5 Biggest Mistakes that Landlords Make
Managing a rental property takes years of experience and knowledge. Without having the proper expertise, landlords may suffer from costly mistakes. At Real Property Management Columbia, we’ve managed rental property for over 30 years, so we’ve seen it all. Here are the 5 biggest mistakes that we have personally seen landlords make.
Properly screening tenants is critical to the success of a landlord. We often see properties that have no applications, no credit report, and no job verification. We understand that you want to fill your empty property quickly. However, this mistake may cost you in the long run. A screening process will ensure that your tenant will pay rent and become a reliable renter.
- Not Increasing your Tenant’s Rent
Over time, landlords must increase rent in order to keep up with inflation and the cost of living. We recommend gradually increasing rent rather than holding back for years and then increasing it by a substantial amount. If you have a good tenant that you value, you may want to consider keeping the rates the same.
- Ignoring Maintenance Issues
Failing to address maintenance issues could potentially lead to a big and expensive problem. If you want to ensure your rental property’s value and increase your overall success and profitability, it’s imperative that you never stop maintaining and improving. Tenants will appreciate a landlord who is respectful of their time by getting repairs done as soon as possible. Staying on top of maintenance also shows the tenant the type of condition you expect the property to be in when they move out.
- Having Personal Relationships with Your Tenant
Establishing a positive and healthy relationship with your tenant will make the entire process smooth and relatively stress-free. However, it’s important to draw the line between a personal relationship and a business relationship. Your rental property should be treated as a business. Therefore, your tenant is your customer, not your close friend. The more personal a relationship is, the more difficult it will be to make difficult business decisions.
- Not Hiring a Property Manager
Hiring a property manager will make all the difference. At Real Property Manager (city keyword), we’ll help you protect your investment, reduce costs, and maximize your profit. We’ll take the guesswork out of managing a property and investing in real estate. Your success if our number one priority.
Contact Real Property Management Columbia
If you want to eliminate these mistakes and become a successful landlord, contact Real Property Management Columbia today.