Are you a landlord who owns and manages your own properties? Are you always looking for new ways to keep your renters happy while keeping it simple so you can sit back and enjoy your life? If so, great! That's what you should be doing. But are you really doing everything you can to make your landlord life easier?
Are you sure?
We are talking about thinking outside of the box and going beyond the basics so you don't find yourself making any of the five most costly mistakes most landlords make. No worries! We are here to go over the top five things new landlords do wrong (and even some seasoned landlords too).
Here are the top five most common and costly landlord mistakes and how to avoid them.
5. Over-Improving a Property
There's a difference
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Deferred Maintenance
Deferred maintenance is the opposite of over improving. You have to have balance. Deferring maintenance for any reason is the worst thing you can do. For example, you have a roof you know needs to be replaced. However, you decide to hold off on replacing it. Now it's winter and the roof is covered in snow and has started leaking and you have no choice but to replace it immediately. The difference is that now you have to pay more because of the season and the extra damage that leaking roof has caused from the decking, to the attic, to the walls, and all the way down to the floors.
Geez, that is now going to cost you a fortune all because you deferred a problem that should have been handled immediately. And that goes for any major repair...a water main with a galvanized pipe that you know is showing wear, anything! We don't have to tell you how much damage a busted water pipe in your basement will do. Enough
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They're awesome, right? Hell, they even like the Cleveland Browns, so they must be good people. Bad people can't root for the Browns— it takes too much character. Dude, you both know Jeremey. What could go wrong if you go out for beers and commiserate with them on Sundays in the fall? Well, plenty! Because when it comes to enforcing late fees or other policies, good luck. It's hard, if not impossible, to have to show authority over your friends. However, if you use an automated platform like Rent it EZ to automate payment reminders and late fee notifications, etc. it can really help in that area. You should also only use one platform (again, like Rent it EZ) for all communications, so they are all on the record and all in one
The 1930’s were an interesting time for many African-Americans. Even though they had been freed from slavery decades ago, they still felt oppression. Langston Hughes does a fantastic job of describing this oppression in the poem “Ballad of the Landlord”. The author’s purpose for writing this poem is to show the problems that African-Americans dealt with in the 1930’s which is exemplified through the use of hyperbole, change of lines in stanzas, and repetition.
be able to maintain it but you will end up loosing it all. This can be
Although the recent tech boom in San Francisco has been blamed for the increased housing demand and the lack of affordable rental housing in the City, the reality is that the shortage of affordable rental housing been steadily climbing for the last 35 years. Rent control is oftenat the center of the controversy regarding the affordable housing shortage. In response to high inflation, and escalating rents, San Francisco’s Residential Rent Stabilization and Arbitration Ordinance was passed in 1979 (Forbes, Sheridan, 1999). Rent control imposes restrictions on landlords in regards to rent increases and evictions. It is estimated that seventy percent of San Francisco’s rental units are under rent control (Marti, Shortt, 2013). Because of the limited rent increases allowed, tenants living in these rent controlled apartments seldom move out, which severely impacts the vacancy rates in the City. Although the vacancy rate among rent-controlled units is extremely low, there are occasions when a tenant may vacate a rent control unit (a job out of the area, the decision to purchase a home, etc.). When a rent-controlled unit is voluntarily vacated, the landlord is allowed to raise the rent to market rates (this is called vacancy de-control); then the rent control annual increase takes effect on the new rent. A landlord will often raise the new rent to the highest possible price the market will allow, in an attempt to recoup the financial loss he is incurring on the units still under rent control. Because of the new higher rent, the previously affordable unit is no longer considered affordable; which then impacts the inventory of affordable housing in San Francisco.
With the ratio still on a downward trend from 2012, construction of new apartments and condominiums is one of the fastest-growing segments in the construction industry, though slowdown is expected heading into 2021 as the economy continues to improve and home buying, in turn, will increase. (Apartment & Condominium Construction in the US: Market Research Report, 2016) With the trend for millennials to delay home ownership, landlords have some insulation to market fluctuations, but still need to be cognizant of anticipated increases in the rent/price ratio.
They didn’t — none of them called themselves Clevelanders. As I looked around the lounge of Twin Towers, I realized that most of these fans were here to cheer on their home team in the first Cleveland Browns-Pittsburgh Steelers game in three long years. The fans varied in hometown.
