If you think that tenants have the exclusive right to repent after renting a home or property, you could be wrong. Landlords also regret only several weeks or months after letting in a tenant, or even before potential tenants flood the hotlines. Here are five common regrets on landlord lists.
Failing to conduct a tenant assessment
This is probably the most common regret from homeowners. There are times when businesses rule the minds of homeowners that push them to accept whoever comes as the first tenant. This is very risky considering that a background check is not performed. Landlords who have not done a tenant appraisal often fall victim to criminals, scammers, and tenants who simply disappear without paying their rent.
Failure to implement repairs and fixes
Tenants have the right to demand repairs and repairs to the property, especially if they have just moved in. But as a common practice, the landlords should have let the repairs be done before the tenant moved in. When tenants learn of incomplete arrangements, some of them easily end the lease and look for another property to rent.
Not pricing correctly
Even with a lot of publicity efforts, some landlords are unable to catch a tenant. This is often associated with an inappropriate price tag. The landlord may have the right to request rental rates that have profitable margins, but not to the point of overvaluing. Homeowners should always consider their competitors, who may be setting prices lower than what you are offering. It is always worth having a thorough investigation and study of similar properties across the street or within your neighborhood or community. Through this, the owners will definitely have a good idea of prices for the amount of the rent.
Don’t put all the touchpoints within the ads.
Different tenants may have different preferences when it comes to communications. Another common landlord mistake is the absence of all possible contact details in their listings. Put landlines, mobile phones, email addresses, and even social media accounts where potential tenants can send correspondence. Landlords have to create the impression of comfort even before the right tenant is selected.
Don’t ask for professional help
While it is good to manage properties on your own, there are times when professional assistance is needed. Homeowners with multiple rental properties may need the professional help of experts such as property management specialists. Regret for not using their services usually stems from lack of time and inability to do the paper work associated with leases.