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Top 3 Mistakes Palm Beach Rental Property Owners Should Avoid
Todd Breen - Sunday, April 22, 2012
In this video, we discuss three common mistakes landlords make when they rent their homes in Palm Beach County. Let’s look at them one by one.
Performing Little to No Screening
Most tenants are good people who pay their rent and cause no trouble. However, every landlord eventually encounters the other kind and ponders “how did I get this tenant from hell?”
Well, the reason is usually because the landlord didn’t do a thorough screening in terms of credit background check and criminal records. Home Property Management recounts instances where landlords end up with people who either hide or don’t mention their past bad tenancy or criminal history.
Nevertheless, Home Property Management at Palm Beach County has helped many landlords see the white lies a prospective tenant is trying to pull thorough their verification process. They suggest that it’s important to screen thoroughly before deciding to rent to a potential tenant in order to avoid future troubles.
Allowing Tenants to Pay Late
The second commonly observed issue is the mistake of allowing the tenants to pay their rent late. Even if you are lenient just one time, it can quickly become a habit. Home Property Management strongly advices the landlords to strictly enforce on time payment.
Landlords who think ‘it’s no big deal’ to allow tenants to pay late will often find their tenants getting later and later with their rent payment. They are often hired as a professional property manager to ‘fix the problem’ that was created by allowing tenants to pay late in the first place.
Letting the Property Become Run Down
The third thing that is often seen is reluctance on the part of the landlord to repair and maintain the property every time a tenant leaves. Very often when a tenant moves out, there is ‘wear and tear’ that requires painting, cleaning and more to make the property ready to rent again. Sometimes landlords won’t bother doing all the repairs, however Natasha suggests that the landlord look at it from a different perspective.
If the property does not look fresh when a potential tenant comes looking, the landlord is likely to attract the wrong kind of tenant. The rule of the thumb is that a landlord cannot get a good tenant to take a bad house. Therefore, Home Property Management proposes that the landlord focus on low cost repair to maintain the property, which will attract the right tenant - who will take good care of the property!
Home Property Management II, Inc. is a licensed Florida real estate brokerage and is a member of NARPM
624HOME.COM inc. is a licensed Florida real estate brokerage and is a member of the Board of REALTORS® and the MLS
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