THREE COMMON MISTAKES REAL ESTATE INVESTORS/LANDLORDS COMMIT, AND HOW TO AVOID IT
In the real estate investment scene, not anything that you know will get you farther, in fact, if you own a real estate or you are some investor who believes in the promising outcome of your real estate property, then you should work hard for it but not all of us are capable doing such jobs that we fear that one wrong move could become a domino effect that could lead to bad results.
That is why you must be knowledgeable, experienced, as well as have enough time to do the load of works and of course the skills of good management for your investment, and this could be a perfect time that professional property management team or company to enter the scene.
When it comes to benefits and advantages, you can always count on these silent working professionals that make your property even more attractive in the market at the same time properly managing it and getting rid of those pesky and stubborn tenants.
However, a lot of real estate property investors and landlords are hard-headed just like their tenants and resorts to self-managing their properties which could cost them more if mismanaged that is why in this article, let us talk about the most common mistakes real estate investors and landlords do if they self-manage everything.
1. Delaying the leases and extending the vacant units- We all know that vacant units affect our income, a lot of investors in real estates already know this problem especially with the inflation rate going up and down for the past few years which tightens up the budget of potential tenants of their units, how much more if your property is not that presentable and appealing to the eyes of the miserly tenants. To avoid this from happening, try partnering with an experienced real estate property management company or team who can help you market your property at the same time give you tips on improving the look and furnish it for the new tenants that will move in.
2. Bad selection of property- Most of the time, we wrongly believe that the property we own is the best in town when in fact there are things that need consideration before we can safely say that your property is marketable enough and strategically located in an urban area where school, community amenities, hospitals, transportation, and supermarkets are available. If you have a property that is located on the outskirts of a city, make sure that it is located near the main road or have accessibility to transportation and other necessities. Also, make sure that your property can sustain itself with the absence of the mentioned amenities and facilities.
3. NOT RENT-READY- A lot of potential tenants takes a step back and walk away upon seeing busted lights, poorly painted walls and poorly furnished unit, if you happen to own that kind of unit, you should feel wary and should immediately make a move in improving it or else no one would move in to that ‘rent-ready’ unit of yours that you shamefully market to the public. If you hired a professional real estate property management team, they will take care of furnishing, renovating, and fixing all the things that need to be fixed to literally safe to say that your unit is “rent-ready”.
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