Being a landlord can be extremely rewarding. However, it can also be overwhelming and challenging. If you aren’t careful, it can result in costly mistakes. Though a couple of landlord mistakes are small and might not have much effect, others can be drastic. That’s why most landlords hire a property manager for small property manager fees Garden Grove.
Here are a couple of common property manager or landlord mistakes that you should avoid:
Poor Property Maintenance
Maintaining your property properly is simply good business. It can be a major property management mistake if you fail to maintain regular maintenance. Aside from making sure that tenants are caring for the property, performing routine property inspections also helps discover minor issues that require attention.
Preventing regular inspections and maintenance can lead to more major issues in the future sine minor problems can transform into major ones. Routine inspections can also help you identify the destruction of the house from the tenants or tenant housekeeping problems.
Getting Too Friendly
Communication is vital. However, it isn’t also an excellent move to get close personally with tenants. You should not establish a personal relationship with the tenant. They might take advantage of you if they feel you are friends. This means that they may assume it’s fine to break the rules without penalties. An excellent relationship might probably make them violate the terms of the contract or late on rent payments. In addition to that, it may be difficult to enforce the terms of the contract or execute a rent increase if you are extremely friendly.
Keep in mind that being likable and friendly will help you keep and look for new tenants. However, you should not cross the line to friendship. You’ve got to keep a professional relationship. You’ve got to handle your tenants with great client service, assertiveness, and leadership.
In every relationship, communication is crucial. This is particularly true when it comes to the tenant/landlord relationship. It will result in a generally unsatisfied tenant, poor property ratings, and non-renewals if you lack communication with your tenants. This will eventually lead to vacancies. This will mean that you will not have the constant flow of income that you need.
Insufficient Tenant Screening
One vital component of the leasing process is screening a prospective tenant properly. This process will help you prevent a lot of problems in the future. Aside from a regular credit check, a thorough screening will confirm the employment and income of the potential tenant. You should also examine the eviction and rental history of the applicant. Criminal background checks is also vital to ensure you are protecting the other tenants, your neighbors, and your property.
Another vital point with applicant screening is to ensure all applicants are treated the same. They’ve got to held to constant screening criteria. Constant screening criteria will guarantee you’re keeping with the Fair Housing Act and protecting yourself from allegations of discrimination in screening practices. Hiring a property management company is the best way to do this task.