Whether you’re a new landlord that is learning the business or an experienced landlord that has a lot on your plate it is important to avoid common mistakes and misunderstandings that have plagued other landlords. Below is a list of costly and common mistakes that landlords and property managers make and their potential negative outcomes.
Landlords and property managers that don’t perform adequate checks on potential tenants.
Running background and credit checks can be costly and calling references can be time consuming. However, the time and money of doing due diligence is nothing compared to the time and money you will spend if you end up with a tenant that has a history of payment issues and evictions.
Landlords and property managers that fail to accurately estimate and track their own financials properly.
No matter how big or small, rental properties are expensive to maintain. There may also be times when your rentals are empty, you are losing money on evicting a tenant or have several nonpaying tenants. It is important that you understand your own cash flow and financial liabilities before you buy a new property or spend money on costly property upgrades.
Landlords and property managers that ask illegal questions during a tenant interview.
The Fair Housing Act makes it illegal to deny a tenant’s application based on their race, religion, national origin, sex, marital status and handicap. If you violate these rules you can open yourself up to lawsuits and large penalties.
Landlords and property managers that neglect their tenants.
Your property is your responsibility and if you do not check on your property and check in with your tenants on a regular basis then you may not be aware of the dismal state of your property. Neglected tenants have no problem neglecting your property.
Landlords and property managers that do not enforce lease terms.
If you’re lax about lease terms then your tenants may begin to become lax about paying rent on time or keeping your property maintained. For example, not enforcing rules about someone’s new pet could lead other tenants to believe they can bring in multiple pets or become lax in tenant responsibilities like dumping the trash in the appropriate manner and in the correct location.
Landlords and property managers that fail to have an efficient and state of the art property management software.
If your using an arcane property management system such as a paper system or just excel you are not properly managing your property. RISSOFT’s Software for Property Management enables landlords and property managers to use technology to save them time and money on a daily basis.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information. Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
#PropertyManagementSystem #PropertyManagementSystems #CommercialPropertyManagement #CommercialRealEstateManagementSoftware #BuildingManagementSoftware #ManagementPropertySoftware #PropertyManagementSoftwareCompanies #SoftwareforPropertyManagement #PropertyManagementSoftwareSystem #BestCommercialPropertyManagementSoftware #LeaseManagementSoftware #CommercialManagementSoftware #CommercialPropertyManagementSoftware #CommercialPropertySoftware #AffordablePropertyManagementSoftware #RSATennet