Entering a partnership with a property management company, like that of corona property management , is definitely a big step. After all, the choice you make will have an impact on the community and the association in the future years. As members of the HOA board, it is crucial that you do the through and through research on the short-listed property management company so that you’re confident about it being the best to meet the community’s needs. Referencing is a major medium that some property owners choose while appointing a property management service.
But, some even go ahead to take up property management all by themselves. In that case, you must be aware of the common property management mistakes and why it is important to appoint a good property management company.
Lack of Tenant screening:
Carefully screening potential tenants is one of the major responsibilities of a property management service. Doing a thorough background examination of the potential tenants is definitely worth the time, effort as well as money. A good ethical property management service will never falter on this ground. However, skipping the tenant screening step is a common mistake that you must watch out as it can cost you heavily down the road.
Saving cost on unskilled workers:
Well, this may seem like an easy way to cut down on cost. But, be careful because saving money on unskilled workers for property repairs will haunt you later. It is important to have a long lasting repair. For that, even if it costs higher (as an expert would charge), it is best to go for it as it ensures full-proof repairs.
No routine inspection of the property:
Preventive maintenance comes with huge advantages. You wouldn’t have to worry about investing huge lump-sum for property repairs if you adopt and well integrate the ‘preventive maintenance’ technique.
Making sure that you make routine inspection rounds around the property will help you save both money and time as it enables you to spot issues before it gets worse. Even retaining tenants is associated with this as they need an assurance that you have a sense of responsibility towards the wellbeing of the property.
Overpaying for the services of property management services:
One of the primary steps, after deciding to handover the property management responsibilities to a property management company, is to hire a reputable company like corona property management; one that will not charge you exorbitantly for their services. First of all, you must remember that all hoa management companies are not the same.
Thus, it is crucial to thoroughly go through the contract and terms before signing the papers. At times, many landlords pay for choosing a company based on really low monthly rates, with poor service and high cancellation charges.
So, don’t just go by online reviews. You must visit the office of the property management company at least once, before actually hiring them. If their office is as professionally set up as their online presence, it speaks a lot.
Thus, considering the above mistakes that are common among landlords, the same can be conveniently rectified by hiring the right property management services.