Experts have been urging the public to invest. Some economists even say that we should hold on to our investments and not sell them out on the first sign of a hike. With that said, it would be prudent to purchase real estate as an investment.
If we keep a close eye on our stocks and bonds portfolio, we also need to keep a keen eye on our real estate investment. Some even go as far as engaging the services of an apartment management company. Casual handling of your properties casually will become a costly mistake. Let us enumerate some of the most common errors:
Skipping Regular Inspections
Owning real estate is a responsibility. Without regular inspections, faults are never caught in time. That is like driving your car without an oil change and then saying bye-bye to your engine.
Regular inspections are essential to apartment management. It will help you detect any structural issues and other minor concerns that eventually become enormous problems. Neglect of regular inspections will affect your property and your finances significantly.
When a problem occurs, you need to address it immediately. That is what property maintenance is all about. Skipping maintenance will lead to more expensive repairs.
If you do not have any maintenance experience, you might have an apartment management company handle your properties. They will take care of all the maintenance issues within your building.
Doing the Repairs Yourself
Those DIY renovation shows make repair jobs look easy, but they are not. The project is done in minutes, but remember that the hosts have several teams working for them. They have to be efficient and trained to complete the job in a short amount of time.
It would be best not to try doing repairs yourself for everyone’s safety – yours and your tenants. You might not be able to handle the job correctly. You might even hurt yourself or others along the way.
Allowing Tenants to Do the Repairs
Entryways, hallways, and stairways are usual places where tenants can slip, trip, or fall. If you allow them to do their repairs, you are putting them in danger. They might not even know what they are doing. The area might be even more dangerous after the repairs.
The safest option is to choose a reputable property management company. They will keep your building safe by hiring seasoned contractors.
If you want to keep your tenants happy, you need to take their complaints seriously. Deal with their concerns as soon as possible.
In the past, complaints were often written messages delivered to the landlord by mail. Not anymore. Tenants can now take their issues to social media. They can also air their concerns to their friends and families.
If you ignore them, you are only hurting yourself. It can lead to a negative word-of-mouth campaign. If you want to sell your property in the future, this is a public record. You will not be able to get a reasonable price because the buyer will think that you are a terrible landlord.
If your tenant’s complaint is justified, rectify their concern immediately. Respond via a phone call and an email. If they are still not satisfied, you have to sort things out with them.
There are so many things to consider when investing in real estate. Everyone will have a different approach to real estate investing. Your decision will have a tremendous effect on your rental property.
If you find the responsibilities of a landlord too tedious, you can ask for help from NYC Apartment Management. We offer apartment management for NYC properties, so call us now for a consultation.