Three Common Landlord Mistakes to Avoid

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Three Common Landlord Mistakes to Avoid

Posted By Hensie Pringle     Feb 13    


There is one bedroom apartment near Garden Grove but for most DIY landlords, having to manage a property is a full-time job. Landlords have a lot to think about such as screening tenants, creating a rental agreement, collecting rent, fixing maintenance issues, and even more.


Most landlords are DIY landlords and they rush through their to-do list just to check off another task to get it over with. However, rushing steps like tenant screening might not seem like a huge issue but you could essentially end up renting to someone who refuses to pay their rent or destroys the property that you have to pay to fix.


Avoid common landlord mistakes and you can keep from worrying about having to pay for expensive and stressful problems. Some of the three most common landlord mistakes include the following:



Research the Rental Price Before Listing


Figuring out what your rent price will affect tenants' interest and how much profit you will end up making in your investment. It’s a pretty common landlord mistake to recycle your rent price year after year even though rental trends are changing. You need to avoid this, you should give your rental price a lot of consideration anytime you’re searching for new tenants. Or when you’re advertising your property and when you’re looking to sign a new rental agreement with a new tenant. Your rent price is a business decision.



Perfect the Rental Agreement


The rental agreement is the complete guide of how your rental property will be lived in and managed by your new tenants. It’s your only opportunity to lay down the law and put rules in place. One common landlord mistake is not modifying the rental agreement to showcase your own rules.


In order to avoid this mistake, you need to spend time modifying the rental agreement. You should research landlord-tenant laws to make sure you’re following state and local laws and you should even think about talking with a lawyer. The next thing to do is edit clauses for specificity and put even more clauses in as your lawyer needs.


Any rental agreement that is good is specific. For instance, if you allow the tenants to have pets then your rental agreement should say that pets are allowed in the apartment. Specify the pet size and make sure you include a deposit for the pet in the monthly pet rent.