The Ten Biggest Landlord Mistakes
Are You Practicing Any of These Bad Landlording Habits ?
1. Landlords fail to adequately screen their prospective tenants.
Whether you rent through a real estate agent or not, you should always require a prospective tenant to fill out a rental application. Always check with previous landlords (plural), not just the one that they are trying to leave. Inquire about conduct, payment history and tenant damage. For more guidance on how to screen a prospective tenant, click on the “screening tenants” link on the left.
P.S.- If you don’t have your own rental application you can click on the link and get one
2. Landlords do not familiarize themselves with the local and state laws
You cannot manage your property effectively without knowing the landlord/tenant laws in your area. This negligence will come back to haunt you by costing you money. At bare minimum, you should familiarize yourself with your local building codes and Fair Housing Laws.
3. Jumping into property management without knowing anything about it.
Capital improvements always bring excellent dividends to the owner, not to mention added value should you ever want to sell. Also, keeping a good tenant comfortable is a good thing to do.
P.S- Do you know that there are lots of government programs that will provide grants or financial subsidies to landlords whose tenants meet certain income criteria? As a member of L.A.W. we will keep you informed of the many government programs that you may be eligible for and tell you where and how to apply.
9. Landlords do not exchange information with other landlords
10. Landlords get involved in subsidy programs that they know nothing about.
If you accept tenants from subsidy programs, like Section 8, Emergency or Transitional Housing, or Shelter Plus Care, you should understand how these programs work, who’s paying you, and what your responsibilities are. Don’t wait for something to go wrong before you start asking questions.
And there you have it! If you are practicing any of these bad landlording habits, start making a conscious effort to change your ways. It will make life easier for you. We’re here with the information you need to get started.