Investing in rental properties in New Britain can be a profitable venture, but managing them can be a challenge. To make the most out of your investment, it’s essential to avoid common property management mistakes. Here are five mistakes New Britain investors often make and how you can avoid them:
Assess Priorities
One of the biggest property management mistakes New Britain investors often make is prioritizing cost over quality. While it’s important to keep expenses under control, choosing a property management company solely based on their price can lead to trouble. A low-priced property management company may not have enough staff to respond promptly to tenant requests or handle property maintenance tasks efficiently. As a result, tenant complaints may go unresolved, leading to non-payment of rent and high vacancy rates. When selecting a property management company in New Britain, prioritize quality of service over cost.
Be Realistic
As an investor, you may have an emotional attachment to your property, making it challenging to make objective decisions. However, failing to listen to experienced property managers’ advice is one of the easily remedied property management mistakes New Britain investors often make. Property managers can provide valuable insight on how to get the best return on your investment, even if it means making tough decisions like replacing purple carpeting. When working with a property management company in New Britain, keep an open mind and be willing to accept constructive criticism.
Unexpected Expense Fund
Unexpected expenses can arise at any time, and not having an emergency fund can be a costly mistake. Failing to account for an emergency fund of about ten percent of your property’s value can leave you scrambling for cash when repairs are needed. By planning for emergencies in advance, you’ll be better equipped to handle unexpected expenses, ensuring that your rental property stays profitable.
Supervisor
If you’re a passive investor, you should be busy doing anything but managing your rentals. Micromanaging your property manager is one of the common property management mistakes New Britain investors often make. Trust your property management company to handle day-to-day operations, including marketing your property, screening tenants, and managing property maintenance tasks. When you work with a trusted and reliable property management company like The Property Warehouse , you can relax and enjoy your rental income.
Delayed Commitment
Waiting until your investment property’s rehab is complete before hiring a property management company is one of the most costly property management mistakes New Britain investors often make. It takes time to market your property and screen prospective tenants, and delaying your decision can leave your property sitting vacant for weeks, costing you money. When you work with a reputable property management company in New Britain, they’ll start the tenant screening process long before your property is ready for occupancy, ensuring that you start collecting rent checks immediately.
Why make any of the property management mistakes New Britain investors often make?
At The Property Warehouse , we understand the challenges that property investors face, and we’re here to help you navigate them successfully. Our professional full-service team can take on as much of your landlord responsibilities as you wish, ensuring that your rental property is profitable and hassle-free. We have years of experience finding and keeping good tenants, maintaining properties, and working with local vendors. When you work with The Property Warehouse in New Britain, you’ll have peace of mind knowing that your property is in good hands. Contact us today at (203) 626-4282 to learn more.