Throughout our years in professional property management, we have found that landlords and rental property owners seem to make common mistakes. Today, we are sharing some professional advice to help you avoid these mistakes and have a successful landlord experience.
Mistake No. 1: Choosing Bad Tenants
You don’t want to make the mistake of choosing a bad tenant. If you have a tenant in your home who isn’t paying rent on time and not performing as agreed in the rental contract, you’re going to have a difficult time managing that property and that tenant. It’s critical to find a good tenant. Use a detailed screening and application system to ensure you get the best possible tenant. You want someone who will consistently pay rent and take good care of your property.
Mistake No. 2: Writing Bad Contracts
The purpose of a rental contract is to protect you and your property. If you have a bad contract in place, or one that’s insufficient in its protections, you’re going to run into problems. Hopefully, you’ll never have to go to court. However if you do need to go to court or file an eviction, the first thing the judge will look at is your contract. It has to be airtight and protective. Contact a property manager or an experienced attorney if you’re not sure where to get a good rental contract.
Mistake No. 3: Bad Management
Bad management practices will lead to bad experiences with tenants. It’s very important that you take care of your home and the tenant who is renting that home. Respond to maintenance and repair requests right away and address any health or safety issues that come up. You’re required to maintain a habitable home when you rent out property.
Mistake No. 4: Poor Communication
If you don’t have good communication skills, it’s going to be tricky for you to be a successful landlord. It’s necessary to be in constant contact with your tenants. This is the only way to resolve issues and take care of complaints. This becomes especially important if your tenants are late paying rent. You’ll need to start talking to them immediately so you can find out why rent is not coming in. The sooner you have the information, the sooner you can take action.
As a landlord, you’ll want to avoid these four common mistakes. If you need any help, contact us at Progressive Property Management, and we’d be glad to help you.