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4 Avoidable Mistakes Landlords Make
All landlords share the same goals: To keep their tenants happy, and to run a profitable operation. However, it's easy to lose sight of the bigger picture in the hustle and bustle of day-to-day tasks.
Here is a list to help with these 4 avoidable mistakes that landlords often make.
Not budgeting for emergency costs
Any homeowner knows the importance of saving up for unexpected maintenance issues. From broken appliances to burst pipes, you can't afford to be unprepared when your tenants are depending on you. Also, keep enough cash on hand to cover your mortgage in the event of a vacancy. I personally like to have 6 months of reserves or more for my rentals.
Not following the local market
Pricing your units competitively keeps profits high and vacancies low. Always have a sense of how "rentable" your units are in comparison with others in the neighborhood. Look at amenities, upgrades, square footage, and location to determine a smart price—and reevaluate it regularly.
Not screening tenants thoroughly
Everyone wants to fill vacancies quickly—but it’s better to wait one more month than to rent to someone who will pay late, cause damage, or need to be evicted. Tenant screenings typically involve employment and income verification, a background check, credit reports, and landlord references. There are a lot of services out there that can do this for a very reasonable cost.
Not developing marketing initiatives
You don't have to be intimidated by marketing! Post to top national search websites; take high-quality photos; use an appealing headline; and write a detailed, compelling description. Walk through the unit and think about what you’d want to know or would be excited to find as a tenant. It's that simple
With more than a decade of experience, LaDawn enjoys educating first time home buyers, working with the 55+ community, relocation clients, sellers who want to downsize, step up purchase or anything in....
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