Problems are inevitable when operating a rental property business, but you can minimize them by avoiding four mistakes often committed by landlords. These mistakes revolve around tenancy agreements, repairs and maintenance, insurance, rental fees and their impacts on revenue flow. Knowing these pitfalls and how to deal with them will significantly smoothen your business operations.
Inaccurate Tenancy Agreement
Before signing anything, make sure a tenancy agreement covers all the clauses needed to clarify your rights and responsibilities as the landlord as well as the tenant’s rights. Such an agreement is crucial to tenant-landlord relationships, especially as complaints and other concerns arise from both sides during the tenancy.