Top 3 Mistakes DIY Landlords Make and How To Avoid Them
Top 3 Mistakes DIY Landlords Make and How To Avoid Them
Being ignorant of tenant-landlord laws is just the tip of the iceberg. Get practical tips on how to manage rental properties without falling victim to common landlord mistakes.
Managing your rental properties can seem like a good way to save money, but it’s easy to make mistakes that can cost you. Many landlords overlook crucial steps and find themselves with problem tenants, lost income, or legal troubles. If you’re managing your own property, here are three big mistakes you need to avoid to protect your investment and maximize your profit.
Mistake 1: Letting emotions guide your tenant selection. It’s natural to feel a connection with potential tenants, especially after an open house when someone seems friendly and trustworthy. But making decisions based on feelings can lead to serious problems. Tenant selection should always be about more than just a good first impression. A professional property manager uses a strict screening process that ensures you get tenants who will respect your property, pay rent on time, and follow the lease terms.
"The easiest way to avoid these mistakes is to hire a professional property management company."
Mistake 2: Setting rent too low. Many landlords want to be fair to their tenants, but setting rent too low can be a big mistake. While it may seem like a kind gesture, charging below-market rent means you’re leaving money on the table. Even a small difference, like $200 less than market value, can add up to thousands of dollars annually. A property manager will help you set the right rent price that’s competitive and helps you maximize your earnings.
Mistake 3: Ignoring landlord-tenant laws. Did you know that Arizona landlord-tenant laws are over 50 pages long? Many landlords don’t take the time to read and understand these laws, which can put them at risk for legal issues. Whether it’s about security deposits, late fees, or eviction procedures, staying compliant is critical to protecting yourself from costly legal mistakes. When you work with a property management company, they ensure everything is handled correctly and in line with the law.
The easiest way to avoid these mistakes is to hire a professional property management company like Patriot Property Management. We take the guesswork out of managing your property by screening tenants, setting the right rent price, and ensuring legal compliance. You can rest easy knowing your property is in good hands.
If you’re ready to avoid these mistakes and increase your rental income, contact us today. Call us at
602-581-3586 or email Cassie at
cassie@patpm.com. We’d be happy to create a personalized strategy for your unique needs.
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