How to Avoid Common Landlord Mistakes

Investing in real estate and being a landlord is an excellent business venture. However, learning your way around the business is crucial to ensure everything operates efficiently. Here is how you can avoid the most common landlord mistakes:

1. Screen tenants thoroughly

One of the most consequential and common mistakes landlords make is not screening their tenants thoroughly. That can lead to a multitude of problems, from delinquent rent payments to damage to your property. Check detailed references and run credit and background checks on all potential tenants to ensure you have the best tenants possible.

2. Get everything in writing

Another critical mistake is not obtaining everything in writing. This includes the lease agreement, rules or regulations, and anything else you expect your tenants to adhere to without fail. You can avoid misconceptions later by putting all the details of your arrangement in writing. You should also have a qualified attorney read your rental agreement to make sure it’s legal and ethical.

3. Know the landlord-tenant laws

It’s critical that landlords know the state’s landlord-tenant laws, which can vary considerably from one state to another and are continuously changing. Be sure to familiarize yourself with and follow the laws in your state to avoid consequences.

4. Keep up with maintenance and repairs

Failure to keep up with maintenance and even minor repairs can lead to major and costly problems in the long run. Regular inspections and maintenance are essential to your property’s habitability and prosperity.

5. Maintain good records

Another mistake some landlords make is not maintaining detailed records. Remember, being a landlord is a business venture that requires exceptional paperwork and bookkeeping. Be sure to keep precise and excellent records of all communications with your tenants and any maintenance or repairs that have been made.

6. Obtain proper insurance coverage

You must obtain and maintain the proper insurance coverage for your property to avoid a lawsuit if something goes awry. Insurance may seem costly, but the policy will protect against horrible consequences that will cost you much more. Be sure to require renter’s insurance coverage from your tenants as well.

‍

Contact us at Barsky Property Management to learn how we can help you to avoid these mistakes and keep your property operating efficiently and profitably.