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Common Landlord Mistakes

 

No one is perfect. No matter we’ve had our jobs, we are bound to make a mistake at some point. If you’re a landlord, there may be time when you encounter issues that were caused by your errors. Below we break down some common landlord mistakes and some ways you can avoid them.

Poor Tenant Screening Habits

When offering a place to rent, a landlord will be meeting with potential tenants from various backgrounds. You never know the baggage or history that someone comes with. These histories can lead to potential problems in the future. Some landlords accept tenants who have a bad credit history, eviction history, or tumultuous personal life. Be sure to ask the right questions and do thorough background checks before accepting a tenant.

Going Cheap on Insurance

One of the most common landlord mistakes involves something very important. As a landlord, you are required to have Landlord Insurance. Many landlords try to save money by taking the cheapest option. Unfortunately, the cheaper the option, the less coverage you receive. This can end up costing a landlord more money in the long run. If you need Landlord Insurance contact SkyBlue Insurance. We can help you find the best rates on Foremost Landlord Insurance. Visit our site and request a free Foremost Landlord Insurance quote today!

Not Knowing Landlord Tenant Law

It is important to know the law in the area in which you choose to buy property. Every state has their own rules when it comes to collecting and storing security deposits, maintenance, reasons for entering a tenant’s apartment, and eviction procedures. There are also federal laws disallowing discrimination for sex, race, religion, age, etc. Failure to abide by certain laws may require you to return security deposits and even may lead to a lawsuit.

Delaying Maintenance Issues

Another one of the more common landlord mistakes involves maintenance. Many tenants complain that some landlords take too long to fix certain issues on their property. Failure to fix these issues can cause tenants to withhold their rent, demand their security deposits or even open up a lawsuit.

Over-Priced Rent Rates

It is important that landlords know their market. Some landlords think that doing renovations on properties is a reason to increase the rent. This may actually prevent your property from being rented. Be sure to check the prices of other properties in your market on sites like craigslist or other real estate sites.

By avoiding these common landlord mistakes, you can ensure that everything on your property runs smoothly. Avoid any future issues by being sure to follow every procedure and law and staying on top of maintenance. Also, don’t forget to find great Foremost Landlord Insurance!

 

Common Landlord Mistakes

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Landlord Mistakes to Avoid | Landlord Common Mistakes