Landlords Top 10 Mistakes – no1

27 03 2010

Being a landlord can be a very rewarding experience, financially and in other ways. But there are pit falls, especially for first time land lords. So we’ve put together our list of the top 10 mistakes made by landlords. These are mistakes that even experienced landlords sometimes make, so they are worth keeping in mind.

We are going to do this in parts to make it more readable for you. So here is part 1. Enjoy!

Mistake number 1 – Not looking after the tenant

A tenant has a contract, as long as you keep up your end they have to stay until the end of their term, so you should spend as little as possible to maximize your return right?

No, the majority of tenants who move from one rented house to another, stay within roughly the same area. So why are they moving? after all, few people actually enjoy moving. One of the commonest reasons for a tenant to move to another house is because they are not 100% happy where they are, for one reason or another.

This doesn’t neccessarily mean that they are unhappy, just that they are displeased enough to want to move on. Sometimes this is due to other reasons, such as they have a bigger budget and want to move to somewhere bigger. But much more often is it something that probably could have been put right sooner.

The thing you have to remember as a landlord is that you don’t have to live at the house. So when you look round your property and see that the shower rail is a little loose. Or that the the lounge carpet isn’t fitted quite right. It’s easy to think to yourself, “That’s only a little thing, it’s not a problem.”

But the tenants do have to live there. They see that bump in the carpet every evening when they are relaxing. They notice the shower rail is a little loose every morning.

These are tiny problems that seem not to matter from the outside, but the landlord who fixes these problems, and does his very best to make the house as well maintained as possible is the landlord who will keep his tenants for a long time.

You will soon recoupe those small costs when you save yourself another re-letting fee, and when you don’t have your house sit vacant for a month between tenants. And remember, if you treat your property well, the tenant will too.

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