Many people invest in property for a return on their investment, others are compelled to rent or lease their property for a number of other reasons. Whatever your reason renting or leasing property can be costly and stressful if you aren’t properly prepared or educated. From my experience, I have put together this list:
Top 12 Costly Mistakes Property Owners Make
1. Inadequate Screening of the Tenant
2. Renting to a Friend or Relative
3. Not Familiar with or not Following Proper Procedures in Tenant
Landlord Law
4. Property Needs Repairs or Updates
5. Rental Price is Above Market Value
6. Not Keeping and Securing Adequate Records
7. Undisclosed Issues in Lease Agreement (i.e. Hot Tub not
Working)
8. Not Utilizing a Well Drafted, Legal, Owner Protecting Lease
9. Not Taking Care of Maintenance Issues Quickly
10. Insufficient Security Deposit/Pet Deposit
11. Not Enforcing Payment of Rent (Notices of Eviction etc.)
12. Utilities Not in Tenant’s Name
I may add to this list and will elaborating on it as well as sharing experiences and insight periodically in this blog.
Frank Volkert
Real Property Management North Puget Sound