Being a landlord may sound simple, but there is more to it than just running an ad, getting a great tenant and collecting a monthly check. So, what are the financial, legal and ethical obligations around managing a rental property? And how can you avoid the most common mistakes landlords make?
Today on Property Management Brainstorm, Bob is flying solo to walk us through the top ten mistakes made by landlords. He explains why it’s crucial to view your rental property as a business, understand the financial implications of renting your property, and maintain adequate records.
Bob discusses a landlord’s responsibilities around legal compliance, deferred maintenance and proper insurance and shares how to set a realistic rent rate, market your property and respond to inquiries. Listen in for insight on establishing a consistent tenant screening process and weigh the pros and cons of self-managing your rental versus hiring a property manager.
[2:27] Bob’s 20 years of experience consulting with prospective and existing landlords
[3:19] Why it’s crucial to view your rental property as a business + what questions to ask yourself before becoming a landlord
[4:34] Understanding the financial implications of owning a rental property
[5:20] A landlord’s responsibilities around federal, state and local legal compliance
[6:23] Maintaining adequate documentation and record keeping
[8:23] The two types of insurance policies required for a rental property
[11:13] How to set a realistic rent rate for your property
[12:45] Marketing a rental property + responding to inquiries
[14:08] Establishing a consistent tenant screening process
[15:38] Bob’s advice on having a sufficient lease agreement
[16:28] Responding to tenant requests and setting aside reserves for deferred maintenance
[17:49] The pros and cons of self-managing a rental vs. hiring a property manager
Connect with Bob
Reach Bob and his team through the North County Property Group ‘Contact Us’ page: https://www.ncpropertygroup.com/contact.
The new eBook, Best Practices for Renting Your Home, is offered as a free download on the North County Property Group website at https://www.ncpropertygroup.com/ebook!
Reduce hassle and improve your operating income through smart property automation and connected devices from PointCentral. Click on this link to learn more and get a free HVAC analytics test when you place your first order! www.pointcentral.com/brainstorm/
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