Top 3 Mistakes Landlords Make (and How to Avoid Them) - Insights from Living Legacy Property Management

Being a landlord can be like a thrilling ride, offering excitement and profit but also carrying risks if not managed carefully. Whether you own just one rental or an entire portfolio, it’s essential to steer clear of common mistakes that can reduce your earnings and increase stress. At Living Legacy Property Management, with years of experience in the Baltimore rental market, we’re here to share insights to help you succeed in this venture.

Let’s take a closer look at three mistakes a lot of landlords make, why they happen, and how you can avoid them, so you can feel more confident and enjoy being a property owner with our support along the way.

1. Skipping Proper Tenant Screening

The Mistake:
Many landlords, especially newcomers eager to fill a vacancy, often rush the tenant screening. An applicant might appear friendly or offer cash upfront, but skipping proper checks can lead to issues like late payments, property damage, or brutal evictions.

Why It’s a Problem:
A troublesome tenant can turn your investment into a nightmare. It's like giving your keys to a stranger without doing any background check. At Living Legacy, we prevent this by implementing a thorough vetting process.

How to Avoid It:

• Always conduct a credit check to evaluate financial reliability.

• Please request landlord references and contact them for verification. Our team can help with this.

• Could you verify the applicant's employment and income? Ideally, tenants should earn at least three times the rent.

• Please consider meeting applicants in person or virtually to see if they are feeling well.

2. Neglecting Property Maintenance

The Mistake:
Neglecting easy repairs, like a dripping faucet or a small roof leak, can lead to more serious and costly issues later.

Why It’s a Problem:

•  Minor leaks can lead to mold damage.

• Ignoring HVAC problems could result in hefty replacement bills.

• A poorly maintained property may attract less desirable tenants and decrease your rental value.

How to Avoid It:

• We want to conduct regular inspections; twice a year is our standard practice.

• Address repair requests quickly; our 48-hour emergency response keeps tenants satisfied.

• Set a budget for routine maintenance; aim to reserve 1-3% of your property’s value each year.

3. Not Knowing the Law

The Mistake:
Landlord-tenant laws can vary significantly by state and city, and being unaware of these rules can lead to fines or even lawsuits.

Why It’s a Problem:

• Unintentional discrimination in tenant selection can have serious consequences.

• Mishandling security deposits can invite legal trouble.

• Improper handling of evictions can lead to frustrating delays, but we guarantee that you will not experience this with us.

How to Avoid It:

• Please be sure to familiarize yourself with local laws; check Baltimore housing authority resources, or let us take the reins.

• Could you keep thorough documentation of everything from leases to repairs?

• When you need it, you can contact a real estate attorney; we can connect you with legal experts.

By avoiding these common missteps like inadequate tenant screening, neglecting maintenance, and overlooking legal requirements, you can save yourself a significant amount of stress and enhance your profitability. At Living Legacy Property Management, we don’t just manage properties; we’re here to empower landlords with personalized solutions throughout Baltimore, from Essex to Brooklyn/Curtis Bay. Please think of us as your partners in managing people, properties, and processes effectively.

Frequently Asked Questions

1. How can I quickly find reliable tenants without bypassing screening?
   Use professional listings and photos, such as those on ineedtenants.com, to attract applicants, then rely on Living Legacy to conduct thorough screening.

2. What is the most effective approach to managing repairs?
   You can set up a maintenance fund and leverage our proven repair process with dependable contractors.

3. Is it necessary to hire a lawyer as a landlord?
   Not always, Living Legacy manages legal compliance for you, though consulting an attorney is recommended for complicated situations.