When you are contemplating whether or not to lease your property, there are many things to consider. Once you decide to be a landlord, you have some very important and new responsibilities to your tenants, the property, and your neighbors that you may not have thought of. There are many reasons property owners become landlords. Some are not by choice. Maybe you cannot sell your property in a slow sales market. Maybe your job transfers you out of town for a while. Maybe you have inherited a home or condo and cannot go through the emotional stress of selling a family property. Whatever the case may be, once you decide to lease your property, you have created a small business for yourself.
In the 2012 SatisFacts Research-published ebook, Getting Inside the Head of the Online Renter, it was revealed that the highest ranking factor for an apartment resident’s lease renewal decision was “Quality of Maintenance Service Provided.” Believe it or not, the service your maintenance team provides to your residents is more important to resident retention than perks and parties, the appearance and condition of their apartment home, and even the desire for more parking.
As with all areas of life, some mistakes are small and have minimal consequences. These small mistakes can comfortably be chalked up to learning experiences. Other mistakes can land you into legal and financial battles. Going it alone can be intimidating and can have lasting consequences. Hiring a property manager will provide you with the knowledge and support needed to run a smooth renting process for you and your residents and help you avoid these 6 landlord mistakes.