Managing property is one of the biggest deals for a business or even an individual. After all, property is a huge asset that has a lot of value unlike money. Therefore knowing the possible places, you could go wrong in this process is essential to make sure you do things right. Here are some such mistakes you need to know of.
Not contacting owners and tenants
With strata management, where you are involved in managing properties that are owned jointly or with several units, communication plays a huge role. You should always be able to talk to fellow owners and tenants and know things that you should be knowing with regards to the property that is jointly owned or being used by the tenants. Studies have also found that good communication between tenants and owners allows the whole management process to be carried out as transparent as possible. And this establishes the trust factor too, which is the most important in business.
You should always keep in mind that no matter how friendly you might be with someone, business is just business. And so, while communication is essential to carry out a healthy relationship, going beyond the lines, is going to bring a different set of problems and the entire deal loses its professionalism. So always hold back from crossing the lines and communicate only as necessary.
If you want to make sure that your property is being used as it should be, it is your duty and responsibility to carry out frequent property maintenance inspections. Not doing so, could end up in having to handle much bigger damage costs and expenses. Sometimes the tenants may even claim that such damages had already existed and that they weren’t at fault. So always make an effort to check at random!
Not choosing the right people
Leasing out a property is like lending some money and hoping that it would be paid back to you. In such instances, logically you wouldn’t be lending your money to someone you know wouldn’t pay you back. Similarly giving your property to live or run a business in, should also be screened wisely. If you pick the wrong people to use your property, then chances are that you would only have debris and costs to deal with at the end of the contract period. So think wisely and choose the right people to give your property to!
Make sure that you avoid the above mistakes and be able to get your property in the same way as you lent it!