8 Most Common New Landlord Mistakes

1. Learn Landlord-Tenant Laws

As a landlord, you commit to legally binding responsibilities. For example, urgent plumbing repairs must be completed within 24 to 48 hours and non-urgent plumbing issues must be completed within 7 days. Violating a tenant’s rights can lead to stress, fines, and a bad reputation as a landlord. Here’s what Austin landlords need to know.

2. Complete a Background Check

Even if you’re the best judge of character, a background check and tenant screening are essential. Verifying credit, employment, and rental history provides peace of mind and reduces risk. As much as you’re eager to get income flowing, it’s worth the wait. 

3. Don’t Write Your Own Lease

Back to Landlord-Tenant laws, you can’t just write your own lease. If you do, it won’t be legally binding. Keep things simple by using a standard lease agreement and have your attorney or property manager add relevant amendments. For example, pet policies and furniture and amenities included with rent. 

4. Budget For Vacancies and Maintenance Costs

Set aside at least a few months of rent for maintenance and repairs and continue to add to this fund each month. This way you don’t have to scramble when essential repairs arise. It also provides a cushion for when you have a vacancy and turnover expenses. 

5. Know Who To Call

On that same note, not knowing who to call when repair expenses arise is one of the top landlord mistakes. You don’t just need to know who to call, you need someone who comprehends your compliance requirements as a landlord. 

6. Timely Communication and Documentation

You should keep detailed records with the time and date for every interaction you have with tenants and third-party contractors. If it’s easier, communicate primarily by email or text message. It’s also wise to follow up phone calls with email confirmation of the discussion and obligations. 

7. Know Where to Market Your Property

Your property may be highly competitive, but if you don’t get it in front of the right prospects, you’ll have longer vacancies. You may also miss out on your ideal tenant. Don’t rely on word of mouth, community boards, friends, and neighbors, you need to market your property online. 

8. Don’t Do It All Yourself

To maximize profits, many new landlords manage their own property. However, partnering with a property manager helps you avoid the common mistakes above—and many more! Most landlords find that our services pay for themselves. 

Avoid The Newbie Landlord Mistakes Above

Stetson Management provides white-glove property management services. This includes ensuring full compliance, comprehensive rent reviews, advising on amenities and upgrades, and listing your rental properties on industry-only marketing channels. We have a secure online portal to streamline and simplify landlord and tenant communication. 

Reach out to discuss how we can maximize your property!