There are many things that landlords are responsible for. Due to this, it is possible and even common for landlords to make some mistakes. Knowing some of the most common landlord mistakes can help you to avoid making them.
Insufficient Insurance
Insurance policies are in place to protect your investment if unavoidable issues arise. If you don’t have the right type of insurance, or the right amount of insurance coverage, it is possible that an issue can lead to financial ruin.
Not Doing the Research
There are many things that you will need to know as a landlord. It is important to familiarize yourself with the applicable laws in your area to prevent unknowingly breaking them. You also need to understand fair housing laws and become familiar with the market in your specific area. A little research can go a long way toward preventing problems.
Not Thoroughly Screening Applicants
Many landlords skip the tenant screening process, which can lead to many additional problems. A problematic tenant increases the likelihood of eviction processes becoming necessary, which can be incredibly expensive and stressful. It is crucial to screen your tenants to minimize the likelihood of obtaining a poor-quality tenant.
Skipping Inspections
Move-in and move-out inspections are an important part of renting property. These inspections provide documentation regarding the condition of the property when a tenant moved in, as well as the condition after they have moved out. This will help you to identify when you should keep a security deposit or return it to the tenant. Additionally, this will provide you with proof if the tenant tries to claim that an issue was present when they moved in.
Procrastinating Maintenance
Maintenance is incredibly important. When maintenance is not completed, repairs are far more likely to become necessary. Not only will regular maintenance prevent these costs, but it will also keep your tenants far happier with your services.
It can be incredibly stressful to work as a landlord. Don’t allow yourself to become overwhelmed and learn to seek help when necessary. Obtaining the services of a project manager can go a long way toward minimizing mistakes and maximizing your profits. To obtain more information about common landlord mistakes, contact us at the Keyrenter in Main Line today!