fbpx

Rookie Landlord Mistakes to Avoid

Rookie Landlord Mistakes to Avoid

There are a lot of positive results from buying your first investment property and becoming a landlord. However, being a first-time landlord may result in making some “rookie mistakes” because somethings are just learned from experience.

Take a look at some of the top rookie mistakes landlords have fallen into:

Not Properly Screening Tenants
Tenant screening is perhaps one of the most important things a landlord can do. However, some rookie landlords take potential tenants at their word and forgo a full background check thinking this will save them time and money. Unfortunately, skipping a credit check or a reference check may result in accepting a difficult or unqualified tenant. Screening potential tenants is essential. So even if a tenant seems trustworthy, it is always better to complete the full screening process before giving a tenant a key.

Not Getting Everything in Writing
One of the easiest rookie mistakes to fall into is forgetting to get the full breadth of the agreement in writing. Let’s not forget renting a property is a business; do not rely on a verbal agreement or a handshake. Make sure everything to which you agree with your tenant is in writing.

Not Knowing the Law
Is a specific tenant giving you issues? Is someone consistently not paying their rent on time? Unfortunately, a landlord cannot simply change the locks or turn off the utilities. Just as rules apply to tenants, there are laws and processes to which landlords must abide. Don’t jump ahead, learn what laws you need to know.

At MGR, we have over 30 years of professional property management experience. Our property managers are equipped with both the knowledge and first-hand experience to handle even the toughest of situations. Reach out today to see how we can best serve you and your investment property.

 

By |2020-05-06T11:00:28-07:00May 19th, 2020|Property Management Tips & Tricks|0 Comments

About the Author:

The MGR Review is designed to bring you the top news and tips regarding property management and real estate in Southern California. Our near forty years of experience in these industries give us a keen insight on how best to succeed. Let us know if there is a topic you would like us to discuss!

Leave A Comment