Being a rental property owner can be both an exciting and daunting experience. After all, you will find yourself making profits or even losses especially if you are a poor decision maker. If you do not exercise caution, some of the mistakes can end up costing you big time in the long run. That is why many landlords are now turning to property management companies like Eenhoorn whenever they need assistance. To cut the long story short, here are some of the biggest mistakes landlords should avoid.
Discriminatory Screening Methods
Quite a number of landlords are fond of acting in a discriminatory manner while screening potential tenants. Keep in mind there are strict laws that prohibit tenants from accepting or even denying applicants based on religion, race, marital status to mention a few. Actually, landlords should avoid bringing about these questions no matter what.
If you cannot do it, then hiring a property manager would serve you perfectly. This does not mean relying on any property management company you come across since some do not guarantee satisfaction. Instead, you should examine as many as possible before making the decision to settle on one.
Carrying Adequate Insurance
As a rental property owner, no matter how many units you rent-out, it is your responsibility to hold liability insurance. Actually, if you are still making mortgage payments on the property itself, then you may need to have a certain amount of liability coverage. Either way, things would work out perfectly for you when holding a comprehensive liability policy at all times. Remember, you need to protect yourself in the event that a tenant tries to sue you for any reason. This is mostly the case when you are working with a property management company.
The Bottom Line
These are just but some of the mistakes you need to avoid as a rental property owner. To avoid making numerous mistakes, simply delegate most of the activities to a good property management company. One such company is the renowned Eenhoorn, a privately owned property management agency that is under the leadership of Paulus Heule.
For those who doubt the authenticity of Eenhoorn, check out their client reviews and see what other people are saying. Do not be surprised if you only come across numerous positive reviews since Heule values client satisfaction more than anything else.