Mendell Gosnell, CPMPrincipal Broker, Centurion Real Estate Services · Helping Real Estate Investors Build Generational Wealth Through Smart Property Management | Branch Offices in Salem, Corvallis, Eugene and Redmond.

Top 10 Mistakes Property Owners Make When Managing Their Own Properties in Salem, OR

25 Aug 2015 · 2 min

Watch on YouTube

2:29

In this concise instructional video, Centurion Real Estate Management outlines the ten most common errors that property owners commit when they attempt to manage their own rental units. The speaker emphasizes that owners often underestimate the time and detail required, ignore opportunity costs and the time value of money, fail to verify information, skip thorough tenant screening, lack systematic processes, fall behind on market trends, neglect ongoing education, and do not keep up with ever‑changing rental laws. Each mistake is explained with brief rationale, highlighting how these oversights can lead to inefficiency, increased liability, and reduced profitability. The presentation concludes with a persuasive call to action, encouraging viewers to consider professional property management services and offering Centurion’s contact information.

Chapters

Top 10 mistakes investors make who self-manage their own property. Number 1, underestimate the time it takes to effectively manage rentals and tenants. Number 2, underestimate the details, and there's a lot of details. Number 3, not consider the opportunity cost, especially for those who are considering themselves investors or wanting to go down the investor path, making sure that you focus on your strengths, growing your portfolio, and letting others manage the details. Number 4, failing to understand time value of money, especially in relation to repairs and vacancy loss. So generally, repairs only cost more over time, and a dollar today, or rent today, is worth more than tomorrow. And so, number 5, trusting without verifying. Number 6, failing to do a thorough tenant screening, or in some cases, screening at all. 7, not having established systems and processes and protocols in place. Not only does this— is this very inefficient, but it can also set you up for additional liability. For instance, with a fair housing claim when you are not treating everyone the same all the time. And number 8, not staying current with the changing rental market, knowing what the rents are, what specials might be needed to attract tenants, and what amenities are highly desirable, and what the most effective media— advertising mediums are as those change over time. Number 9, failing to educate yourself. And number 10, not staying current with the changing laws in the industry. Even, for instance, over the last several years, we've seen the laws in the industry that affect the rental industry change almost at least once a year. And so it's very important to stay up with those changing laws. We hope that these help you to avoid blind spots or encourage you to seek out professional property management. We would love to help. Give us a call today. Centurion Real Estate Management. Thanks for watching.