Dos and Don’ts in Residential Property Management

Property management operates and manages the physical properties of residential dwellings. It covers various services and activities from security to lawn care to marketing. No one can do it alone, so choosing the right property management company is essential for success. Identifying the biggest dos and don’ts in residential property management is key.

It can be easy to let your property management tasks slip. No one has the time to care for everything when there are so many things to do. However, neglecting your property can have serious consequences. 

When you think of residential property management, you probably think of things like cleaning bathrooms and kitchens, and dealing with lawn care. There are plenty of other responsibilities such as handling tenant disputes to ensuring your property is in tip-top shape.

What Is Residential Property Management?

Residential property management is the process of overseeing and managing residential properties. This can include everything from maintaining grounds and structures to negotiating leases, and billing tenants.

A residential property manager handles all aspects of a property’s marketing and leasing process. This includes general day-to-day duties of keeping the property well-maintained. From analyzing the area, setting rental rates, showing the property to potential tenants, screening their applications, and negotiating the length and terms of the lease, a residential property manager will take all the necessary steps to keep your property full. Unlike commercial properties, which tend to have longer leases, turnover is high in residential properties, with most leases generally lasting between 6-12 months. Therefore, a significant part of residential property management is marketing, showing, and leasing spaces. In most cases, residential property management is handled by professionals with years of experience and licensing. 

Here are some of the biggest dos and don’ts regarding residential property management. 

Dos:

1. Always follow safety guidelines: while there is no guarantee that something won’t go wrong, you’re responsible for all aspects of tenant safety, including fire safety measures and security. Taking necessary precautions can help ensure that your tenants are always safe.
2. Make sure you have a strong understanding of tenant rights and responsibilities. This will help you identify problems early on and keep your property in the clear.
3. Keep an up-to-date inventory. This will help you monitor what needs repair or maintenance and can also provide documentation in case any legal issues may arise in the future.
4. Be prepared to handle any emergencies that may crop up on your property, no matter how small they may seem at first glance. You never know when something might go wrong, and having an emergency plan will save you time and hassle later down the line.
5. Take care of any maintenance issues that arise promptly. Poor maintenance can lead to long-term damage to your property and unhappy tenants.
6. Keep an eye on market conditions and adjust your pricing based on changing conditions. If you can keep up with market trends, you’ll be less likely to experience significant losses during tough times. 
7. Always carry liability insurance coverage when renting out your property. This is especially important if you’re handling vacant units.
8. Always consult with a lawyer before making any decision about your property. Changes in the law can impact your rights, so be sure to get their advice on anything you consider doing.
9. Make regular backups of your files and track who has access to what. If someone unauthorized accesses your files, they could potentially steal information.

Don’ts:

1. Don’t rent out properties for which you do not have the full title. If something happens and you can’t prove that you own the property, you may be liable for damages.
2. Don’t neglect communication with tenants. Keeping everyone informed about changes, updates, or problems can make everyone feel more involved in the property management process and help to reduce friction among team members.
3. Don’t neglect your tenant base. Maintaining good relationships with your tenants is important, as they can be your best advocates in dealing with problems. 
4. Don’t give away too much information about your property or its condition without first securing written permission from your tenants. This could result in harmful rumors spreading through the community, ultimately harming sales and occupancy rates.
5. Don’t overpromise or underdeliver. Be honest with potential clients about what services you can provide, and don’t promise too much without following through on your commitments. Building trust with your clients is important so they’ll return for future services.
6. Don’t fall for scams targeting residential property managers.

Here are five of the biggest scams and how to avoid them:

1. Fake offers for free or discounted services: Property managers are often targeted by scammers who offer “free” or discounted services to gain their trust. Always be wary of unsolicited offers, and never give out personal information like your Social Security number or bank account information.
2. Fake invoices: Another scam tactic is to send a fake invoice to get money from a property manager. Always verify any invoices you receive before paying them.
3. Phishing schemes: One common type of scam is phishing, which involves attackers trying to steal your personal information by posing as a trustworthy entity like your employer or banking institution. Be especially careful when opening email links, clicking on attachments, or entering your login details online.
4. Bogus tenant screening: A scammer may try to get access to the property manager’s database to screen potential tenants themselves. Never allow anyone unauthorized access to your system, and be particularly wary of anyone asking for sensitive information like credit scores or rental history.
5. Unsolicited services: Be sure not to accept any unsolicited services from strangers offering to help manage your property—these could be scams designed to steal your personal information or access to your funds.

About Real Property Management Instant Equity Charleston

Based on over 30 years of experience and 300-plus offices nationwide, Real Property Management Instant Equity Charleston is a trusted leader in residential property management. With the expertise of a local team and their highly-trained team members, they manage tens of thousands of properties throughout the country. Real Property Management is the local expert.

When looking for the right property manager, you want to ensure they have plenty of knowledge, experience, tools, and resources. You also want to ensure they stay consistent with their work throughout the process, including being diligent enough to get projects done right the first time. With our expertise in property management and technology in place, we work hard to optimize your return on investment while preserving your assets. We employ highly-trained and skilled experts so you can be confident that your property’s management will be done right.

Whatever your needs, we’re right around the corner! Contact us today to find what you need to get back on your feet. At Real Property Management Instant Equity Charleston, we’re united coast-to-coast with the practical expertise of a local organization.

Are you looking for a place to rent or someone to help with your rentals? Our local RPM office is ready to help.

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