10 Property Management Mistakes You Never

Want to Make

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When I started buying rental properties, I made a lot of mistakes as a Property Manager. Here are some of the most common and

irritating ones, in no particular order.

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1. Not Screening Tenants

You should always do some kind of background check on your tenants. A bad tenant is worse that no tenant.

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2. Not Maintaining Your Property

If you let your property get run down, you will attract bad tenants who will run

it down even more.

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3. Letting Your Tenants Pay Late

Don’t let you tenants pay late. I start the eviction process that day the rent payment is returned or late. Don’t get

emotionally involved.

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4. Not Having a Lease in Place.

Make sure you always have a lease with your tenant that describes all the

terms and conditions.

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5. Not Collecting a Deposit

You need some kind of upfront commitment from your tenants. Make

sure you get cash, certified cheque and that the cheque clears before you hand

over the keys.

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6. Not Getting Post-Dated Cheques

Make sure you have post dated cheques for the duration of the lease or that you have some form of electronic

payment system in place.

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7. Not Having the Utilities Switched

Make sure the utilities have been switched over to the new tenant prior to

turning over the keys to them. Don’t offer to keep the utilities in your name

and then have the tenant pay you.

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8. Making Friends With Your Tenants

If you develop a personal relationship with your tenants it will be harder to evict them or treat them as “tenants”

because you are emotionally involved.

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9. Allowing Animals

I have too many bad news stories that involve pet damage and noise related

problems due to pets. They can be expensive to cleanup after.

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10. Being Too Nice.

I have lost a lot of money trying to be understanding about a

tenant’s “difficult” situation. A lot of the reasons are made up.

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More Information

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