What's the worst that can happen when you're a landlord?
Maybe you'll get a few bad tenants who'll damage your property or fail to pay rent. But none of these issues should be a big problem. Eviction laws exist to help landlords kick out such renters, right?
Well, if you're thinking like that, chances as you're a first-time landlord. Such property management mistakes can easily leave you calling in for landlord rescue.
You don't want to end up in such a situation, which also means you have to avoid some common mistakes that can land you there.
Learn more about them below.
1. Ignoring Tenant Screening
You might have heard several horror stories told by landlords who experienced the worst possible things a tenant can do. But until you're on the receiving end of things, you may not imagine it'll happen to you.
This is probably why some new landlords aren't keen on tenant screening. Once they've acquired a rental property, the next order of business is to fill it up with tenants and start earning rental income.
Unfortunately, without proper tenant screening, there's no way to tell if you're getting bad or good tenants. Most may be good, since surveys show that about 90% of renters are generally reliable. However, it's the one or two bad apples who'll make your life a nightmare.
A single eviction process can be so costly and draining that you resolve to get landlord rescue.
2. Doing Without Rental Lease Agreements
If you're letting your property to tenants without having them sign a tenancy agreement, you're setting up yourself for failure.
A lease agreement protects your landlord rights, as well as the rights of your tenants. But it also fleshes out your rules, which tenants must follow.
Without any form of agreement, whether oral or written, you're giving your tenants free rein. They can do whatever they want, including damaging your property and possibly get away with it.
When you'll realize that you need to evict the tenant, they can challenge your decision in court, arguing that they haven't broken any rules. And you'll have a hard time countering their argument because there's no agreement.
3. Neglecting Property Maintenance
Keeping your rental property in good shape is key to preserving value and maintaining a safe and healthy living environment for your tenants. The latter is a legal requirement.
Maintenance also enhances tenant satisfaction and leads to a healthy landlord-tenant relationship.
So, neglecting property maintenance is not only a property management mistake but also exposes you to liabilities. A poorly maintained property poses a risk of injury and illness to tenants. They can leave the property and you might struggle to find new tenants.
With a low occupancy rate, you might have no choice but to hire a professional property manager to help you out.
Know When to Get Landlord Rescue
Getting landlord rescue isn't something that crosses your mind when you're investing in a rental property. However, if you make any of these mistakes, it won't be long before you're needing rescue.
If it still comes to that despite your best effort, you can find rescue at RightHouse Reality Property Management. We're a full-service property management firm, focusing on Orlando landlords.
Get in touch with us for a free consultation.
