repairs are crucial for property upkeep and tenant satisfaction. Realtors managing properties may overlook minor issues that can escalate into significant problems over time. However, by implementing a proactive maintenance schedule and promptly addressing repair requests, realtors can take charge and prevent these minor issues from turning into costly repairs, thereby maintaining tenant satisfaction and property value. This proactive approach not only saves you money in the long run but also gives you a sense of control over the condition of your properties.
Inaccurate Financial Management:
Managing finances is a critical aspect of property management that realtors sometimes mishandle. This includes setting the correct rental rates, tracking income and expenses accurately, and handling security deposits appropriately. Accurate financial management can lead to improved cash flow, legal compliance, and increased profitability. For instance, setting rental rates too low can lead to a loss of potential income, while setting them too high can result in tenant turnover. Utilizing property management software can streamline financial tasks and ensure accuracy, leading to better financial outcomes for your properties.
Property management involves various legal responsibilities, from fair housing laws to local regulations. For instance, fair housing laws prohibit discrimination in housing based on race, color, national origin, religion, sex, familial status, or disability. Realtors managing properties themselves must be fully aware of all legal requirements to avoid non-compliance and potential legal disputes. Understanding and complying with these laws not only ensures a fair and respectful housing environment but also helps maintain a positive relationship with tenants.
Contact Portland Rental Management
Tired of managing your rental properties yourself? If you’re ready to get serious about property management and eliminate the daily grind of management, contact the Portland Rental Management team today by calling us at (503) 646-9664 or click here to connect with us online.