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Top 10 Most Costly Mistakes Rental Property Owners Make.

TOP 10 MOST COSTLY MISTAKES

RENTAL PROPERTY OWNERS MAKE.

By Frank Volkert, PRM

President of

Real Property Management of North Puget Sound

3201 Broadway Ste. D

Everett, WA

 

1. Not using Real Property Management of North Puget Sound located in Everett, WA or another well qualified Everett, Washington area property management company to professionally lease and manage their property.

2. Not performing an adequate tenant application screening or basing the decision to rent to somebody solely off of a gut feeling.

3. Renting to a friend or relative in general or just to help them out for a short time.

4. Disclosing whether or not conditional amenities in Lease Agreement (Jacuzzi, lawnmower, etc.) are to be used at the expense of the tenant.

5. Not enforcing late payment of rent and non-compliance of lease terms by serving notices in a timely manner ( i.e. “Notices of 3 Day Pay Rent or Vacate” and “10 Day Notice to Comply or Vacate”, etc.).

6. Not collecting a sufficient amount of a Security Deposit/Pet Deposit.

7. Utilizing a well written, owner protecting rental/lease agreement.

8. Not taking care of maintenance issues quickly and professionally.

9. Not having a property rent ready prior to placing it for rent.

10. Not requiring as a lease term all or most all of the utilities be the tenants responsibility and placed in the tenants name.