{"id":6439,"date":"2014-05-19T12:50:33","date_gmt":"2014-05-19T12:50:33","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=6439"},"modified":"2014-05-19T12:50:33","modified_gmt":"2014-05-19T12:50:33","slug":"5-property-management-mistakes","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/","title":{"rendered":"5 Property Management Mistakes"},"content":{"rendered":"

5 Property Management Mistakes<\/h2>\n
\"5<\/a>

5 Property Management Mistakes. Image courtesy of digitalart \/ FreeDigitalPhotos.net<\/p><\/div>\n

\u201cIt doesn\u2019t matter how good you are in the property management business, there\u2019s always something you\u2019re can get sued for,\u201d Lori Burger, CPM and the Institute of Real Estate Management\u2019s 2014 president-elect, said at a property management forum Thursday during the REALTOR\u00ae Party Convention & Trade Expo in Washington, D.C.<\/p>\n

Part of it is just the nature of the business: Balancing relationships and contractual agreements with both property owners and renters can leave property managers open to litigation from all sides. To mitigate this, Burger outlined five common mistakes property managers make and five ways they can protect themselves.<\/p>\n

Mistakes<\/h4>\n
    \n
  1. You don\u2019t have a written property management agreement<\/strong>. Burger calls this \u201cyour greatest protection.\u201d The agreement should clearly state your responsibilities as the property manager and your client\u2019s responsibilities as the property owner. Do not perform work that is not listed in the agreement as part of your management duties.<\/li>\n
  2. You\u2019ve pieced together a makeshift lease agreement.<\/strong> \u201cDon\u2019t take a lease agreement you found somewhere and edit it to meet your needs,\u201d Burger said. Draw up a lease with your attorney, and make sure it complies with laws while still meeting your needs.<\/li>\n
  3. You don\u2019t put the security deposit in a proper trust account<\/strong>. If you hold a renter\u2019s security deposit for the owner yourself, you may be required to pay interest on it.<\/li>\n
  4. You don\u2019t make the tenant sign a move-in and move-out form<\/strong>. \u201cYou should personally do a move-in and move-out inspection and checklist with the tenant,\u201d Burger said. You need to be able to document the condition of the apartment at both move-in and move-out times. Take photos and video, and save them to the tenant\u2019s file. One thing many property managers overlook is documenting the serial numbers of a unit\u2019s appliances. That way, if tenants take appliances with them when they move out, you can track them down more easily.<\/li>\n
  5. You incorporate a lease-purchase agreement into the lease agreement<\/strong>. Should an issue with a tenant arise that lands you in court, a judge could have a hard time determining whether the property is purchased or leased \u2014 thus making it more difficult to determine what your rights are as the property manager. Keep lease-purchase and lease agreements separate.<\/li>\n<\/ol>\n

    Successful Strategies<\/h4>\n
      \n
    1. Keep properties close together<\/strong>. You might not have the staff to manage properties that are too far apart from one another. Distance shouldn\u2019t be a factor that makes it difficult for you to keep an eye on your inventory. Generally, properties shouldn\u2019t be more than 25 or 30 miles apart, Burger said.<\/li>\n
    2. Select tenants very carefully<\/strong>. \u201cI would love to believe that I am the best judge of character there is, but I\u2019m not,\u201d Burger said. \u201cIt\u2019s unfortunate when people you think will prove to be good tenants turn out not to be.\u201d Have strict criteria for renters to meet, and do not make exceptions.<\/li>\n
    3. Be visible to tenants<\/strong>. Keep in communication with tenants, and be responsive to their needs. Most times that will give you an opportunity to swing by and check on the property.<\/li>\n
    4. Stay in touch with the client.<\/strong> \u201cWe\u2019re not just collecting rent,\u201d Burger said. \u201cWe\u2019re there to preserve, protect, and enhance the owner\u2019s investment.\u201d She said her company once set up roof inspections for all its clients for $250 apiece, giving the owners a chance to opt in or out. \u201cIf the owner knows you can add value like this, you can turn that client into a referral,\u201d Burger said.<\/li>\n
    5. Charge what you\u2019re worth<\/strong>. Many will be tempted to lower their fees to land the deal. But that can backfire. \u201cYou need to be compensated for the work you do,\u201d Burger said. Don\u2019t sell yourself short, and if you do extra work, charge accordingly for it.<\/li>\n<\/ol>\n
      \u2014Source REALTOR Mag<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

