Things to Avoid When Renting Your Property
These are the things you must avoid to successfully rent your place out.
By Faraaz Hashmi
Renting a property isn’t just about finding a tenant and earning money. As a landlord, there are plenty of things that you should avoid to keep maintaining your tenants and rental property well. Not because you are the owner of the place and tenants are just renting, you can do everything you want.
If you’re a first time landlord, here are the things that you should avoid when renting your property, and make your business prosper!
1. Barging in.
Respect your tenant’s privacy. Some landlords or property managers like to check in on their properties frequently to make sure everything is running smoothly. However, you must always remember to respect their privacy and refrain from barging in or stopping by unexpectedly.
Having a scheduled visit that the tenants are aware of lets them feel more at ease in your property, as they won’t be surprised if someone shows up unannounced at any moment.
2. Sudden increase in rent
Not because you can see that your tenants are really liking the place and expressing appreciation of the place, that you have the right to increase the rent fee any time. Throughout the contract duration, you must adhere to the terms and conditions of your lease.
3. Evict renters because of senseless matters
Keep in mind the terms of the contract at all times. Always act in accordance with the terms that you and your renter agreed to, and avoid evicting a tenant over minor issues. If a situation arises and you must terminate your lease immediately, always be polite and provide an eviction notice to your tenants.
4. Screen tenants based on a biased opinion
Always screen your tenants fairly, regardless of their ethnicity or other irrelevant factors. Being prejudiced and racist is bad for business, and you should demonstrate that your rentals are available to anyone who agrees to the terms and conditions.
5. Charge too much on rental deposits
Don’t only think of what you will gain but what you can also give to your tenants. Avoid charging too much on rental deposits. Most potential tenants back out not because they don’t like the place or can’t afford the monthly rent, but because of how expensive the rental deposit is.