A recurring reaction to gentrification is the appreciation of improved amenities. Many residents expressed their reluctance towards
In my experience as a real estate sales representative, I have looked at many rental properties that are owned by people that are commonly known as slum lords. These units are in disrepair with leaks, mold, mildew, holes in walls, ceiling and poor floor coverings. Many people are afraid of pushing these issues to have repairs done as they might lose their shelter or their rent could be increased. There are people living in a rooms in a house, that are also at risk as they don’t realize they are not protected under the tenant act so the owners can remove them from their shelter without notice. I have also experienced people living in abandoned commercial buildings ...
effect, because they know that it is likely that landlords will not be able to
people who manage apartments, therefore do not need to pay rent for a place to
The main problem rent control can create to landlords is the case of the tenant do not move out because of the good rental price. That causes the landlords to lose money by not being able to increase the rental price of their units. Besides, the price of maintenance continues to increase, causing landlords to not earn any profit with their ...
People are not just supposed to earn and eat but to save money for any uncertainty or for retirement but mounting demands of landlords are making not only saving impossible but also spending for basic needs impossible. Now people have to cut down their spending and make is below 30 percent of their income in order to fit into escalating demands of landlords. When checked about the rentals it was confirmed by the research of Harvard that $850 which is considered as affordable rental rates were offered by 10 percent of the landlords whereas, almost more than a third were offering $1650 or larger amount. While, last year $934 was the average rental rate offered by landlords. Now a person is nowhere to go and have to spend for expensive rents as reasonable rentals were occupied by the lucky ones and a house is mandatory for a living and security of a human.
For example, college football fans for Ohio State. On game day they will come out early in the morning to tailgate with other fans before the game. Then after that 110,000 fans pack into a stadium to watch around 3 hours of 20 year old men smacking each other around. Some of them show up shirtless with painted bodies to support their team, while other lose their voices cheering on their team. Now NFL and pro soccer are similar in the regard, but neither have stadiums as big as college football, which speaks volumes about the popularity of each sporting league. Now NFL fans as bad as college football fans, but they’re up there. For example, fans of the Cleveland Browns. Sports in Cleveland, Ohio have been sort of a roller coaster for about the past fifty years. Fans have been absolutely taunted in that span by not only the city’s lack of ability to produces quality teams, but their sheer bad luck when good things do happen. From The Drive, all the way to The Shot/ The Block, and the emotions of fans may have varied, but many of them stayed loyal throughout this whole process, even though it has been very painful to watch. The Netflix movie “Beliveland” goes in depth and the history of Cleveland sports and its fans. So this begs the question, who are Cleveland sports fans and how have they been able to handle being among the worst teams in every sport? And what better way to understand who Cleveland fans
...hing versus very expensive unscheduled repairs that may be required under troublesome conditions causing production to stop and loss of revenue. Good PM saves money over a product’s life cycle.
As we went through the apartment, I saw some things either needed to be fixed or replaced. At the end of the tour, I started the conversation about the rent. He was adamant that the rent should be $400 per person for 4 BHK apartment. I demanded the rent be lowered to $350 per month and demanded that the Wi-Fi be included and new heaters be installed because the current heaters were old and making noise. I Remember from the readings of Getting to Yes, develop options for mutual gain, I was looking for a two-year lease, coincidently, my land lord was looking for tenants who could sign a two-year lease instead of one, so I decided to sign the two-year deal, if he lowered the rent which was agreed at $370 per month including the Wi-Fi bill plus the heaters being replaced by new ones. By creating this win-win situation, both of us agreed on the terms and concluded the
Many economists argue that market solutions are more efficient than government agencies in providing services even when it comes to “merit goods”. In the discussion of housing problem, I would disagree with the economist’s view. Housing is a very complicate issue that I believe it will work the best by the cooperation of market and government agencies. The Canadian government has worked for many years on the housing issue, but does not seem to have any adequate solutions to solve the problem. The housing market, unlike other industry, has a dominant feature of inelastic short-run supply. This characteristic of the housing market has made a great obstacle in coping with the problem. In fact, we may look at other countries’ experiences and learn how to deal with the problem effectively. Canadian government’s housing policy is based on the idea that everyone is entitled to decent and affordable housing. Housing is a necessity and everyone needs a place to live. It is for this reason that government set its goal to ensure everyone is living in housing of adequate quality at a price they can afford. However, the government has turned into wrong definition of decency and affordability. Firstly, decency is subjective according to different cultures. I think that the Canadian government is setting a very high value on living environment, and such a high standard may cause more difficulties in solving the problem. Secondly, Canadian government has continuously reduced its standard in defining affordability. It was consider affordable if housing cost no more than 20% of your income.