Chicago Property Management Blog

Six Common Mistakes Landlords Make

Six Common Mistakes Landlords Make

With real estate investments still on the rise, it’s critical to avoid common mistakes that limit growth. We gather 6 common mistakes costing landlords time and profitability. We’ve listed them here, along with the practical solutions that MF Cashflow Property Management can do to help you avoid missteps in your own real estate ventures. 

  1. No Established Processes

Many landlords are unaware of the importance of systems and organization. Rent collections are the most typical of them. Good thing everything is more effective with MF Cashflow’s established process, from rent collection to maintenance requests to end-of-lease documentation. When you have effective systems in place, you can scale your real estate business and overcome any organizational challenges. MF CashFlow makes it’s easy for the tenants to pay rent using Appfollio Property Management Software the tenant can pay online, 

  1. No Network of Vendors

While being a landlord feels like a one-person job, managing a property is not. You require a dependable and skilled group of vendors who can fill in where your area of expertise ends. You're losing valuable time that could be spent elsewhere if you're waiting on vendors who continually show up late or cancel last-minute appointments.

Landlords should, at the absolute least, have dependable partners for plumbing problems, lawn maintenance, appliance maintenance and repair, electrical problems, and HVAC.

It takes time and effort to put together a team of vendors you can rely on, but you can speed up the process by working with MF Cashflow Property Management who has already put together a team! 

  1. No Tenant Turnover Process 

Choosing the wrong tenants for your space is a common mistake. It may result from rushing the selection process, doing insufficient interviews, or using ineffective advertising. These are a few easy procedures that MF Cashflow follows in between tenancies to make sure we attract the ideal tenants for your property! 

  • Prepare. MF Cashflow reviews what happened with your recent tenants. What caused them to leave? What was effective? What was annoying? We always make sure to take into account what the property can offer the tenants.

  • Fix what’s broken. As a property manager, we don’t showcase a sub-par property. Before taking photos– and definitely before any showings– we make sure to update paint, double check the property’s curb appeal, including paying attention to your landscaping needs, if needed. In that way, we can show them the full potential of your property. 

  • Advertise. Once you’ve prepared your space and considered what type of tenant you’re looking for, it’s time to showcase the space. We then take quality photos, write an in-depth listing then advertise the property. 

  • Do Comprehensive Screening. As a property manager, MF Cashflow  performs interviews  after collecting applications and runs through a background check on every applicant. 

  1. No Regular Maintenance Checks

Where do problems pop up the most? Maintenance. The best way to avoid reactive maintenance is to make it a priority. Fortunately, MF Cashflow Property Management is making efforts in handling unit turnover, cleaning and repairs and 24/7 maintenance requests including emergency maintenance. 

  1. Lack of Communication

Tenants don’t mind hearing from their landlords regularly! It’s best to communicate early and often with tenants and respond to their requests and concerns promptly. As a property manager, MF Cashflow offers a high level customer service for both the owner and tenant, prompt response to tenant requests or inquiries, and a tenant portal for rent payments, communication and maintenance requests.

  1. Falling Behind on Bookkeeping

Landlords must keep meticulous records. When you’re loaded with maintenance requests and having trouble filling units, it can be easy to let the bookkeeping fall to one side. But every penny counts, literally. You can’t know if all this effort you’re putting forward is worth it if you’re not keeping track of your profits. Good thing that if you have MF Cashflow as your property manager, we do the property accounting; providing monthly statements and yearly 1099 reports just for you! 

No matter the size of your real estate adventure, it’s best to treat it as a business, small or large. Managing properties requires a significant time commitment and consistency, especially when it comes to dealing with tenants. This helps keep things in perspective when addressing tenant requests, maintenance issues, and other items that need your attention. You can now step back and relax while your property manager, M Property Group and MF Cashflow Property Management, oversees the project! 

M Property Group & MF Cashflow Property Management has over 65 years combined experience in specialized full-service property management and real estate services to fit your needs as a landlord. We tailor our services to ensure that you have the highest level of service for your home. We treat your investment as our own. We manage and lease residential homes, condos, townhouses and multi-family buildings and portfolios that range from one unit to 100 units and more.

Call M Property Group LLC & MF Cashflow Property Management today at 708-719-0977. We are here to help maximize your profits and minimize your headaches.