Inadequate research. It’s not difficult to find tenants for your home. But, finding the right tenant takes time, knowledge and tedious investigating. Shortcuts leave you distressed and put you in a position to have conflicts with your tenant. Use a thorough screening process and verify their background information.
2. Not asking enough questions. The more you research the tenant who’s applying, the more questions you should have for them. And the more questions you ask them, the more you’ll learn. This is often skipped entirely by landlords.
3. Little knowledge or concern about the lease agreement. Lease agreements are legal contracts that lay out the responsibilities for both the landlord and the tenant. They’re long and don’t score highly on most people’s “fun” list to read. If you don’t have the desire to know the contracts, you should work with someone who does.
4. Not meeting the tenant face to face. You can learn a lot by meeting someone in person; shaking their hand; making eye contact; walking them around the property and asking questions that they have to answer on the spot. Before you and your tenant sign the lease agreement they should have walked through the property with you (or someone you hire to manage the process) and the expectations for both taking care of the home and their contractual responsibilities should be clear.
5. Poor property and tenant management. This is just the beginning. Your home and the tenant needs to be managed on a monthly basis: random property walk-throughs, air filter reminders, rent collection, basic property maintenance, organizing contractors, documenting events for good records, etc. These mistakes lead to premature and poor decisions that will deliver a terrible experience to you. If you want my help with this, please give me a call, text, or email me.
These mistakes lead to premature and poor decisions that will deliver a terrible experience to you. If you want my help with this, please give me a call, text, or email me. I’d be happy to answer any of your questions.
Josh Hayles | 409.739.7709 | Josh@MyDailyHomes.com