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5 Common Landlord Mistakes to Avoid

Being a landlord requires patience, knowledge, business skills, and people skills. You have the responsibility of making certain that every one of your tenants lives comfortably. You are also running a business so you must also maintain professional behavior. Below we’ve listed some common landlord mistakes that you should try to avoid.

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Holding Security Deposits

When a tenant first enters a rent agreement, most landlords take security deposits. These deposits are held by the landlord either to cover the costs of a default or to cover damages to the property made by the tenant. A landlord must provide the tenant what an itemized list of fees that were taken from the deposit. Many lawsuits occur between tenants and landlords because the landlord failed to return a security deposit without explanation.

Inadequate Insurance

Every landlord should have a Landlord Insurance Policy to cover the costs of damages, injuries, theft and any other liabilities that come with being a landlord and owning property. If you don’t have enough Reliable Landlord Insurance to cover certain losses, you may be held accountable to cover the rest of the costs on your own. Contact us now for a free A to Z Landlord Insurance Quote and see how much coverage you are eligible for.

Invading Privacy

Every tenant has a right to privacy. As a landlord, you have open access to tenant property, but it is still wise to maintain a certain code of conduct. Landlords should notify tenants when they will be accessing their living units.

Inadequate Background Checks

Many landlords have horror stories about their worst tenants. These unfortunate tenants may have been avoided if the landlord did a sufficient background check. When doing a background check, be sure to check for criminal history, credit history, and renting history. You may find something about the tenant that you want to avoid. Some people even check social media to see what type of person their renter is.

Neglecting Tenants

As a landlord, you are responsible for the living situations of your tenants. Some tenants may request repairs, have grievances about neighbors, rent questions and more. Ignoring your tenants may lower rental morale and even lead to lawsuits if certain issues aren’t solved.

They say mistakes are the best teachers, so it’s a great thing we can learn from others’ mistakes so we don’t have to make them. On your journey to being a great landlord, you will be met with difficult situations. But if you stay professional, you are more likely to have a positive outcome.

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