Ok, so let’s laugh so we don’t cry. But, everyone who is or has been a landlord has many stories to tell. From broken windows to midnight calls with repetitive questions, there’s not a secret that most landlords have been dealing with a bunch of crazy moments.
One of the most common ones is putting in a new carpet each time a new tenant leaves the property because there are bleach-foot-prints from one end to the other or the tenant’s dog made a mess… Yes, it sounds like your wallet it’s crying.
So, even though we know renting a property is an excellent business, it often requires too much patience, time, and effort to deal with everything at once. But…
What Are The 3 Most Costly Mistakes Landlords Make?
- Being an absentee (hands-off) landlord
Good communication between the landlord and the tenant is always necessary. Being an absentee landlord can lead to many misunderstandings and arguments that don’t end well. It never hurts to make frequent calls to know that everything is going well with your property.
- Being too indulgent
Feeling identified with a bad situation that our tenant is going through is normal; at the end of the day, we are all humans, and it’s important to be empathetic with others. However, when a landlord cannot set limits on time, your tenant may abuse your trust regarding their payments.
- Have little financial knowledge
Making sure you find a solid accountant to understand pre-and post-tax cash flow, depreciation, dealing with expenses, and equity is very important. A small miscalculation can have great costs if it is not seen on time.
The great news? There’s a perfect solution for all of these mistakes…
Let’s Talk About Hiring A Property Manager To Handle Your Rental Project
One of the best ways to avoid all those crazy moments and ensure that your rental is successful is to hire a property management company in Torrance, CA. They take care of everything that has to do with tracking tenants’ expenses and keep close communication with them to make everything easier.
Start Your Rental Project While You Keep Your Peace
From screening potential tenants, performing service calls, scheduling maintenance, and handling the collection of rent payments, a property manager will get the job done for you. If you are a landlord needing help, you can reach Harbor Property Management, one of the leading property management companies in Torrance, CA.