Have you recently become an accidental landlord, and you're finding that navigating the real estate space isn't as easy as you might have once thought? There's no need to panic; accidental landlords make mistakes, but it's easier to avoid them if you know what they are.
We've got a list of landlord mistakes listed below and some valuable tips that will help you to avoid them. Check out our landlord guide now before you do anything else.
Choosing the Wrong Tenants
When you don't take the time to find the right tenants, you could place the wrong ones in your home. Having the wrong tenants live in your property can be a nightmare and make you reconsider being a landlord altogether.
Before you allow anyone to move into your property, the first thing you should do is screen your tenants. When you take the time to screen tenants, you'll find out red flags that might make you reconsider their application.
It also ensures you find people to live on your property that is responsible and could become long-term tenants if everything works out.
Infringing in the Legal Department
As a landlord, there are many laws in place that you have to know. When you don't take the time to do your research or find out the specific ones that apply to your area, you risk infringing upon them.
For example, as an accidental landlord, you might not have taken the time to learn about your tenant's rights. This could leave you entering their home without giving notice which isn't something you should ever do.
Another reason you need to know the legalities that come with being a landlord is to protect yourself. Understanding the laws in your area can reduce the chances of your ending up in court for doing something wrong.
Not Considering the Cost of Repairs
Whenever something is wrong with your property, you need to fix it right away; otherwise, it can turn into a more significant problem. Another mistake you might make as an accidental landlord is underestimating the cost of making repairs or performing ongoing maintenance.
Tenants don't want to live in a dangerous place or have several appliances that don't work. Before you allow tenants to move in or begin renting out your property, set aside money to make upgrades and repairs to the property.
By saving money, you'll never be surprised that your tenants submit a maintenance request or when it's time to perform regular upkeep on the property between tenants.
Accidental Landlords and Mistakes They Make
Whether you've joined the league of accidental landlords or have chosen this career on purpose, there are mistakes you're going to want to avoid. One mistake is not taking the time to screen your tenants, while the other is not planning for repairs.
Are you in need of help as you continue to navigate being a landlord? Contact 33rd Company Property Management for all the resources you need to succeed.