The four types of property mismanagement that affect many rental properties are:
1. Tenant mismanagement: This occurs when there are no tenant qualification standards, screening requirements, or eviction procedures in place. Tenants are selected strictly on a "first-come, first-served basis," and there is no sense of urgency when it comes to evicting tenants for nonpayment of rent.
2. Financial mismanagement: This happens when units are rented at below-market rental rates, there is no organized effort to collect rental payments in arrears, and there are no formal records being maintained for income and expenses.
3. Maintenance mismanagement: This is the result of tenant maintenance requests being deferred or botched by hapless handymen masquerading as professional repairmen and no preventive maintenance program in place.
4. Records mismanagement: This happens when there are no formal property, tenant, employee, and tax records being maintained for the property.
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