Friday, May 27, 2016

5 Mistakes Landlords Make

If you think that landlords are always right, then you better think again. Just like any normal people do, landlords also commit mistakes – whether they are aware of it or not. There are actually a lot of ways on how to handle tenants effectively.  However, there are just times that some landlords tend to do things without even thinking if it is for the betterment or not. As a result, misunderstandings between the landlord and the tenant may arise. As a landlord, I'm sure you don't want to disappoint your tenant, right?

Basically, if you want to invest in an income generating property in BGC or any Ayala land properties, you have to know what and what not to do when it comes to handling tenants. Yes, as a landlord, you have the authority to make some decisions on how you want to manage the property. However, you also have to be mindful of the things that can make or break your career as a landlord. Of course, a tenant will trust a landlord when he or she is also good when it comes to the management of the property. And to give you some ideas, here are some mistakes most landlords make that you need to avoid.

1. Not running credit/background check

When it comes to choosing the right tenant, one of the many things you need and must consider is to run a credit/background check. Of course, you definitely don't want to accept someone who is not trustworthy enough, especially when it comes to the payments of their monthly dues and other fees that they need to pay. And if you do not want to have some financial problems later on, then you better have some credit check before deciding to accept that potential tenant.

2. Not counting on vacancies

As a landlord, if you are not careful when it comes to the schedules of moving in or moving out of your tenants. Usually, there will be a gap in time between the date a renter moves out and stops paying rent and the time a new renter is found and starts paying the rent. That means you have to be mindful when it comes to that matter for as not to confuse your tenants on when they would move out or move in.

3. No written rental agreement or lease

This is one of the things a landlord should never forget. Of course, every transaction that you make with your tenant must be put into writings to make sure that there is a formal deal between both parties. Moreover, the written document can also be used as a proof especially when there will be some misunderstandings that will possibly arise later on. Well, you must go over with the document to double check and remind you that there is a written agreement that he or she must follow the guidelines according to the documents.

4. Not inspecting or neglecting the property

One of the duties of the landlord is to inspect the property before a potential tenant would rent the property. However, if one failed to check the property whether there are any damages or some renovations that need to be addressed, then this might be one of the reasons why there will be misunderstandings between you as the landlord and the renter. Of course, you definitely do not want that to happen, right? That is why, before you let your tenant move in, make sure that the property is ready for occupancy already. With that, your renters would not have any problems later on.

5. Delaying legal actions/evictions

Whether you like it or not, there are just some people who tend to do things that are not that pleasing. Perhaps, your tenant damaged something important on the place, then you have to make sure that there will be an immediate action before it is too late for you to mend the damage.

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