landlord mistakes

As Property Managers we see a lot of landlords make the same mistakes over and over. Managing your own rental property can be challenging especially for first-time landlords. It is expected to make mistakes but some can be avoided. As property managers, we have years of experience, tools, and resources to effectively manage your property. We will show you the four most common landlord mistakes so that you don’t make costly and frustrating errors. 

 

Poor tenant selection 

The worst mistake you can make as a landlord is choosing the wrong tenant. It can lead to a series of problems, like not getting paid, having to evict them or getting your home wrecked. So the number one mistake you want to avoid is not doing a thorough tenant screening. A good tenant screening is one of the best tools you will have as a landlord. By effectively screening prospective tenants you will protect yourself, the property and the community. Finding a good tenant is the most important thing to ensure a profitable rental and someone who takes good care of your property. Four general areas to look for are income- 3x whatever the rent is, job stability, credit, and rental history. Professional property managers have the resources and knowledge available to do a thorough tenant screening so if you don’t feel prepared to do careful and rigorous background checks, feel free to give us a call. 

 

Maintenance

Handling maintenance can be a hassle, as a landlord you will realize that the more properties you self-manage the more maintenance requests you will receive. A common mistake new landlords make is to not take maintenance seriously. We are aware that some tenants may have a “maintenance” issue that is really a home improvement and not a real maintenance issue. But each maintenance request should be assessed and taken seriously. If your tenant gets hurt because you were too slow on repairing something, you are at risk of being sued. 

 

Inspections

Another mistake new landlords make is not conducting inspections. Property inspections are vital. You need to conduct at least one inspection a year because inspections can prevent problems before they become serious issues that may lead to costly future repairs. Inspections are a way to protect your investment. The main inspections you should conduct are, move-in, lease compliance, pet, drive-by  & move-out Inspections. 

 

Not knowing the laws 

Education and experience are crucial factors in being a successful landlord and not getting sued. Being a landlord comes with a lot of responsibilities. You need to know and follow applicable federal, state, and local laws. We highly advise you to take a course on Fair housing laws because housing discrimination is a common issue in the rental housing market. The Fair Housing Act is a law that prohibits discrimination in renting, selling, buying or financing of housing and it is quite complicated. Make sure you take the time to research and understand all laws. 

 

Property management is a serious business and if you don’t feel ready to take the full responsibility of being a landlord, feel free to contact us. At CRM Properties, we will give you peace of mind knowing that your investment is in good hands. We have the experience, tools, and resources to effectively manage your property and maximize the rental value of your home. 

 

Bethan Johnson

Turn Coordinator

Bethan is a Property Manager Assistant. She performs all property inspection and evaluations, creates tenant invoices and oversees disposition of security deposits.

Why choose CRM Properties?

We have the best selection of homes in the Kokomo area. Our staff’s dedication to customer service leads to a swift response to maintenance and tenant questions.

 

What is your screening process?

We verify income with copies of pay stubs and verification from your employer. We check court records for any judgments and criminal activity. We also contact your previous landlords directly for a referral. We will verify that the person we call is actually your landlord.

 

Are pets allowed?

Most homes allow pets. We do have breed and size restrictions. We limit the number of allowed pets and you must provide proof of vaccinations on all pets. We charge an additional $25 per month and $150 additional deposit.

 

How much is the damage deposit?

The damage deposit is equal to one month’s rent. An additional $150 is required for all pets.

 

How long of a lease must I sign?

Our leases are typically one year. During winter months we structure our leases to expire during the spring.

 

How do I pay my rent?

You can pay rent in person with a personal check, cashier’s check or money order. You may set up an e-payment or direct deposit. You may also mail your rent or use our dropbox.

 

What happens if I can’t pay my rent on time?

We do not make arrangements on rent. Rent is due on the 1st of each month. Late fees start on the 5th. If we do not receive rent by the 15th we file an eviction. You may stop the eviction if you pay rent in full prior to the eviction date.

 

How are utilities handled?

Utilities are typically the tenant’s responsibility. Utilities must be transferred into the tenants name prior to signing the lease. If the tenant is responsible for the sanitation bill and fails to pay it, we reserve the right to increase the monthly rent and include sanitation in the rent.

 

What do I do if I have a maintenance request?

Why choose CRM Properties?

 

What do you charge?

 

When do I get paid?

 

How much is the damage deposit?

 

How long will it take to get my property rented?

 

How do you market my property?

 

What is your approval process for tenants?

 

What is the tenant deposit and length of lease?

 

Do you accept pets?

 

What is the eviction process?

Amanda Mendenhall

Leasing Agent

Amanda is our Leasing Agent. She oversees property showings and screens applicants.

Bethany Shoffner

Portfolio Manager

Bethany is one of our Property Managers. She is the single point of contact for owners and oversees the tenant experience.

Hannah Dobbins

Resident Service Coordinator

Julie Mullinax

Operations Manager

Julie is our Operations Manager. She oversees the staff and the day to day operations of our company.

Heather Johnson

Property Manager

Heather is one of our Property Managers. She is the single point of contact for owners and oversees the tenant experience

Jennifer Koenig

Resident Services Coordinator

Jennifer is our Office Assistant. She assists the Property Managers with all property and social media marketing.

Amanda Marshall

Maintenance Coordinator

Theresa Cain-Rush

Property Management Assistant

Darin Olson

Maintenance Manager

Darin is our Maintenance Manager. He investigates maintenance issues and offers suggestions and estimates for repairs.

Lynda Simpson

Bookkeeper

Lynda is our Bookkeeper. She handles all accounts payable and receivables. She also coordinates all owner and tenant billing.

Chris Mullinax

Broker Owner & New Business Development

As President and Owner of CRM Properties Chris helps generate new business and works on making sure the business is compliant with all local, state and national laws and ordinances.

Call us at (765) 459-8034 during business hours.

We guarantee that a team member will be on the other end to answer any questions you may have.

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