GREED I owned a rental property that I was anxious to rent. A personable applicant came by, loved the place and asked if she could make the deposit in installments. Sure I said, anxious to have the vacancy filled.Of course she always had a reason for not having the deposit installment, later lost her job, etc. Repeat after me: the only thing worse than a vacancy is a tenant that can’t pay.
IGNORANCE I often have property owners ask if they can have a say in choosing the tenant. I say no because they are not as aware of fair housing laws or are aware and choose to circumvent them. An owner has hired me as a professional and needs to trust me to make the best choice. If he wants to do the selecting he can shoulder the consequences of fines for violating fair housing laws.
CONFUSING FRUGAL WITH CHEAP Rental property is an asset that will most likely appreciate but there is also consistent upkeep and maintenance. Maintaining and updating your property will bring you A-list tenants who have A-list credit, A-list jobs, and pay on time and protect your investment.
AMATEUR HOUR Do you have a water intrusion issue that you didn’t deal with and it turned into mold and you tried to solve everything with a handyman but then the tenant sued you? Amateur hour. Did a family of 5 tour your 2 bedroom apartment and you told them it was already taken because you didn’t want kids and then they sued you? Amateur hour. Did you tell an applicant on the phone that your unit could not accept her comfort animal because the building is no pets and then she sued you? Amateur hour.
RUNNING YOUR BUSINESS LIKE A HOBBY Do you never raise the rent because you know your tenants can’t afford it? Are you letting tenants do the gardening so that they can get a break on the rent? Is your cell phone available to tenants 24/7 because you’ve never educated them on what constitutes a true emergency?/li>