If you think that renter's have the sole right to have regrets after renting a house or property, you could be wrong. Landlords also have their own regrets just several weeks or months after letting a tenant in, or some even before potential tenants flood contact hotlines. Here are five common regrets in the landlord's lists.
Not conducting tenant screening
This is probably the most common of landlord regrets. There are times when business rules the minds of the landlords pushing them to accept whoever comes as the first tenant. This is very risky considering that background check is not conducted. Landlords who have not conducted tenant screening usually become victims of criminals, scammers, and tenants who just disappear without paying rental fees.
Not implementing repairs and fixes
Tenants have the right to demand repairs and fixes to the property, especially if they have just moved in. But as a common practice, landlords should have let the repairs done before the tenant moves in. When tenants find out about incomplete fixes, some of them readily end the lease contract and pursuit another property to rent.
Not setting the price right
Even with many advertising efforts, some landlords fail to fish a tenant. This is usually associated with improper price tag. The landlord may have the right to ask for rental fees that have profitable margins, but not to the point of overpricing. Landlords should always consider his competitors who could be setting prices lower than what he offers. It always pays off to have a close research and study of similar properties across the street or within your neighborhood or community. Through this, landlords will definitely have a good pricing idea for the rental amount.
Not putting all points of contact within advertisements
Different tenants may have different preferences when it comes to communications. Another common failure by landlords is the absence of all possible contact details in their advertisements. Put landlines, mobile phones, email addresses, and even social media accounts to where correspondences can be sent by potential tenants. Landlords have to create the impression of comfort even before the right tenant is selected.
Not asking professional help
While it is good to manage properties on own, there are times when professional assistance is necessary. Landlords with multiple properties for rent may have the necessity of professional help by experts like property management specialists. The regret of not having tapped their services usually arises from inadequate time and the inability to accomplish paper works associated with lease agreements.
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