It is easy to spot an inexperienced Los Angeles landlords by a number of mistakes they make when renting out their rental property or managing their tenants. If you must invest in property in Los Angeles, you must have serious experience about property management or better get an experienced Los Angeles Property Company to help you manage the property.
In this article, you will learn some common mistakes among new Los Angeles landlords.
Top 5 Mistakes By Los Angeles Landlords:
- Not Conducting Background Checks on Prospective Tenants
This is one of the common mistakes about Los Angeles landlords. Unfortunately, it is one of the worse mistakes you could make when managing your property.
If you don’t do property background check, you could end up with tenants that will give you serious challenges. A good way to avoid getting these types of tenants is by conducting deep and exhaustive background checks on every tenant that is interested in your property.
- Not Doing Enough Marketing
There is a reason why most Los Angeles landlords prefer to give their property to top property management companies in Los Angeles. It is because they lack marketing experience and this could hurt their business. Thus, they find managers that are good at marketing.
Most landlords lack marketing experience. This usually leads to a lot of vacant apartments or properties. If you don’t have the right experience when it comes to marketing, you will be better off getting the services of property managers.
- Not Doing Repairs and Maintenance on Time
One of the common issues that come up constantly as far as property management is concerned is the issue of repairs and maintenance. You are going to receive a lot of calls from tenants to do repairs.
You need to do these repairs as soon as possible. Moreover, you also need to do appropriate maintenance on time to keep your property in an excellent condition.
- Not Enforcing Lease Terms
Most new Los Angeles landlords are not skilled on how to enforce the lease terms thereby allowing their tenants to hurt their business. As an owner of a property, you could have a problem in future if you fail to enforce the conditions that were signed at the time of renting your property.
You should learn how to consistently ensure that your tenants follow the lease terms and enforce it when they fail to abide by the terms.
- Not Meeting Housing Codes
You could run into some legal problems with the law if you consistently fail to meet housing codes in Los Angeles. Unfortunately, most of new Los Angeles landlords are a victim because they don’t know these codes.
When you fail to meet housing codes, it means you will be paid a lower rent than the actual worth which will hurt your revenue.
- Not Doing Enough to Keep Quality Tenants
In most cases, most landlords ignore all their tenants. It is not easy to find quality tenants when you eventually find one, you should do everything in your power to keep him.
You can keep a quality tenant by showing him appreciation through gifts and other innovative ways.
- Not Having a Legal Agreement
It doesn’t matter how close you are to the tenant, make sure that you have a written agreement before the tenant moves into your property.
Your tenant must duly sign this agreement. This is a business, avoid being emotional; doing so could hurt your business and bring you problems in the future.
There is no doubt that most new Los Angeles landlords have many obstacles to overcome. However, you may not get the best when you choose to manage your rental property by yourself. The best way if you want to get the best from your property is to look for the services of the best Los Angeles Property Management Company to help you in the management of your rental property.