Today we are talking about some of the most common mistakes landlords in Phoenix make, and how to avoid them.
Managing a relationship with the tenant is important. Many landlords make the mistake of becoming friends with their tenant. Try to remember that it should be a business relationship not a friendship. Landlords often think they can trust their tenants and they are overly friendly and then they’re left holding the bag in the long run. There is nothing wrong with being friendly – just don’t be friends. You want to be nice, supportive and accommodating. But hold your tenants to the terms of their lease and make sure they hold up their end of the bargain.
Rent Ready Properties
Clean up your house when you’re getting it ready for rent. A lot of landlords make the mistake of being cheap. If you need to paint a wall, paint the whole room instead of just one wall or trying to use touch up paint only. Replacing the carpet can be a pain, but if needs to be replaced, just do it. You want to attract great tenants and they aren’t going to want a house that looks like you don’t care about it. It costs money to own an investment property but you can write off those costs at tax time and still attract the best possible tenants. This doesn’t mean you have to remodel the kitchen every time you have a new tenant moving in. But you do want to clean up the yard, change the light fixtures and get that property off the market fast.
Don’t micromanage your tenants. Give them space. We don’t bother your tenants unless there’s an HOA violation, maintenance that needs to be done or they’re not paying their rent. We like to send them updates and information like when to change the air filters and how to cover plants when there’s a freeze. Otherwise, leave them alone. Don’t remind them that they’re in a rental. You want them there as long as possible, so let them feel like it’s their home. Don’t be overbearing.
These are some of the most common mistakes we see landlords make, and there are other errors that you can easily avoid. If you’d like to hear more, please contact us at HomeQwik Property Management, and we’d be happy to help you.