Managing a rental property takes up a significant amount of time and energy, though it can be a particularly lucrative investment. There are many mistakes that new landlords may make, but understanding these mistakes can help you to avoid them. Here are a few of the top landlord mistakes for you to be aware of.
Keeping tenants happy should be the priority of a landlord. Tenant satisfaction keeps tenants on the property and reduces the likelihood of vacancies. Ensure that you remain available and respond quickly to requests from your tenants.
Failing to Properly Turn a Unit
You only get one chance to make a first impression. For this reason, it is incredibly important to ensure that you properly turn the unit before a new resident moves in. Ensure that the unit is cleaned effectively and that any repairs or maintenance are made prior to moving in.
Ineffective Tenant Screening
It is easy to become complacent when it comes to screening your tenants. This step, however, is one of the most important ways to prevent damage to your property. Ensure that you complete thorough screening processes, even when you are in a hurry to fill a vacancy.
Not Understanding Laws
There are many laws that landlords are required to follow. It is important to familiarize yourself with these laws to ensure that you comply with them. Fair housing laws, for example, prohibit discrimination in housing. There are also set eviction laws, required notices, and many other procedures that landlords must follow. Being a landlord can be overwhelming. Here at the Fort Lauderdale Keyrenter, we understand this, which is why we offer expert guidance and services to optimize your business. Contact our experts today to learn more about how to avoid many of the common mistakes that landlords make.