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The Most Common Leasing Management Mistakes to Avoid

System - Tuesday, March 22, 2022
Property Management Blog

Did you know that 44.1 million American households are renters as of 2021? As housing prices rose during the pandemic, many Americans turned to rent as a more accessible option.

Leasing companies and landlords have to keep track of their renters and make sure everything is going smoothly for their renters. Keep reading, and we will walk you through the most common leasing management mistakes to avoid.

No Inspection Schedule

In the leasing management guide, you strongly recommend that you inspect your properties on a regular schedule. Too often, leasing management companies will find that there's significant damage to their units after renters move out.

You should have routine inspections and get things fixed as per the contract with your renter. It's essential to build a strong relationship with repair companies always to have one you can call when issues come up.

Not Letting Professionals Handle Repairs

The best leasing management advice you will get is to let professionals handle repairs. It may seem cheaper and faster to do it yourself, but if you do it incorrectly, it can lead to further damage and more money spent in the end.

Another common mistake is letting your renter handle a repair that they bring to your attention by saying they can fix it and you'll reduce their rent. However, this can lead to an even worse situation if your renter gets injured trying to fix something, and you could be held liable for the injuries and damages.

The moral of the story is you will save time and money by calling a professional. This is why it's crucial to build good relationships with repair companies that you can have on call for the properties you own.

Going With the First Tenant

It would help if you didn't go with the first tenant you found. You need to find the right one. One leasing management tip is to make sure you do a background and credit check to make sure your tenant is an upstanding citizen that will take care of your property.

You also can call one or two of their old landlords to check in and make sure that they were good tenants in the past.

Failing to Prepare the Unit

When it comes to leasing management explained, HomeRiver Group in Indianapolis and the Chicagoland area has excellent tips on hiring a leasing management company and how they can help you.

A leasing management company will help you maintain the property and make sure that before your renters move in, everything is cleaned and prepped for new tenants.

This will make the best first impression and your tenants will be very happy.

Ready for Leasing Management

Now that you can confidently answer leasing management and know what common mistakes to avoid, you're ready to start running the property.

You want to avoid not having regular inspections, not letting professionals handle repairs, going with the first renter's application, and not getting the unit ready when you have a new tenant.

If you have any financial property management questions, contact RiverHome Group. We are here to help.