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Mistakes to Avoid in Rental Property Management

Mistakes to Avoid in Rental Property Management

As a landlord, you have a lot on your plate. You need to handle tenant vetting, property marketing, rent collection and more. You have administrative tasks, bills that must be paid, and property maintenance to perform. It’s a lot for one person to handle, and that can lead to some serious mistakes and errors. Below you’ll find some of the most serious mistakes to avoid with rental property management in Las Vegas, NV if you’re going it alone.

Not Estimating Your Repair and Operating Costs Correctly

One of the most common mistakes property owners make is failing to estimate their repair and operating costs correctly. Ideally, your property’s maintenance costs should run somewhere between 35% and 80% of your annual rents. If your calculations show that those costs will be under 35%, you need to recheck your math, as there is likely a miscalculation somewhere.

Failing to Do Your Due Diligence

As a property owner, it is your responsibility to do due diligence before putting a property on the rental market. You need to search your local area for similar properties and price your rent accordingly. Setting your rates too high or too low could lead to lengthy vacancies, during which time you will hemorrhage cash.

Illegal Tenant Interview Questions

The tenant interview process is vital, but it must be handled the right way. One of the most important considerations is the legality of the questions asked during the interview, regardless of whether that interview is in person or on paper. You also need to remember that you are unable to deny a tenant’s application because of:

Skin color
Nation of origin
Marital status

Failing to Conduct a Move-In Inspection

Another common mistake made with rental properties is a failure to conduct a move-in inspection and walkthrough with the new tenant. Make sure that you inspect the property fully, with the new tenant in tow. Document any areas where cosmetic damage might be preexisting so that both you and the tenant are on the same page when it comes time for them to move out.

Not Responding to Maintenance Calls Quickly

Finally, make sure that you respond to maintenance calls quickly. Ideally, you should respond within hours of the call. This is particularly true for emergency calls. Your response time becomes part of your reputation, and it is hard to attract new tenants if you have a bad reputation.

There you have them – some of the most serious mistakes to avoid in rental property management in Las Vegas, NV.

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