Self-managing your home can be an exciting yet complicated opportunity – especially when you get to interact with your tenants and respond to their needs. Often times new landlords make many mistakes that can be avoided through education. Here is a list of 3 common mistakes landlords make, and how you can avoid them.
1. Failing To Purchase Proper Insurance
One common mistake many landlords make is failing to take out the right amount of insurance to cover their home in the event of an accident. Property insurance can cover you from damages your property can incur such as wind, fire, and vandalism. It is also recommended that landlords take out liability insurance to protect them in the event of liabilities such as falls and injuries.
2. Failing to Make Tenant Repairs
While landlords may find it easy to put off small repairs until a later date, this often backfires when simple repairs turns into larger issues. Handling issues as they arise results in happy tenants and less expensive repairs in the long run.
3. Failing to Screen Tenants
Often, landlords fail to properly screen their tenants, as they want to quickly place a tenant and begin collecting rent. This can backfire, as tenants may appear promising at first, then not fulfilling their rental responsibilities later in their lease. Prescreening your tenants can allow you to view their previous rental history, among other things, and determine if they will be a good fit for your home.
Self-managing your property requires proper education and guidance. When you’re in the market for assistance ensuring your repairs are handled, screening your tenants and confirming your home is covered with the correct insurance, give the property management experts at Rent It Network a call.