Among the top and most common mistakes landlords make is rushing the process. Yes, it is painful when your rental property sits vacant, and yes it is painful when you have to evict tenant. It’s painful when you have to do repairs on the property. But, if you take your time and follow a process or hire a Burlingame property management company, most of these things can be eliminated.
Property Management Burlingame: Rushing to Fill Vacant Properties
No one wants a long vacancy period, but it’s important to take the time to establish criteria and select a good tenant. It minimizes the risk to the property and yourself. You want to find a good tenant who will pay rent on time every month and take care of the property like it’s their own. Many times, we will get a bit panicked when the property is empty. People will select the first person who comes along, and that can lead to a cascade of problems. After a few months, the tenant stops paying rent and you have to evict them, or the property gets destroyed. Then, you get increasingly panicked because the property is empty again, and the cycle repeats itself.
Property Management Burlingame: Creating Distance
If this sounds like something you have experienced before, it might be best to step back from the process and hand the work over to a property management company. This is what we get paid to do, and it’s something we are trained to do. We are efficient, and we do the job well.
It’s hard not to have emotions tied to the property. Maybe you’re renting out a home you grew up in. As a landlord, you need to distance yourself emotionally, and look at this as an investment. This is something that can provide for your future and the future of your family. Removing yourself from the process and letting someone else handle it can be the best thing to do.
For another list of common mistakes, even some photos and videos of mistakes we frequently see, contact us at Five Star Property Management. We’d be happy to talk about your own scenario and help you improve some of the things you might be struggling to do well.