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Common Mistakes Made by New Landlords

Buying a home or apartment building to rent out might seem like a fairly straightforward way to establish an extra stream of income. But being a landlord is more work than you might think. Property management involves much more than just collecting rent checks. You’ll also have to deal with marketing the property, screening tenants, fielding requests for repairs, and paying for the many unexpected costs that pop up. Before putting your property up for rent, familiarize yourself with these common mistakes and develop strategies for avoiding them.

Inadequate Cash Flow Analysis

Consider consulting a financial advisor for a thorough analysis of the fiduciary risks associated with rentals. If you’re taking out a loan to purchase the property, consider whether you can keep up with the mortgage payments and property taxes if your property is left uninhabited for a while or if your tenants are late with the rent. Factor in unexpected major expenses such as a new roof or water heater.

Insufficient Tenant Screening

It’s imperative that you do your due diligence with regard to tenant screening. Even if a tenant appears to be responsible when you meet him or her, there may be red flags that appear in a background check such as a prior history of evictions. It can be time-consuming to sort through dozens of rental applications and background checks, and to conduct interviews with many different prospective tenants. This is one reason why savvy landlords contract with rental property management companies to handle these tasks for them.

Noncompliant Property Maintenance

Another common mistake made by new landlords is neglecting to make sure the building is in compliance with local building codes, and that it is maintained and repaired properly as needed. Since getting a late night phone call from a tenant about a burst pipe is probably not how you’d prefer to spend your time, consider hiring a property manager to take care of these issues for you.

When you partner with MRS Property Management, there’s no need to worry about making these costly mistakes. Our property managers based in Beverly, MA, provide a full spectrum of property management services, including marketing, tenant screening, and of course, repairs and maintenance. Get started today by giving us a call at (978) 927-3690.

Categories: Landlord Tips

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