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Beware of some common landlord mistakes.
We can all learn from previous mistakes, so I want to spend some time today reviewing some common landlord mistakes which we have come across in the past.
This may seen elementary, but it is important to remember to treat the landlord/Tenant relationship on a professional level. That doesn’t mean that you need to play the tough guy. Remember, the tenant is not looking for a "buddy" in the rental negotiations.
However, the tenant will be expecting that the landlord will approach issues on a professional level, when lease related items need to be discussed at the lease start and throughout the course rental term.
Another area where landlords frequently take short cuts is proper pre-lease tenant screening.
I constantly hear horror stories from landlords which relate back to the screening process. Maybe the landlord had the tenant provide some basic “application” information. Or maybe the landlord did give the tenant’s previous landlord a call.
There is such a wealth of information which is now available by way of professional tenant background screening reports. Of course, information which is contained in a tenant credit report is of the utmost importance in the tenant application process.
However, in addition to the credit report, there should be a review of all recent criminal and civil court records, both on a National and local level. Don’t forget to check sexual predator registries at the National and State level.
Don't have the time, or the resources to arrange for an in depth tenant pre-lease screening? There are programs available through companies such as ours, which will handle the complete tenant screening and lease preparation process for the landlord, who wishes to then continue with the ongoing management of the property on their own.
Another area in which landlords often fall short is neglecting to insist that everyone strictly adhere to the terms of the written lease throughout the course of the agreement. If you have a good written lease, it is there for a reason, as it spells our the specific rights and duties of both the tenant and the landlord in respect to the rental of the property.
At some point in the course of the lease, you and the tenant may wish to make a modification to the original lease terms, that's great. Just remember to prepare a written addendum concerning the modification.
An example of this may be that the tenant would like to get a pet and this is OK with you. Write something up which spells out how this will be handled.
Or, say the tenant wants to paint a room a different color. Write it up. What room are we talking about? What color paint? What happens when the lease ends? Will the tenant be required to paint the room back to the original color? A written agreement concerning all of this will make life so much easier on all parties when the lease comes to an end.
One last item that I want to touch on here, is the landlord's failure to conduct routine inspections of the property.
The lease has been going along great for the past two or three years and the rent comes in on time every month, so what's the need to visit the property?
Of course the obvious reason for routine visits to the property is to assure that the tenants are doing their part in taking care of the home.
However, just as important, you, as the landlord need to visit on a regular basis in order to take note of various repair/maintenance items which are the responsibility of the landlord.
Don't you want you want to catch that little leak while it is still a handyman item, rather than let it go until it becomes a plumber issue? The tenant can't always be depended on to bring these types of maintenance items to the landlord's attention, as the tenant may be concerned that the landlord will then hold them responsible for the maintenance item.
Routine property inspection schedules need to be spelled in the lease agreement for the benefit of both parties. Example: How often will inspections occur? When/how will the tenant be notified of an upcoming inspection? Who will be conducting the inspection (The owner/property manager/a handyman, or other contractor?)
Have additional questions, or you need more information on how a property manager can save you money, please contact us at Vantage Property Management.
1120 Benfield Blvd.
Millersville, MD 21108
Vantage Property Management
410.729.2770