Popular Landlord Mistakes
Without experience, landlords can make costly mistakes that could ultimately turn to be catastrophic to the management of the property. Read to discover common and popular landlord mistakes to avoid as a landlord.
Being a landlord can be quite fruitful-but it comes with certain responsibilities that if not attended to can make your life really stressful. Here we look at common mistakes landlords make that you should avoid in order to become a profitable landlord.
Hiking the price of the property
- Over-estimating rent rates just because you did some renovation work on your rental property may not be a good idea. If you list at very high rate you may just make your property remain empty as potential tenants shy away. You can check the market rates by talking to letting agents or researching online.
- Nowadays, people who rent houses are looking for presentable homes with good furniture and finishes. Making your home more desirable by equipping it with good furnishes can greatly increase your property occupancy rates.
Not getting adequate tenant references
- Landlords need to conduct thorough tenant referencing process to ascertain the ability of prospective tenants to pay rent. References will help you determine if the potential tent is likely to pay on time and take good care of the property.
Not having a good management
- Having a good management agent to manage the property on your behalf is a no brainer. A property manager will handle problems, conduct regular inspection and maintenance as well ensuring that tenants comply with the landlord’s legal obligations.
Allowing yourself to be financially overstretched
- Most landlords opt to put 20% cash down on their investment property and the use additional cash to improve the property. Although there’s nothing wrong with this strategy, it can greatly constrain your growth in the long run.
It is important to determine all your expenses and see what you can afford as a landlord to avoid being financially overstretched. Don’t make those popular landlord mistakes – call Real Property Management Integrity today for your Riverside Property Management needs.