The most common mistakes that Landlords make and how to avoid them:

When it comes to being a landlord, there are a lot of upsides and rewards to your investment. However, no reward comes without some kind of pitfall. There are so many small mistakes that you have an opportunity to make, no matter if you’re just starting out as a landlord or you’ve been in the game for years. Therefore, it is vital that you seek out what these mistakes are to enable you to avoid them.

The first and foremost mistake that most landlords make is not properly vetting their prospect tenants and quickly skipping over reference checks. Reference checks are an essential part of the letting process as they allow landlords to know the tenant’s suitability and their level of reliability. A landlord knowing this information, mitigates any potential risks to the tenancy. By you taking your time to verify the prospective tenants; credit history, income, employment status and references. Your property is 9 times out of 10 going to be better looked after and you will heavily avoid any disputes down the line.

The second mistake that we see landlords making is not keeping up to date on all the rules and regulations that are constantly being updated and changed. These rules include safety standards, eviction rules and deposit handling. All very essential to avoid disputes with your local council and getting in trouble with the law. Therefore, we strongly recommend that you are constantly checking over the current legislation and seeking professional advice where you have a grey area. As this is not a mistake you want to make once, let alone keep making.

The third most common mistake is not keeping on top of your current properties repairs and delaying them when mention. Things that seem like small issues can quickly and drastically escalate into a far more dangerous and expensive projects. When you, as a landlord, go ahead and respond promptly to all your maintenance requests, then you will keep up a good relationship with your tenants and maintain a streamline work life for yourself and those around you.

The last mistake is then, when you do not keep a satisfactory level of communication, meaning you are not reachable or too vague with the information you are providing your tenants with. This will drive away tenants, as they may begin to feel like they are not being taken seriously or are not being cared for. Therefore, you should always ensure that you have an open streamline path of communication with each one of your tenants and ensure that all conversations are documented to avoid any legal issues later down the line.

Overall, Land lording isn’t just about handing over the keys, it requires planning, professionalism, and an initiative-taking approach. By learning from common mistakes and staying informed, you can protect your investment, maintain positive tenant relationships, and build a successful rental business.

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Additional reads:

How to Respond to an Unauthorized Person in Your Rental Property

Ensuring your property is ready for the rental market.