Today we are talking about what a lot of landlords do wrong when they’re renting out property. There are five major mistakes that landlords tend to make.
Your Property Is a Business
The biggest mistake landlords make is that they don’t treat their rental house like a business. They might treat it more like a hobby because perhaps they used to live in that house. This is not a good idea. You wouldn’t run your dry cleaning business or your plumbing business like a hobby, so don’t treat your rental property that way.
Preparing the Property
Put the right person in charge, do the proper paperwork and fix the house up before you rent it out. Give your tenants a clean house.
Market Rent
You also want to offer the house at a market rent. A mistake a lot of owners make is that they price it above the market. Don’t try to hit a grand slam home run. You’ll get a qualified tenant when you offer the property at a market rent.
Qualifying Tenants
The failure to select a qualified tenant is another major mistake. There is no good reason for that. You can find plenty of evidence leaving clues about what kind of tenant you’re getting.
Maintenance and Repairs
Making proper repairs is also important and something landlords tend to neglect. Diagnosis is half the battle. Don’t take shortcuts when it comes to maintaining and repairing your property. Fix what needs to be fixed and fix it right the first time. Think long term. You don’t want to make a repair with only Find the Best Tenantthe short term in mind.
If you pay attention to these things, you’ll avoid 90 percent of the mistakes that most rental property owners make. If you have any questions or you need any help, please contact us at Florida Management & Consulting Group, and we’d be happy to tell you more.
Military: David Harper is a retired United States Air Force Lieutenant Colonel. As a Lieutenant he served in Southeast Asia during the Vietnam War (1968-1969) where he was a Casualty Staging Officer ( Aeromedical Evacuation). He was tasked with moving wounded Soldiers and Marines from Vietnam to various military hospitals in the theatre and eventually Stateside. After serving in several Air Force Reserve Units he was “called up” to serve in Desert Shield/Desert Storm (1990-1991) Where he was Chief Planner on the Central Command Staff for the Aeromedical Evacuation of all US Casualties during the pre-invasion and post-invasion phases. He retired from the Air Force Reserve in 1993. Currently he is the President of the Broward County Chapter of the Military Officer’s Association of America.
South Florida Property Manager Roger Schalk is a member of the National Association of Residential Property Managers (NARPM), and the Florida Association of Property Managers (FARPM). A real estate professional for 18 years he has spent his entire professional career managing and developing company’s and their employees in customer facing roles and has successfully established himself in Property Management.