Leasing out a residential property is a good way to earn a stable income during the period of the lease.? However, there are a number of common mistakes that landlords often make which can result in diminished client interest or, if you already have tenants, losing them if they feel that they are not getting their share of the lease deal. Below is a list of common mistakes people make that you should take note of to achieve a better result.
1. People who want to lease properties usually just go online to look at the available options.? It is important that your property is displayed on the internet if you want to reach out to the largest available number of interested parties.
2. It is important to make the residential property which is up for lease as presentable as possible, with cleaning and maintenance.? People in the market to rent a property want their home to be clean and well-maintained.
3. Be aggressive in promoting your property. Encourage people to lease your property by using all of the marketing options available to you.
4. One of the most serious mistakes you can make is closing a deal without ensuring that the ground rules are discussed and agreed upon.? You need to ensure that your property will be protected from abuse by the tenants, and save yourself from huge hassles later.
5. It is also important to make sure a background check of the tenants is completed?? You must keep in mind that it is your property that you are entrusting to a stranger, potentially for quite a long period of time.? If you want to make sure that nothing goes wrong, then you should know that your tenants are trustworthy.
6. Setting a deposit that is too high is a sure-fire way to scare off potential renters and another common error.
7. Choosing a real estate management service that is incompatible with the landlords individual needs is another common mistake. For those individuals who are willing to get very involved in the process of renting their property, money can be saved by choosing a real estate service which offers the basics of online marketing and other advertising for a basic price. For those who want the stress taken out of being involved in the property market, a higher level of service and estate agent involvement may be necessary.
Source: http://forsaleforlease.com.au/7-residential-lease-mistakes-and-how-to-avoid-them/
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