If you are a landlord yourself, it will come as no surprise that it is no easy feat. And if anyone tells you it is, they’re probably wrong, or they have a fantastic property manager. If you are currently a landlord or planning on becoming one, it is essential to be aware of the common mistakes a landlord can make.
Selecting your tenants
Quite often, a landlord will sacrifice what they want in an ideal tenant, to ensure their property is not sitting empty for any length of time. Rushing the process of selecting your tenants and not vetting them can lead to more costly and time-consuming problems down the track. Taking the time to secure quality tenants will save you money in the long run.
Staying on top of your property maintenance
Make sure you take care of any problems with the property before your tenants move in. Spending $100 now to fix a minor problem can save you $1000 later. It is a good idea to have a maintenance schedule, so nothing gets out of hand, and your property remains compliant at all times.
There can be a couple of reasons why properties sit vacant for long periods. Firstly, it can be because there is something wrong with it that is putting tenants off. Secondly, it may just be overpriced. Don’t put off tenants before they have even had a chance to look!
Being out of touch with the market
Along with overpricing your property, some landlords aren’t staying up to date with the changing market. Ignoring these changes can lead to their property being underpriced. By not staying up to date, you can end up in a situation where you have to increase your rent to meet the market drastically. You may also risk losing the good tenants you already have in place.
Not carrying out thorough routine inspections
Most insurance policies require you to inspect your property every three, or every six months. You don’t want to have to go and make an insurance claim, only to discover that you aren’t covered! Keep track of the inspections you are carrying out and stay on top of any maintenance required.
Getting in the experts to help
Being a landlord is an ever-evolving job, from changes in legislation to tracking routine inspections and maintenance requirements - it’s its own business. Having a property manager can quickly pay for itself. It is their job to stay up to date with any market or legislative changes etc. and ensure that you get the best possible tenants in your property. A specialist can help manage the process, reduce stress and save you time.
Now you know how to avoid some of the common mistakes a landlord can make. If you would like us to help guide you in the right direction, feel free to get in touch for free, no-obligation advice today.