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If you’re a first-time rental property owner and landlord, then let us be the first to welcome you to the business! It might seem a little overwhelming at first, but with some time and preparation, you’ll get the hang of it soon enough. There are plenty of resources available to help you avoid some of the common mistakes and pitfalls that plague inexperienced owners. If you’re looking to save time and money up front, then you’ve come to the right place. Talley Properties is here to discuss the top three mistakes to watch out for and how you can avoid them. Without further ado, let’s jump in.
1. Subpar Screening Process
The tenant screening process is a tricky one. As a landlord, you’ll want tenants that are reliable and trustworthy, preferably with a history of sticking to their financial commitments. At the same time, you must be careful to comply with the 1968 Fair Housing Act that prohibits discrimination based on race, skin color, sex, nationality, or religion. Background checks are essential for unearthing employment history and previous landlord references. Some new owners will skip background checks altogether for the sake of getting a tenant in as quickly as possible, but that’s not recommended.
2. Lack of Records & Documentation
When first starting out, you might find it very unintuitive to record and document every bit of communication with your tenants. But it will soon become second nature, and it may prove very useful in the future. Set the precedent in your professional relationship by having tenants sign a lease physical lease agreement, outlining the responsibilities and expectations of both parties. Going forward, you should document and file every maintenance request, phone call, voice mail, or other form of communication for your protection. You never know when you might need to present evidence and fight a false claim or lawsuit.
3. Improper Budgeting & Money Management
You might expect that your property will always be filled, constantly producing a steady stream of passive income. But that simply won’t be the case. It’s important to budget for dry spells when your property sits empty. Moreover, make sure you’ve properly estimated the monthly maintenance expenses in order to keep your space comfortable and up to code. The worst thing you could do as a landlord is underestimate and under-budget, so be conservative when it comes to saving for a rainy day.
Save Time & Money With Charlotte’s Best Property Manager
Here at Talley Properties, we aim to provide valuable services that help our clients increase their return on investment. Invest in your future and avoid the common pitfalls of rental property ownership by putting us to work. Want to learn more? Contact us today to get started!