5 Simple Mistakes Landlords Make with Home Rentals

Being a landlord can be difficult, and it’s easy to make simple mistakes that cost a great deal of time, headaches, and stress. While most landlords do the best they can to manage their home rentals, few are immune to these five common mistakes.

5 Avoidable Mistakes Landlords Make with Home Rentals

1. Choosing tenants hastily

A bad tenant can cause serious problems. In addition to causing damage to a property, low-quality tenants may be late with rent or move out without notice. While many landlords allow themselves to feel pressured into making poor choices with tenants, the wiser choice is to take it slowly and to vet every candidate thoroughly. While this is a simple step, it can save thousands down the road.

2. Letting the property go without tenants

Too often, landlords assume that the property will always be rented, and they allow themselves to get lax about finding and securing good renters. In some cases, winding up suddenly without renters can put the landlord’s own financial well-being at risk. Because of this, it’s essential to watch your budget and be proactive about finding good renters – before you hit a dry spell.

3. Avoid making repairs

Many landlords avoid making small repairs to rental properties in order to save money. Unfortunately, these small repairs eventually come together in the form of a big issue. Save yourself time, money, and stress down the road by fixing small issues as they come up. After all, nobody wants to be left with an entire renovation.

4. Not developing contracts

Too many new landlords think a handshake and a promise is enough, and neglect to create adequate contracts or, in some cases, to create any contract at all. Unfortunately, this is virtually guaranteed to end in ruin for one or both parties. Contracts are in place to ensure the landlord and tenant’s rights, and without them, it’s impossible to enjoy a fair and functional rental relationship. With this in mind, learn how to develop good contracts as soon as possible.

5. Being too hands-off

While nobody wants a landlord that drops in unannounced, it’s also frustrating to renters to have a landlord who doesn’t show up when needed. Avoid building a bad reputation for yourself by providing your tenants with the assistance they need when they need it.

Success with Rental Properties Starts Now

Being a landlord is a difficult job, but when you avoid these five simple mistakes with rental properties, you’ll be off to a great start.