New landlords have big dreams and hopes, but they do not yet know how the world of rental properties truly works. This means that many who are new to the field are going to make some rather large mistakes that could cost them. It is important to understand these mistakes, so that you can avoid them. Of course, one of the best ways to avoid them is not to have to worry about them in the first place. This means working with a greater Las Vegas property management company, but more on that later. Now, let’s look at the mistakes.
- Charging the Wrong Amount of Rent
- Failure to Screen Properly
- Failure to Take Care of Service Requests
- Not Understanding the Law
Charging the Wrong Amount of Rent
Some landlords overvalue their property, and they try to charge far too much for the rent. If there are other units and homes in the area that are being rented for much less, that’s where the prospective tenants are going to go. Also, there is a danger of not charging enough for your property.
Failure to Screen Properly
One of the biggest mistakes that landlords make when they are new is not screening tenants properly. You want to know as much as possible about the people who will be living in your property, and if you are not careful, you could be bringing in problems, such as tenants who are criminals and who are going to be late on rent each month.
Failure to Take Care of Service Requests
When the tenants get in touch with the landlord about a problem or repair they need to be addressed, it is not something that can wait. If you receive a message from them, try to respond as quickly as possible. If there are repairs needed, do not wait to have them fixed, or you will have tenants that leave.
Not Understanding the Law
While you do not have to be an attorney, you do need to have a good understanding of the law in Nevada, along with the federal laws, when it comes to tenants and landlords. This will let you know the proper ways to screen tenants, handle security deposits, evict tenants, terminate leases, and more.
Now that you have seen some of the problems that many new landlords face, it’s time to make a good decision and work with a greater Las Vegas property management company, such as Real Property Management Las Vegas. They have a wealth of experience and services that will make your life as a landlord much easier.
