Most Common Mistakes Made By Investment Property Owners
These points were brought up by a property manager from out of state. We agree with them entirely...
1. Purchasing a property in poor condition
Even though the purchase price may be attractive, the amount of corrections and/or additions required to
make it inviting to potential renters can consume every bit of profit made available by a
tenant occupying the property.
2. Requesting a rent amount that is too high
This mistake leaves you with long term vacancies while generating no monthly income.
Whether it be in Portsmouth, Exeter, Hampton, Dover, York, and other nearby towns, tenants in the rental market have a good idea of what current rents should be in their specific area, and the supply of housing available.
3. Not keeping an open mind regarding applicants
The ever-changing economy has forced us all to make decisions and review tenant applications
differently. On average, tenant prospects have lower credit scores than the applicants
from a few years back…but they are slowly getting better.
4. Failure to take advice from your property management company
Of course we feel this one is key! The rental property business is complex. Years of experience have introduced us
to almost every obstacle rental ownership may present. Trust in your management
company. We can keep an eye on these other points of interest, and we are here to protect your best interest.
At Cardinal Point PM, we only earn a percentage of what we help you collect for rent. The better you do; the better we do. This added factor can assure you are starting a trusted relationship with an experienced rental company. Just ask our many references which we will be happy to provide!
5. Not addressing tenant concerns in a timely manner
Don’t be this guy! Failure to respond to tenant requests can create additional issues for a rental owner.
The rental market is highly competitive and tenants within your complex talk with each
other & potential future tenants. Failure to respond can lead to a search for better managed living opportunities.
Put your investment property in the hands of experience & reliability!
Trust Cardinal Point PM & put your property…in the right direction!
As always, please feel free to contact me regarding any property management questions. Advice is always FREE
Til next time,
Eugene P. Bilodeau
603-502-7630
