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Mistakes That Cost Property Owners Thousands of Dollars

Property Owners - Milbrook Properties - NJ FL NY

Whether you’re a homeowner, a retailer, or an office owner, your residential or commercial property is one of the biggest assets. No doubt your rental property is a great financial investment, but there exist a lot of complications in managing commercial or residential real estate. Since many property owners aren’t aware of these, they end up committing mistakes that cost them thousands of dollars. Here are some of those common mistakes:

Being Friends with Your Renters

You should definitely be courteous to your residents, but this doesn’t mean you become friends with them. In fact, this can be one of the biggest mistakes you can make as a property owner. When this happens, you’ll start giving them preferential treatment, overlooking various things such as un-filed evictions or late rent payments. Plus, not treating all tenants equally can result in a potential lawsuit.