Being a landlord comes with a lot of responsibility. Not only do you have to keep up with the maintenance and repairs of your rental property, but you also have to screen and select tenants, collect rent, and deal with any complaints or issues that may arise. It’s a full-time job, and it’s not for everyone.
If you’re thinking about becoming a landlord, there are some things you should know. Below are the five most common mistakes that landlords make. That is where Sapir Realty comes in. We specialize in Atlanta property management tasks and handle everything for you.
1. Being Too Friendly With Tenants
It’s important to be friendly and professional with your tenants, but you also need to maintain a certain level of distance. Remember, these are people who are renting your property—they’re not your friends. Getting too close can lead to all sorts of problems down the road. If a tenant feels like they’re your friend, they may start to take advantage of you or try to get special treatment.
2. Not Screening Tenants Properly
One of the most important things you can do as a landlord is screen your tenants carefully. This means running a background check and checking their credit score. You should also require potential tenants to provide references from previous landlords. Taking the time to screen tenants carefully upfront will save you a lot of headache in the long run and Sapir Realty will do all of this for you.
3. Neglecting Maintenance and Repairs
As a landlord, it’s your responsibility to keep up with the maintenance and repairs of your rental property—regardless of how big or small they may be. If you neglect even the smallest repairs, it can come back to bite you later on down the line. Not only will it cost you more money in the long run to neglected repairs become bigger problems, but it could also jeopardize your relationship with your tenants if they start to feel like you don’t care about their wellbeing or comfort. Sapir Realty is available 24/7 to handle all maintenance requests. You can rest easy knowing that your property and tenants are being taken care of.
4. Being unprepared for financial setbacks
No matter how well you plan or how carefully you budget, there’s always a chance that something could go wrong—and when it comes to finances, even the smallest setback can have major consequences. That’s why it’s so important for landlords to have an emergency fund set aside specifically for rental properties. That way, if something does go wrong, you’ll have the cash on hand to cover repairs or other unexpected expenses without having to dip into other areas of your budget—or worse, default on your mortgage payments.
Sapir Realty works with many contractors. We do our best to get you the best price for the necessary repairs.
5. Failing to Comply With Fair Housing Laws
All landlords must comply with fair housing laws, which prohibit discrimination against potential or current tenants on the basis of race, religion, national origin, sex, familial status, or disability status. This includes everything from advertising your rentals (you can’t say “no children” or “preference will be given to X group”) to refusing tenancy based on any of the protected characteristics listed above (even if those refusal is based on personal preference). Violating fair housing laws can result in hefty fines—so it’s not worth the risk!
Residential rental property can be profitable and rewarding—but it’s not without its challenges. If you’re thinking about becoming a landlord yourself someday soon (or even if you’re already one!), avoid making these five common mistakes! Contact Sapir Realty today to see how we can help. We are available to handle all your property management needs.