Renting your property is never easy. It's a decision that requires hard work and financial investment. So, you should thrive to do your best by avoiding these 8 common mistakes.
1. Overpricing your rental property
As strange as it might seem, you're not the only one who dictates your rental price. When you choose to lease your property, you have to take into account the market price. Setting a value that's far beyond or below the average rental price won't benefit you. If you want to leverage your property you must be aware of the local lease trends. Otherwise, you risk underestimating your property's value or failing to find tenants.
2. Not Advertising Your Property
The key to finding tenants fast is effective advertising. If you just post some random ads online, you shouldn't wonder why the phone's not ringing. Efficient property advertising starts with finding the right marketing channels. You can search for them on your own, or you can hire a firm like ours who knows where to list your property both locally and online.
3. Neglecting Maintenance Needs
Maintenance costs should never be ignored. If you decide to rent your property, you must be able to care for it properly. Otherwise, your rental home's value will gradually decrease. If you live in a different state and can't afford to commute to your rental house for maintenance requirements, we can help you. Our firm offers free maintenance services for those who choose us as their property agents.
4. Letting Tenants Handle Repairs
Many owners allow tenants to take care of repairs themselves and deduct a part of their rent in exchange. Are you sure your tenants are willing to invest all that money and effort to fix the damages? Giving them the freedom to repair your property can be both costly and inefficient. You should work with experts who have the right skills to perform the repairs. Besides, if one of your tenants gets injured while fixing something on your property, you might be held responsible and required to pay their medical bills. By hiring us as your property manager, you can forget about these worries because we offer free repair services.
5. Not Knowing Local Property Laws
Rental housing laws are not simple recommendations. Every house owner who wants to rent his or her property should be aware of the laws that regulate housing in their state. If you're not up to date with these laws you expose yourself to serious risks like fees or legal action.
6. Checking on Your Property Rarely
Hearing landlords complain about property damage is no news and this often happens after tenants have moved out and it's time to find new ones. Yet, sometimes it takes months between these two events and during this time your property should be regularly checked. By doing so, you can fix the existing damages and prevent further issues.
7. Not Having a Managing Agent
If you own a property in a different city or state, you do need a property management agent. There are countless property-related issues that might come up. If you're not there to care of things, someone else must do it for you. That someone is a property management service provider like us. We can handle all your property needs from tenant screening and placement, to house maintenance and repairs.