In the real estate industry, no one is perfect and an investor will definitely make mistakes along the way. Whether you are a first-time landlord or have been in the business for a while, errors are inevitable at some point in time especially when you have to balance between your business and other aspects of our life. As a landlord, your mistakes can weaken your investment which is not a good practice as investors. Here are some blunders that all landlords should avoid at all cost.
#1.Not taking into account the kind of tenant you rent to
Having a bad tenant can be a huge deal breaker for tenants because not only will you have a tough time managing such a tenant, your investment gets to feel the pinch as well. Some tenants can cause huge damage to the apartment. This is why the screening process should be done wisely to prevent future remorse and damage.
#2.Not knowing the laws
Quite a number of landlords make the mistake of not knowing the various laws pertaining being a landlord. Being a landlord comes with responsibilities. Even though laws vary from different regions, it will be in your best interest as a landlord to understand the laws properly so you will not fall into trouble.
#3.Failure to do routine checkups
It is very interesting how some landlords rent out their properties without doing frequent checkups. Even if the tenant is a good one, you never get to know what is happening in the property when you are not watching. Tenants have the tendency to hide things from their landlords. As a landlord, you should do frequent checkups to know the condition of the house before it becomes too late.
#4.Not doing repairs
Not doing repairs or maintenance of the property will only cause greater more expensive damage long-term. Efforts should be geared towards reaping any damage as soon as possible. Good communication should also be enhanced between landlord and tenant so that damage done will be easily communicated and solved.
#5.Poor landlord- tenant relationship
Tenants are customers to landlord as so they should be treated with respect. There will be no investment without tenants to bring in money. With this fact established, landlords should be able to have cordial relationships with their tenants to help foster a longer lease period. Furthermore the concerns of tenants should be listened to so that they will have more respect for you.
The responsibilities of a landlord can be very challenging which makes is very complicated. But to get things to work out as a landlord, learn all the tricks and know which string to pull at the right time. The way to become a happy landlord is by knowing exactly what to do and say at the right time or situation.