Everyone’s had them – those moments where you can pinpoint exactly where you went wrong, and what you should have done instead. Sometimes these mistakes were minor and didn’t matter much. Other times, they were bigger and had more important implications. No one wants to make a huge mistake, especially when it involves their finances and livelihood. Unfortunately, there are common mistakes that plague new property investors. Dallas-based company Specialized Property Management has a few tips to help you know what to watch for.
Poor Property Selection
It’s important to pick a property that has good rental potential. When choosing a new property, you should look at the neighborhood, the average rent for the area, crime rates, and more. Try to choose a property that is close to shopping and schools, and pick one that’s on a quiet street instead of a busy or noisy road. Selecting a property that appeals to families can be a good move for rental owners. Dallas families will stay longer than single tenants on average, which means less turnover for you.
Too Many Vacant Days
All too often new landlords make mistakes leading to increased vacancy. These include poor property selection, inadequate home preparation, and poor marketing strategies. A vacant home hurts your bottom line.
Poor Tenant Selection
Tenant selection is an important process that should not be overlooked. It’s also a potential legal and regulatory trap for property managers. Dallas owners need to be aware of all the laws and regulations that govern their business, and there are many them. Lax tenant qualification procedures can lead to negative tenant interaction, high tenant turnover, and problems in rent collection, all of which can end up costing you a lot in the long run.
While there are a lot of opportunities out there to make mistakes, there’s hope as well. You can avoid these mistakes by choosing qualified and experienced property management. Dallas owners have a lot to choose from, so do your research before picking one. Specialized Property Management is dedicated to helping property owners, new or veteran, succeed with their investment. With three decades of experience, we have the tools to help you avoid these mistakes and optimize your investment to its fullest potential. Call today to find out more about what our Specialized Team can do for you.