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How to avoid common Property Management Mistakes
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[QUOTE="Nite, post: 199431, member: 28512"] Property management can become an investment with rewards. But property owners often doesn't realize how this investment can be a complex one. Because property management often involves detailed agreements, there's lot of room for error to happen. And it's better not to know how property management mistakes can quickly make a dent in one's budget. To reduce the costs and headaches, avoiding these common property management mistakes is important. [B][I]Failed To Do Property Maintenance Routinely[/I][/B] Property Maintenance is among the most important part of property investment. Anything could happen to a property, from cracked window to more serious concerns which can directly influence a tenant's safety. The best way to address these situations before they become worse, is to do a routine inspection of the property. The inspection will not only ensure the tenant's safety, but also protect you from financial liabilities. [B][I]Bypass Screening New Tenants[/I][/B] Unfortunately, there are tenants who know how to exploit their landlords. To save yourself from the financial loss, it's always necessary to screen tenants, have them fill out all the proper information regarding their background. Also, verify the tenant's identity by getting a copy of their valid form of identification, like driving licence or passport. [B][I]Being Lax About Late Rent Policy[/I][/B] You are the property owner, you must take on the position of an enforcer, and confront the tenant as soon as you determine the rent is overdue. Implementing late rent charges is important, and if really needed, you can start an eviction process. [/QUOTE]
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