- Skipping a thorough applicant screening (history, employment, background checks, etc.)
- A security deposit is your first line of defense against property damage. Ensure the amount is adequate to cover potential damages. A higher deposit often acts as a deterrent against careless behavior.
- Handing over keys before getting paperwork in place, receiving all move-in funds, verifying payment clearance, and ensuring utilities are set up in the tenant's name
- Using an inadequate or boiler-plate rental agreement given by property dealers
- Failing to perform regular property inspections
- Not increasing rent until the unit turns over
- Delaying assertive efforts to collect overdue rent
- Not adjusting your home-owner strategies to changing circumstances while staying compliant with local laws
Using a qualified property management services firm can help you avoid all these missteps and can help protect your cash flow thereby making renting a long-term success for home-owner.
