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Unreasonable Landlord Behaviors
Being a landlord is not an easy job. It’s a mix of good and bad events. Experience gained by personal mistakes is often more helpful. But the more the mistakes more delay in reaching the goal. So with a little education there are some mistakes that can be avoided. Here are few common landlord mistakes that could be avoid making. Although property dealing is not a rocket science but requires knowledge and experience to become a successful landlord.
Don’t ignore repair issues
One of the most deadly mistake that landlord make is ignoring maintenance issues. But this negligence towards the property is very deteriorating. For example, repair of a small leak of roof needs not much time and money but if ignored and not repaired in time this could result very costly. So, it’s in the best interest of the landlord to address these issues quickly to avoid unnecessary expenses as well as mental tension.
No personal relation with the Tenant
Landlords should avoid having any type of personal relation with client. It’s very nice to be interactive with the client but this line should not be crossed. Because sometimes for the sake of property one has to be a little harsh on the client. That would not be possible if there is a personal relation with the client.
Separate accounts
There is a need to make separate account, in which money for repairs and rental stuff should be saved. The most disastrous mistake that landlords commit is that they pocket all the cash flow with no or minimum cash reserve. In property management business, unexpected expenses rise out of nowhere so the landlord should be prepared for such difficult situations. If the landlord fails to do it in time it will lead to total chaos in near future for him.
Regular property inspection
The property rented out is still the landlord’s property. It’s a source of cash flow. So landlords should not forget it after renting it out. It should be the foremost responsibility of the landlord to inspect the property on regular basis. He should ensure that the property is well maintained. Checking the property on regular basis would reduce unexpected repair expenses, since most of the costly repairs build up due to lack of inspection at regular intervals.
Think about tenets choice
Landlord should Buy and decorate the property while keeping the tenets in mind and not his personal preferences. Property should be bought with a mindset of earning high returns.
Use break clause
Landlords get carried away with idea of locking new tenants into along lease. It sounds very interesting, but the landlord should also think about its drawbacks. What if the tenets are not could? What if they are damaging the property? So, to deal with such situation the landlord should use the break clause. A break clause would allow the landlord to end the tenancy early with just two months’ notice. Without a break clause landlord would have to wait until the end of their contract to get rid of them.
Don’t be greedy
The worst thing that could happen to a landlord after buying a property and renovating it is that it remains empty. Empty properties cost a lot of money. They become a burden instead of an income source. This situation occurs if the landlord sets the rent too high. Landlord is supposed to set the price according to the market value.