• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Facebook
  • Twitter
  • YouTube

Owner Login | Tenant Login | Get a quote: 323-255-9400 ext. 4

Los Angeles Property Management Group logo

Los Angeles Property Management Group

Property management in Los Angeles & the Valley, done right.

  • Residential
    • Services Provided
    • Single Family Residence
    • Luxury Property Management
    • Tenant Selection
    • Maintenance
    • Video Marketing Your Property
    • On-Site Managers
    • Agent Referral Program
  • Commercial
    • Services Provided
    • Maintenance
    • Agent Referral Program
  • Why Choose LAPMG
    • Mission Statement
    • Recent Reviews
    • Awards and Recognition
    • Why May 12th Matters
    • True Property Management Horror Stories
    • Video Resources
  • Articles
    • David Crown in Forbes
    • Q & A with CEO David Crown
    • LAPMG Talks
    • Case Studies
    • FAQ
    • Featured Article of the Month
    • Featured Elsewhere
    • Industry Blog
  • Areas Served
    • Burbank
    • Culver City
    • Glendale
    • Hawthorne
    • Inglewood
    • Los Angeles
    • North Hollywood
    • Pasadena
    • San Fernando Valley
    • Santa Monica
    • Sherman Oaks
    • Studio City
    • West Hollywood
  • Contact
    • Our Team
    • Portal Logins
    • Prospective Tenants
    • Employee of the Month
    • Careers
    • Privacy Policy

7 Costly Property Management Mistakes You Must Avoid

June 20, 2017

property management

The property management industry is just as risky as every other sector in the United States and business world. There are “Do’s” and “Don’ts” for property managers. Some things you do can get you in trouble with the property owner, tenants, service people, neighbors, housing authorities or even combination of these people mentioned above.

As you go about your business, you must ensure you don’t step on any toes and you fulfill your responsibilities. Failure on your part to do what is expected of you can cost you customers or even get you into some serious problems. In this article, we take a look at some costly property management mistakes you must avoid.

 

  1. Poor Communication

Most problems that arise between property managers and tenants or property managers and owners are mostly as a result of poor communication. As a property manager, you are serving both the owner and the tenant. Thus, it is your duty to keep an open line of communication and provide them with all the information they need as at when due.

Have a written business agreement with the owner and the tenants and use various means such as email, telephone, face-to-face, and even social media to keep them up-to-date about their property or tenancy agreement. Additionally, make it easy for the owner and tenants to reach you whenever they want to speak to you, this will help you avoid a lot of misunderstanding.

  1. Verbal Agreement

Avoid verbal agreement at all cost. Don’t have a verbal agreement with the owner of the property or the tenants. Verbal agreements are non-binding and won’t stick in a court of law. Before accepting to manage any property, get your attorney to draw up the terms of business and sign the agreement with the owner in the presence of your attorney. Both you and the owner should have a copy of the agreement. Secondly, ensure that tenants sign an agreement before renting a property. This will solve you a lot of problem in the future especially when any party defaults on the agreement.

 

 

  1. Using Generic Lease Agreement

Avoiding using any lease agreement downloaded from the internet. Even if you must use a template, ensure the agreement include the specifics of your property and the laws of your municipality. We recommend hiring an attorney to ensure that the agreement is in order.

 

  1. Neglecting Safety Precautions

The safety of the tenants renting the property under your care is one of your primary responsibilities as a property management agent. You must ensure that all the safety apparatus are installed and are in good working condition – You must have a working smoke alarm as well as well-maintained staircases. Schedule periodic inspection of the safety apparatus to ensure they are still up to standard and in good working order.

 

  1. Ignoring the Law

Ignoring the law will not only get your license revoked but also could land you in prison. You must never enter tenant’s home without proper notice, you must screen the tenants before letting them into the property and you must follow the law regarding evictions when evicting tenants. Above all, there are other laws regarding property management that you must adhere to. Ensure that all your documents and processes are within the law. This will help you avoid any trouble with the authorities.

 

  1. Failure to Report a Crime

Part of your responsibilities as a property manager is to report any crime going on in your property. One of the risks of property management business is renting a property to someone that will use it for criminal purposes. It is your responsibility to screen every tenant before signing the agreement. You must also report any crime that you are aware of on your property.

 

  1. Not Inspecting Property On an Annual Basis

No matter the length of the tenancy agreement, you must make an annual visit to look at the property. You should check both inside and outside and carry out necessary maintenance.

 

 

Conclusion

Don’t sell yourself short as a property management agent. No need to give ridiculous discounts on your service if you are an exceptional property manager with a good reputation. Keep your price stable, over time, property owners will recognize and appreciate your service and would be willing to pay your price to enjoy your services.

Filed Under: Commercial Properties, LA Property Management News, Latest News, Property Management Education, Property Management FAQ, Residential Properties Tagged With: Los Angeles property management, Los Angeles property management companies, Los Angeles property management company, Los Angeles Property Management Group, Los Angeles rental management

Primary Sidebar

    PROPERTY OWNERS: CONTACT US FOR A FAST FREE QUOTE

    (This space is not for tenant contact)








    Loading...

    Footer

    Award-winning management means:

    Best property management in Los Angeles - Our Awards

    • Maximum profits.
    • Responsive service.
    • Vacancies filled quickly.
    • Accurate understandable monthly reports.

    Proud Members of:

    AAGLA AOACA AIR Commercial Real Estate Association Member BOMA 2022 Member of Forbes Real Estate Council

    Contact Information

    
    

    YouTube LAPMG   Facebook LAPMG   Twitter LAPMG

    Los Angeles Property Management Group
    10960 Ventura Boulevard Second Floor
    Los Angeles, CA 91604
    Phone: 323-255-9400
    Contact Us

    Los Angeles Property Management Group is registered with the California Bureau of Real Estate License #01931033.
    Kyle Crown License #01936385
    David Crown License #01157354

    © 2023 Los Angeles Property Management Group · Privacy Policy
    10960 Ventura Boulevard Second Floor, Los Angeles, CA 91604 · Phone: (323) 255-9400
    LAPMG is committed to ensuring digital accessibility for people with disabilities. We are continually improving the user experience for everyone and applying the relevant accessibility standards. If you have any issues, please contact dcrown@lapmg.com.