10 Common Mistakes of Landlords
Posted by Rentate | Posted in For Landlords | Posted on December 15, 2009
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In anything that is marketing rental properties, Landlords make mistakes in the entire process that people often have the knowledge to call them on it. That is why it is important to avoid making the following mistakes when you want to invest your money into such a thing as rental marketing. Some of the different common mistakes of landlords when they want to rent a property are:
1. Not paying attention to the Lease – You wouldn’t know it but landlords often neglect to read their own lease that they give. This will hurt you in the end if you have destructive tenants and you neglect the 30-day time period from eviction to vacancy.
2. Collection Proceeding Knowledge - When a tenant leaves suddenly, a landlord often neglects to get a little bit of knowledge of the collection process and fail to do the right things to get the money for the month that the deserters left with.
3. Ignoring the Tenant’s money issues – When tenants have money issues, the landlord often ignores it for the fact that everyone has issues. When they fail to realize that there are more issues later and even worse, it is too late.
4. Not having an attorney – Many landlords feel that they will never have any problem tenants and neglect to get an attorney. When this part is forgotten about, you can find yourself in deep water later down the line.
5. Denying the Tenants to break the lease – This is something that landlords don’t always allow. Be sure that you make sure that the tenants know of the penalties of breaking the lease, but you need to be open to people breaking the lease.
6. Failing to evict all who live in the area - Sometimes landlord forget that there are more than one person living in the area and only evict one. Or in cases when the others are not on the lease, they forget to put “and all those who occupy”.
7. Editing the lease – Sometimes landlords can make mistakes in the lease that can come back later and hurt them if it is a serious mistake. Some editing of the lease before signing will eliminate any chance of having all the letters in the right place and all the areas clear.
8. Failure to be prompt on repairs – Nobody likes it when a landlord doesn’t get the repairs done when they happen. Some landlords neglect repairs until it is too late and there becomes a bigger problem.
9. Not having a bank account – Commonly, landlords have the neglect of owning a bank account. In a lot of cases it is about cash in hand. This is a mistake a lot of landlords make when they first start out.
10. Charging under the worth- New landlords often undersell the area and charge under the price it should be. Don’t sell yourself short.
Rent marketing is a simple business if you have the right tools to operate. Landlords are going to make mistakes and that is something is going to have to be understood. However, there are many techniques that will help you remember every detail when you are just starting out. Good luck and have fun!
