Before he made the decision to transition into the food establishment management industry, Joseph Mignone Delaware was a successful real estate appraiser and property manager who offered his services to a number of clients in New Jersey. Those who are new to property management often find that they end up making mistakes, especially if they are not cautious, so try to keep the following blunders in mind to ensure you avoid them.
No Written Agreement
Whenever you assume responsibility for a property, it is crucial that you create an agreement in writing that is signed by all parties involved. This allows you to outline the roles that each participant in the relationship will play, thus allowing for more effective management of the property. Failure to do this could cost you dearly if a dispute arises.
Create Good Tenancy Agreements
It is likely that part of your role as a property manager will be to create tenancy agreements for the people living in the building. Many who are new to the industry try to save money by drafting their own or altering existing agreements that they have found elsewhere. This can leave you open to a variety of issues, so always make sure you consult a legal professional.
Poor Management of Security Deposits
Joseph Mignone Delaware notes that property managers may also be called upon to handle tenants’ security deposits. Many end up keep the deposits themselves, which often means that they are liable for paying interest on them. To avoid this, make sure to place all deposits in a proper trust account.
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