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5 Common Mistakes Every Landlord Should Avoid By Susan Burris

  in Real Estate | Published 2017-06-29 11:13:01 | 127 Reads | Unrated

Summary

The essence of property management is not very hard to understand. But it takes knowledge and experience to become successful in this field. If you want to profit more, the first thing you need to do is to learn from the mistakes committed by other landlords.

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The essence of property management is not very hard to understand. But it takes knowledge and experience to become successful in this field. If you want to profit more, the first thing you need to do is to learn from the mistakes committed by other landlords. This article covers the top 7 blunders made by landlords in general,

- Not appreciating the value of marketing

Despite having a wonderful property, you cannot get the right att

ention without marketing. Research well about the various principles of property listing and gain more knowledge about it. Give importance to every single detail like the title, property description and quality photos etc. Do not fail to highlight all the benefits in the title and make sure that the description includes any relevant information.

- Not being flexible about the price

Sticking to a fixed price is not the right way to manage a property. Because of this you might have to suffer from high vacancy rate or lose money. It is essential to keep up with the rental market of the Kansas City. Lower the rental price when the market is dull and increase it during the peak season.

- Inadequate screening

Tenant screening is hard work. But by failing to do it right, you might end up with undesirable tenants who could damage your property or do not pay rents at the right time. To avoid this, Screening their past rental history, credit scores and income is very crucial.

- Underestimating the maintenance issues

It is your duty to keep your property in a safe and livable condition. Responding quickly to any break downs is an inevitable part of property management in Kansas City. Ensure that the patch ups and repairs are done as soon as possible.

- Misusing security deposits

One of the costly mistakes made by the landlords is not returning the security deposits within the required time frame. Some people misunderstand that they are entitled to keep all the money if the tenant violates the contract in any way. This mindset would result in severe penalties.

Property management is a hassle. If you think that you are not up to the job, then it is best to hire a property management service in Kansas City. They would readily handle all your day-to-day responsibilities and could bring significant profit to you.

The author is a building contractor and has special interest in property management. To know more, visit http://www.propertymanagerskc.com/

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About the Author

Susan has been overseeing property management organizations for over 12 years. Her experience in full service property management for investment property, real estate sales with buyer and/or seller representation, brokerage and advisory services, and full service maintenance is instrumental in providing a successful experience.