Being a landlord entails a lot of responsibilities and it is natural to make errors along the way. You need to take care of various processes ranging from screening the tenants to listening to tenant requests. The 10 biggest mistakes commonly made by landlords are:
- Not Hiring A Real Estate Agent: Having an experienced real estate agent is a must, particularly if you have another job or reside in some place far away from your property. A real estate agent can handle all the issues pertaining to your property such as screening potential tenants, carrying out home inspections, staging your property, dealing with repair work etc.
- Not Screening The Tenants: Tenant screening is essential so that you get to know about all the details of your prospective tenants. This will ensure that no problem arises in the future due to irresponsible behavior of the tenant. Ask for employment record, credit record and criminal record etc.
- Hurrying To Fill The Vacancy: Do not be tempted to fill in the vacancy as soon as the previous tenant moves out. Instead, wait for a valuable tenant who will respect your property like his own and only then give your property on rent.
- Not Advertizing Effectively: You cannot sit back or relax and hope that new tenants will start coming in on their own. It is important not to underestimate the effectiveness of good marketing and referrals. This will get you prospective tenants at a faster pace.
- Not Communicating With Tenants: It is important to have a face-to-face conversation with your tenants regarding issues such as late rental payments or any other problem. Poor communication will eventually affect the landlord-tenant relationship in a negative manner.
- Overpricing The Property: Research online, talk to your real estate agent and know about the average rental income in your area. These are the factors that need to be considered while deciding on the rent. Don’t overprice as this will keep most of the prospective tenants at bay.
- Poorly Staging The Property: Every tenant wants to see his home in your property and therefore it is essential to stage it well. Poor presentation is a big turn-off and should be completely avoided. Beautify the interiors and exteriors if you want to attract tenants.
- Not Getting Enough Tenant References: It is important to get a good number of tenant references so that you know all the details about your tenant. Get in touch with the employer and previous landlord to get an indication of your tenant’s conduct and discipline in paying the rent.
- Not Investing Enough Time: As a responsible landlord, you need to be in regular touch with your tenants, take note of the house repairs required and resolve any tenant concerns etc. Not investing enough time may make it difficult for both the parties in the longer run.
- Getting Emotionally Attached To The Property: Your rental home should be seen purely from the business perspective. It is a means of earning cash and therefore you need to remain as objective as possible while dealing with any tenant concerns.
To rent out your Killeen, TX based home, get in touch with Hunter Rentals & Property Management. Our property managers will provide you with thorough assistance. To know more about our services, call at (254) 634 – 3311 or visit 1503 W Stan Schlueter Lp, Killeen, TX 76549.