Few of us like to admit when we have made a mistake. Unfortunately, there are many mistakes that new and experienced landlords make when it comes to their business. Here are a few of the most common mistakes that you should be aware of to help you avoid making them in the first place!
Obtaining the appropriate insurance is incredibly important for a landlord. The right insurance will go a long way toward protecting your investment when an unexpected or unavoidable issue arises. It is important to ensure that you have the right type of insurance, as well as enough insurance coverage to cover possible issues.
Many new landlords don’t understand the importance of both move-in and move-out inspections. These inspections help to provide you with information regarding the condition of the property when the tenant moved into the property, as well as the condition after they moved out. This is important information when it comes to the security deposit. It can also help to inform you of necessary repairs and maintenance before they escalate to much larger concerns.
Overlooking Tenant Screening
Problematic tenants can cause a world of problems for landlords. The tenant screening process is in place to minimize the likelihood of these problems arising. Even if you are attempting to fill a vacancy quickly, it is absolutely crucial to thoroughly screen all applicants before signing a lease agreement with them.
Laws vary between regions and states. You need to familiarize yourself with the laws that pertain to the area in which your rental property is located. This helps to prevent inadvertent violations of these laws and protect your investment from potential legal consequences.
Letting Maintenance Slide
Maintenance is completed primarily to keep a building in good condition and prevent repairs from becoming necessary. When you procrastinate the maintenance of your building, it is likely that significant expenses will arise. In addition, regular maintenance will help to keep your tenants satisfied, which can reduce the possibility of vacancies. The job of a landlord can be incredibly stressful. Avoiding these mistakes can go a long way toward minimizing issues. To obtain more information about the most common mistakes that landlords make, contact us at the Keyrenter in New England.