Avoid These Landlord Mistakes

Admin
Published Date: 2023-08-02

People get started with furnished housing for a variety of reasons. It doesn’t matter how you gained the housing, whether by choosing one to purchase, gaining one from an inheritance, or renting out a property you used to live in. Being a property owner can bring in profits, but you can also make mistakes. Knowing what they are and how to avoid them can go a long way.

Treating the Business More Casually

No matter how you gained your furnished housing, it has to be treated as an income source since it is a business. Accounting software can be used to keep track of expenses and incomes, as well as your return on investment. Document communications and procedures and then make sure you follow all of those processes.

Not Thinking Much About Maintenance

There are going to be times when your property doesn’t have tenants. If that happens, are you able to handle mortgage, maintenance, and utility costs? There are lots of expenses to maintaining a rental home and you need to be able to pay the bills even if things get slow. Create a budget and make sure you are prepared for this.

Being Unaware of the Local Market

Part of being a property manager is understanding the market in your local area. Location matters a ton and you need to stay on top of things. When you offer a rental in a great area, it’s more likely to bring in potential tenants. Access to attractions, grocery stores, businesses, and transportation can sweeten the deal. You also need to research the taxes and choose the right booking cost, which impacts your return on investment.

Ignoring Attractive Marketing

Sure, it might not be fun to dive into marketing, but it’s part of your job. You need to have a great write-up about the home and feature high-quality photos of the interior and exterior. Having professional photos done can make your listings even better. A virtual tour or a video of the property can also be a great addition.

Are you looking for somewhere new to market your furnished housing? Corporate Housing by Owner makes that a simple process. List your property on our website and get thousands of eyes on it. We offer a variety of services to make managing your business easier than ever