If you think that tenants have the exclusive right to repent after renting a house or property, you could be wrong. Landlords also change their minds only several weeks or months after letting a tenant in, or even before potential tenants flood contact hotlines. Here are five common regrets on homeowner lists.
Not doing a tenant screening
This is probably the most common homeowner regret. There are times when businesses rule the minds of landlords, pushing them to accept whoever comes as their first tenant. This is very risky considering there is no background check. Landlords who have not done a tenant screening often become victims of criminals, scammers, and tenants who simply disappear without paying rental fees.
Failure to implement repairs and fixes.
Tenants have the right to demand repairs and alterations to the property, especially if they have just moved out. But as a common practice, landlords should have had the repairs done before the tenant moved out. When tenants find out about incomplete arrangements, some of them easily terminate the lease and find another property to rent.
Not setting the price right
Even with a lot of publicity efforts, some landlords fail to land a tenant. This is usually associated with an incorrect price tag. The landlord may have the right to request rental rates that have profitable margins, but not to the point of overpricing. Owners should always consider your competitors who might be pricing you lower than what you offer. It always pays to have a detailed investigation and study of similar properties across the street or within your neighborhood or community. Through this, landlords will definitely have a good idea of prices for the rental amount.
Don’t put all the touchpoints within the ads.
Different tenants may have different preferences when it comes to communications. Another common mistake made by owners is the absence of all possible contact details in their ads. Post landlines, mobile phones, email addresses, and even social media accounts where prospective tenants can send correspondence. Landlords have to create the impression of comfort even before selecting the right tenant.
Not asking for professional help
While it is good to manage properties on your own, there are times when professional assistance is needed. Owners with multiple rental properties may be in need of professional help from experts such as property management specialists. The regret of not having access to their services usually arises from the lack of time and the inability to carry out the paperwork associated with the lease agreements.
