Thursday, April 10, 2014

3 landlord mistakes to avoid

Landlords enjoy a number of perks, however, when it comes to dealing with tenants, they also face great responsibility. The benefits of being a landlord include earning a steady income without having to work an eight-to-five job. In order to maximize these benefits, it’s important to be responsible and cautious in order to avoid some of the common landlord mistakes.Get some tips...

It's important to keep your tenant happy and satisfied with his or her stay at your rental property, so don’t put off any repair or regular maintenance issues.

1. Not doing a background check on a tenant

You may think that getting a tenant, any tenant, is a surefire way of meeting your bottom line. However, don’t underestimate the headaches and expenses associated with renting to a bad tenant. Most of the time, having a vacancy period is better than settling for a bad tenant.

It’s important to perform a background or credit check on a prospective tenant to figure out his or her capability to shoulder your rental fees. It’s entirely possible that a seemingly good-mannered and well-to-do person will avoid paying rent and run out on you. On the other hand, a person may just be living well beyond his or her means. Take precautions by checking a prospective tenant’s financial background, employment and criminal records to ensure a safe and hassle-free tenancy. 

2. Failing to make a clear rental agreement

Even when dealing with a tenant that has rented your property for many years on end, disputes may still arise. In these cases, your best bet is a clearly, communicated rental agreement. If you’ve detailed terms and conditions for several foreseeable scenarios such as failure to pay rent and excessive property damage, it will be easier to settle matters peacefully. Having a clear document that has been read and signed by both parties provides a solid foundation you may go back to in case of disagreements. 

3. Putting off repairs and maintenance

Having a good tenant is every landlord’s dream. Someone who pays rent on time, doesn’t disturb the neighbors and takes care of your property will save you from unnecessary headaches and expenses. It’s important to keep your tenant happy and satisfied with his or her stay at your rental property, so don’t put off any repair or regular maintenance issues. Return your tenant’s calls within twenty-four hours, and address his or her concerns as soon as you can.


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