Now thank you for tuning back in to our second video of learning seven costly mistakes that accidental landlords that accidental landlords can make that will cause them big bucks! Just to recap on our first video, we talked about the first three costly mistakes, which was not completing a thorough background check of each applicant, the second one was lease enforcement: what happens if the tenant does not pay the rent and the third one was security deposits. Let’s go ahead and jump into our second video, where we are going to talk about costly mistakes number 4,5,6 and 7.
Costly mistake number 4 is going to be property inspections. You as a landlord need to inspect your property once every 2-3 months. You need to go in, drive to the property and actually go inside to see if the tenants are breaking the lease agreement in any shape, fashion or form and also how the property is being kept up. It’s a good idea to put in the lease agreement that you are going to just go in there and change the air filters, this gives you the opportunity to both check the property both from the exterior and the interior plus to change the air filter to make sure that your AC is running properly-that’s going to save you money down the road.
Costly mistake number 5 is going to be re-listing the property. The landlord has the right to market the property, you should have the right to market the property at least 30-45 days prior to the current tenants lease expiry. You need to have this in the lease agreement stating how long prior to the lease expiry you are actually able to market the property, show the property to actually find a new tenant before the tenants move out. Mistake number 6 is going to be taking detailed pictures of the property prior to tenants moving in and after tenants moved out of the house. This is a good idea to take detailed pictures of everything and when I mean detailed you got to make at least a hundred to two hundred detailed pictures of the entire property exterior and interior, plus do a video tour of the property to keep for your records.
One prior to your tenants moving in picture and video and then do one after the tenants move out so you have something to compare with when you are coming to withholding a security deposit for any repairs or damages. You have some evidence to justify for those holdings.
The last, but not least, which is going to be number 7 is maintenance. You need to have a trustworthy contractor or handyman for all your repair needs. If you don’t have one, you will be charges with items that don’t need to be replaced or repaired. Now this is another thing that is going to cost you thousands of dollars, if you don’t have the right person and trustworthy person that goes out to the property to make sure that the job that needs to be done is actually being completed and nothing extra. If you have any questions regarding any of these seven costly mistakes or any running property management services, my name is Edwin with PluginRealty. You can contact us directly at 1-888Plugin-8 you can also visit our website at www.pluginreality.net. Thank you!