Published: 18/06/2018 By LiteBridge ResidentialAs a landlord, you will be aware that there are many things to think through when renting out a property, especially with so many legislations and legal requirements. However, below is some of the common mistakes that new landlords make.
1.Taking too long to turnover a property:
Every landlord would like to reduce the turnover in their properties. It can be costly to attract and retain good tenants, not to mention the costs you incur when they move out and you have an empty property losing you money. Costs such as mortgage, utilities, cleaning, repairs, and advertising, can add up rapidly, and the longer a property is empty the more the expenses start to pile up. To be profitable as a landlord, you want to turn over your property quickly to avoid extended periods of your property being empty. However, rushing to fill a vacancy without thoroughly screening a tenant can be expensive. In the long run evictions can be expensive so you will want to be sure you are not skipping our next important step screening tenants:
2. Tenant screening:
In the interest of turning over your property quickly, you may be tempted to skip tenant screening, but this is a mistake that can cost you much more in the long run. Tenant screening offers many benefits. It helps you to ensure you have a tenant in your property that will pay their rent and be a reliable tenant. A tenant screening service from LiteBridge Residential is quick and easy and allows you to pass on the screening fee to the applicant. A good tenant screening service saves you time, energy, and money. Spending a little time and effort on screening tenants beforehand could prevent costly evictions later.
3. Doing an inventory inspection of your property:
Another common mistake landlords can easily avoid it to make is to ensure they conduct a move-in/move-out inspection of their property. If you do not document the condition of the property before the tenant moves in, it becomes quite difficult to prove that he or she caused any damage found after moving out. Take pictures of the property before the tenant moves in and do the exact same thing when the tenant moves out and compare the two damages. It is also important to document and keep receipts of all repairs carried out because of the tenant’s wrongdoing. It’s important to keep a record of invoices, receipts and description of the repair carried out. As this will help you defend against challenges from tenants that you are wrongfully withholding a deposit.
4. Schedule Regular Property Inspections:
By arranging regular property inspection, you can keep a closer eye on your property. If you notice an issue during an inspection it can be addressed right away which will save you money in the long run. When doing an inspection, keep it casual with the tenant, so as not to alarm them or make them feel like their privacy is being invaded. Always provide the tenant with a 24 -hour written notice before conducting a property inspection. A comprehensive rental property inspection can help protect your investment and clarify expectations with the tenant. Every damaged item, scratch on the hardwood floor or scuff on the wall should be noted in a report, along with photographs.
5. Mismanaging the property
You may not want the hassle of managing your property as it can be time consuming, but your tenants expect a high level of service when they are paying rent, therefore, it is important to make sure that you keep on top of what is going on and respond quickly to any queries or problems.
If you do not have enough time to manage the property yourself and need a helping hand, you should consider paying for the professional Service that we provide here at LiteBridge Residential our tailored service will allow you to take a back seat.