      5 Property Management Mistakes \u201cIt doesn\u2019t matter how good you are in the property management business, there\u2019s always something you\u2019re can get sued for,\u201d Lori Burger, CPM and the Institute of Real Estate Management\u2019s 2014 president-elect, said at a property management forum Thursday during the REALTOR\u00ae Party Convention & Trade Expo in Washington, D.C. Part … <\/p>\n

      Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-6439","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\n5 Property Management Mistakes - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-property-management-mistakes\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-property-management-mistakes\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"5 Property Management Mistakes\",\"datePublished\":\"2014-05-19T12:50:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-property-management-mistakes\\\/\"},\"wordCount\":668,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-property-management-mistakes\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/05\\\/ID-10046080.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-property-management-mistakes\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-property-management-mistakes\\\/\",\"name\":\"5 Property Management Mistakes - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-property-management-mistakes\\\/#primaryimage\"},\"image\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-property-management-mistakes\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/05\\\/ID-10046080.jpg\",\"datePublished\":\"2014-05-19T12:50:33+00:00\",\"breadcrumb\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-property-management-mistakes\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-property-management-mistakes\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-property-management-mistakes\\\/#primaryimage\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/05\\\/ID-10046080.jpg\",\"contentUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/05\\\/ID-10046080.jpg\",\"width\":266,\"height\":400,\"caption\":\"5 Property Management Mistakes. Image courtesy of digitalart \\\/ FreeDigitalPhotos.net\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/5-property-management-mistakes\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"5 Property Management Mistakes\"}]},{\"@type\":\"WebSite\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/\",\"name\":\"Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"description\":\"Properties and Real Estate for Sale\",\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\",\"contentUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\",\"caption\":\"admin\"},\"logo\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\"},\"description\":\"For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both. Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary. Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that \u201cperfect\u201d property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently. When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting \u2013 or exceeding \u2013 his clients\u2019 expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame. For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania\u2026 call Anthony DiDonato.\",\"sameAs\":[\"http:\\\/\\\/www.anthonydidonato.net\"],\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"5 Property Management Mistakes - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/#article","isPartOf":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/"},"author":{"name":"admin","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908"},"headline":"5 Property Management Mistakes","datePublished":"2014-05-19T12:50:33+00:00","mainEntityOfPage":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/"},"wordCount":668,"publisher":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908"},"image":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/#primaryimage"},"thumbnailUrl":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2014\/05\/ID-10046080.jpg","keywords":["Anthony DiDonato","News","Real Estate","tips"],"articleSection":["News","Real Estate Tips"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/","url":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/","name":"5 Property Management Mistakes - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania","isPartOf":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#website"},"primaryImageOfPage":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/#primaryimage"},"image":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/#primaryimage"},"thumbnailUrl":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2014\/05\/ID-10046080.jpg","datePublished":"2014-05-19T12:50:33+00:00","breadcrumb":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/#primaryimage","url":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2014\/05\/ID-10046080.jpg","contentUrl":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2014\/05\/ID-10046080.jpg","width":266,"height":400,"caption":"5 Property Management Mistakes. Image courtesy of digitalart \/ FreeDigitalPhotos.net"},{"@type":"BreadcrumbList","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/5-property-management-mistakes\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"http:\/\/www.anthonydidonato.net\/wordpress\/"},{"@type":"ListItem","position":2,"name":"5 Property Management Mistakes"}]},{"@type":"WebSite","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#website","url":"http:\/\/www.anthonydidonato.net\/wordpress\/","name":"Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania","description":"Properties and Real Estate for Sale","publisher":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"http:\/\/www.anthonydidonato.net\/wordpress\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":["Person","Organization"],"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg","url":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg","contentUrl":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg","caption":"admin"},"logo":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg"},"description":"For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both. Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary. Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that \u201cperfect\u201d property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently. When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting \u2013 or exceeding \u2013 his clients\u2019 expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame. For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania\u2026 call Anthony DiDonato.","sameAs":["http:\/\/www.anthonydidonato.net"],"url":"http:\/\/www.anthonydidonato.net\/wordpress\/author\/admin\/"}]}},"_links":{"self":[{"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/posts\/6439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/comments?post=6439"}],"version-history":[{"count":0,"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/posts\/6439\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/media?parent=6439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/categories?post=6439"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/tags?post=6439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}