Overpricing your rental. We often find that marketing your property right at market value or even a little under will pay dividends later. Turnover is expensive and keeping your time on the market as short as possible will save you money in the long run. We also find that tenants who perceive that they are overpaying have more maintenance requests and generally have more disputes.
Not having a lease agreement. You would be shocked how many properties we take over with tenants that don’t have any sort of lease agreement. Even a simple lease agreement is better than nothing and with the internet these days you can get a lease very easy. I always recommend having a lawyer help you write one that is specific to your area and state.
Never inspecting the property. I will scream this from the rooftops for as long as I am in the business. The most important thing you can do is inspect your unit at least once a year, we recommend twice a year. We find that just walking through your unit periodically reduces those little lease violations that tenants think they can get away with. It will also help with planning repairs and renovations when the property is vacant.
Renting to friends or family. Some of the worst tenants we have had over the years were tenants that knew the owner in one way or another. As much as you want to help your cousin and rent to them, don’t do it. They often feel like because they know the owner they can get away with anything.
Not understanding or knowing landlord tenant law. If you are going to rent your property you need to know landlord tenant law. It’s often complicated and confusing but you need to take the time and know it. Knowing the difference between an actual pet and an ESA will save you from a law suit later, trust me.