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Top 10 Property Management Pitfalls (Presentation by Daniel Bornstein, Landlord Attorney)

Posted on 17. Nov, 2009 by Aimee Miller in Law

On Thursday, Nov 12th we hosted a seminar in San Francisco. Daniel Bornstein, Landlord Attorney with Bornstein and Bornstein (www.bornsteinandbornstein.com) presented an insiders view on how to avoid common property management mistakes that cost your business money and result in potential liability.

Top 10 Property Management Pitfalls

1. Failure to draft and execute outstanding property management agreements at the inception of the relationship.
2. Lack of formal training and knowledge of the law.
3. Employees have little background in real estate and are often unfamiliar with landlord tenant laws.
4. Significant employee attrition due to compensation dissatisfaction.
5. Through employee attrition, losing historical knowledge of landlord and tenants.
6. Failure to be aggressive in terminating toxic relationships with difficult property owners.
7. Failure to proactively address failed tenant relationships.
8. Failure to document, disorganized filing.
9. Failure to properly manage or oversee bookkeeping, trust accounts and comply with DRE rules and regulations.
10. Failure to properly retain, monitor and oversee construction tradesmen, handymen and independent contractors.

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