Common Block Management Mistakes
Block Management companies have the task of looking after property, tenant and landlord, ensuring that everyone is happy and the building is kept in an acceptable state. Often, inexperience or confusion can lead block management companies to make mistakes; neglecting their maintenance duties, abandoning effective communication and making hasty and costly errors.
If you want to make sure your block management company succeeds, keeping tenants long-term and satisfying your customers, then read on to learn more about the critical mistakes you need to avoid.
Having Poor Communication
Communication is crucial for block management firms as tenants and landlords need to be able to feel safe with your management, as well as secure in knowing you are handling their affairs correctly. A breakdown in communication can lead to misunderstandings with no legal support, lost clients and a poor rapport. However, if you make effective and regular communication a vital element of your business, you can ensure long-term tenancies and greater client satisfaction from both tenants and landlords.
Excellent communication is the key to success for block management, and you need to make sure you are always in contact and available to your clients. Make sure tenants and landlords have an easy way to talk to you because there is nothing more frustrating than not having the correct contact information when you need it.
Abandoning Regular Maintenance Checks
A further common block management mistake is neglecting routine maintenance checks and inspections which can lead to excessive damage which costs you time, money and even your reputation as a company. It is essential to regularly check the properties you manage if you want to ensure they are in a good state when the tenants leave, meaning you spend less on repairs and cleaning. If you leave too long between inspections or neglect them altogether, you could face a huge bill which goes beyond the tenant’s deposit. Tenants who know they have an inspection coming up or that one could happen any time are more likely to look after the property carefully.
Furthermore, if you don’t inspect the property correctly, you might not be aware of maintenance issues which cause hassle for your tenants. By not attending the property and taking care of these issues, tenants will most likely leave the property when their lease is up, rather than renewing it, and spread bad word about your management.
Failing to Source the Best Contractor
Sometimes work needs to be done on the property you manage to ensure the safety of the tenants, correct maintenance issues or make the place look more appealing for future tenants. However, if you don’t take the right time to source the best contractor, you could be making a huge mistake. Avoid the temptation of a lower price and instead look for reliable and experienced contractors or there could be costly repercussions.
Better contractors will always come with a higher cost, but results will be of higher quality and save you money in the long run. This is better than a quick fix for cheap which may need work on it again in a year or two.
Not Putting Everything in Writing
As a block management company, there will be instances where you need to convey information to client and tenants. Agreements and leases are always in writing as they are legally binding contracts, but don’t make the mistake of neglecting to put other key information and communications in writing also. You never know when you may need something as evidence to back yourself against a client or tenants. You should also store photographs and timestamps of damages, as well as log conversations, emails and the dates and details of maintenance requests. Having all of this in written form, available when you need it is worthwhile even if it takes extra time and effort.
If you want to learn more about block management and how we can help you, feel free to contact us today for more information. Don’t let confusion or desperation lead to costly mistakes.