6 Biggest Landlord Traps

|, Landlording, Other|6 Biggest Landlord Traps

6 Biggest Landlord Traps

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Even landlords who have been around for a long time have fallen into these common landlord traps.

Improper Screening

"95% of tenant problems can be eliminated in the screening process."

Believe it or not, many landlords still are very trusting and comfortable with a basic application if any or a handshake. The eviction courts are full of landlords who like to trust their ‘gut’ feeling. Available on the CTREIA website is the Apartment Owner’s Manual. It includes all the forms, rules and guidelines’ that you will need to run your land lording business.


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Relying On Non-Landlord Agents

How can someone who has never experienced the same responsibilities advise you how to rent your property?

If you are forced to use an agent inexperienced in landlord matters, be sure to do the screening and accepting of the prospective tenant yourself. If your agent is not using the CTREIA rental application or a comparable one, be sure to supply him with one.

Allowing Tenants To Cross The Professional Line

Is it possible for a tenant to take advantage of a good rapport with his landlord? Many tenants have a way of making it their mission to become friends with their landlords. It has always been a valuable rule of thumb to not do business with friends and family. If possible, keep a friendly professional arms length from your tenants.

Using A Substandard Lease

The conventional leases need improvement. Most leases on the market are quite generic, designed not to offend the tenant. They often have more "tenant protection" than "landlord protection". Landlords need a lease designed by professional landlords and attorneys that will protect them and their properties. The CT REIA lease is available on the real estate documents section of the CT REIA store.

Paying For Credit Reports

Why pay for a credit report on a prospective tenant that turns out to be undesirable? Have your application require a tenant paid screening fee. CT REIA recommends RentGrow – (888) 401-7999.

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By |2018-12-25T00:52:50+00:00November 27th, 2008|Articles, Landlording, Other|0 Comments

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