Renting to a tenant without performing the proper inquiries
Filling a vacancy with the first person to apply for tenancy is tempting, but can be problematic. Knowing that a property will be vacant soon frequently causes standards to drop and emotions to take over. The thinking that a potential tenant does not represent the perfect tenant and their income is lower than is typically required can become secondary to the fact that they do have cash NOW for the deposit and the first month’s rent. This is poor logic and can result in an undesirable occupant.
Some months later there could be a struggle to collect rents and the tenant could leave in the middle of the night owing 2 or more month’s rent and significant property damage.
Failing to treat tenants as valued customers
Tenants that are treated with respect and appreciation will feel valued and are willing to return at the time of lease renewal. However, it is important to set rules and guidelines so the tenants will not push the boundaries to see what they can get away with but it is important to do this politely.
Providing a list of move in and move out procedures as an attachment to the lease can provide the basis for a good landlord/tenant relationship.
Trying to become friends with tenants
It is important to remember you are in a business relationship with your tenants. Getting too close to occupants makes it difficult to manage issues from a logical perspective. In a tenant-landlord relationship, that is less than professional, it is difficult to deny special requests that are out of the norm and can be costly.
Ignoring property maintenance
If repairs are not done or are done superficially, the value of the property becomes devalued. Additionally, tenants will only care as much about your property as you do. An example could be if a landlord fails to mow the lawn regularly, tenants may fail to pick up trash outside their domicile.
To maintain maximum cash flow, a property needs to be maintained in excellent condition.
- On June 6, 2016