Being a landlord comes with many challenges, but the least of your worries should be getting your unit rented. Unfortunately, many landlords make the same mistakes when trying to lease their units; fortunately, all of them can easily be avoided. Here are 5 common mistakes landlords make and how you can learn from these mishaps.
1. Pictures Don’t Do It Justice
Even though you know your unit is the perfect rental, you still need to convey that to potential tenants. If you’re having trouble leasing your unit, you might want to start with the obvious: the visuals. Grainy, low quality pictures, pictures with poor lighting, or simply not enough pictures are a big turn off to renters. When posting your listing, make sure to include good pictures of your property, whether that means you learn to take them yourself or hire a professional to take them. Make potential renters feel like they can picture themselves in the unit, starting with the images you show them.
2. Advertising Incorrectly
Whether your unit has a spacious two-car garage or up-to-date appliances, it’s a big mistake to assume renters don’t care about certain amenities. In fact, some of the top 10 most-searched amenities on Zumper might surprise you. Got an air conditioner? You already have a top-tier rental, in a tenant’s eyes at least, since it’s the #1 searched-for amenity. Put some effort into your posting and let renters know why your unit is so great.
Highlight the best parts of your home or apartment and be honest about what it does or doesn’t have. Be realistic; giving renters a false idea of what your unit will only make it harder in the long run. Create an ad that reflects your unit: both the good and the bad.
3. Not Pricing the Unit Right
Setting a rent price for your unit isn’t as easy as it sounds, and a big mistake landlords make is underpricing it or overpricing it. Set the price too high and renters might choose a more reasonably-priced apartment; set the price too low and you run the risk of not covering all your expenses, like property taxes, mortgage, and home insurance. Use Zumper and our experts will help determine the best possible price for your unit. Or, work the numbers yourself and figure out what works best for your finances.
4. Not Responding in a Timely Manner
Many landlords get hit with an overwhelming amount of emails, phone calls, and messages in regards to their unit, so it’s easy to understand why they don’t respond to each and every inquiry. Renters move quickly, and if you’re letting weeks go by without responding to them, they’ve probably already moved on to a different property that has responded. Take the time to sort through as many inquiries as you see fit, and reply to them within a few days. This way, you will at least stay fresh in the renters mind and remain an option at the top of their list.
5. Not Screening Renters Carefully
Finding the right tenant is a process, and it’s one that requires a lot of “checks” if you do it properly. There’s the background check, the eviction check, and the credit check. In addition, there’s also an employment and income check. Complete all of these with our free tenant screening service or do them individually and on your own. However you get them done, just get them done. One of the biggest mistakes you can make as a landlord is trusting someone based on their word and learning the hard way that they weren’t being honest. Play it safe and screen your potential renters thoroughly and carefully; you’ll be glad you did when you avoid a potential scam.
It’s easy to get your unit leased while also avoiding these common mistakes. Post your listing, screen tenants, and find quality renters with Zumper.
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