50 mistakes landlords & property managers make top 50 mistakes... · narpm member & realtor...
TRANSCRIPT
50 Mistakes
Landlords &
Property Managers
Make
Presented By:
Patti RobertsonNARPM Member & Realtor
PMI Virginia Principal Broker
eXp Realty Associate Broker
Hampton Roads Landlord Assoc Founder & Organizer
Rent Ready Norfolk Advisory Board Member & Educator
Property Management Inc. Franchisee & Regional Mentor
Laws & Brokerage
Laws & Brokerage
1.Not learning & staying current on your state landlord tenant laws.
Laws & Brokerage
2. Not learning & staying current on fair housing laws.
Laws & Brokerage
3. Not joining industry associations.
Laws & Brokerage
4. Selecting a brokerage who is not familiar with property management.
Laws & Brokerage
5. Waiting until you have a problem to develop a relationship with a landlord tenant attorney.
The Properties
The Properties
6.Not leaving your card with a neighbor.
The Properties
7. Installing laminate wood flooring.
The Properties
8. Not using washable paint.
The Properties
9. Under or over rehabbing.
The Properties
10. Not using a landlord lock system.
The Properties
11. Not setting the expectation up front that money should be set aside for repairs.
The Properties
12. Not knowing your local inspection requirements.
Your Lease
Your Lease
13. Expiring leases in your dead of winter months.
Your Lease
14. Not staggering lease expiration dates.
Your Lease
15. Thinking leases have to be 12 months.
Your Lease
16. Allowing a prorated rent amount to be used for a mid-month move-in.
Your Lease
17. Identifying the Property Manager or Firm as the Lessor instead of the Owner.
Your Lease
18. Not making the tenant responsible for
• Pest Control• Broken Glass• Cost of lost keys• Any damage caused
by the tenant.
Your Lease
19. Allowing a grace period for rent due date.
Your Lease
20. Not having every tenant identify if they ARE or ARE NOT in the military.
Your Lease
21.Not including a military waiver for assignment of guardian in litem.
Managing Tenant Relationship
Managing Tenant Relationship
22. Picking up rent at the property.
Managing Tenant Relationship
23. Not doing periodic inspections• Open the cabinets –
pet food?• Count toothbrushes• Do the shoes match the
occupants?
Managing Tenant Relationship
24.Not issuing a 5-day letter on the day after rent was due.
Managing Tenant Relationship
25. Not using an attorney to obtain judgment if you plan to use one for collections.
Managing the Tenant Relationship
26.Not having a system to document conversations.
Managing the Tenant Relationship
27. Not having a system to document tenant charges and payments.
Managing the Tenant Relationship
28. Not meeting the state required timeline for deposit dispensation.
Managing the Tenant Relationship
29.Not including Received with Reservation verbiage on your 5 Day Letters.
Managing the Tenant Relationship
30. Not using a 21 Day Notice to Cure Lease Violation letter for non-financial violations.
Maintenance
Maintenance
31.Not documenting move-in condition or noting NO VISIBLE EVIDENCE OF MOLD and BED BUGS on the move-in condition report.
Maintenance
32. Treating the move-in condition report like a work order.
Maintenance
33. Not being thankful when a tenant submits a work order.
Maintenance
34. Not responding to maintenance requests in a timely manner.
Maintenance
35. Not telling vendors specifically to discuss repairs with you, not the tenant.
Maintenance
36. Not knowing state law regarding mold, bed bugs, and maintenance.
Advertising Properties
Advertising Properties
37. Not checking your data and photos before you publish the ad.
Advertising Properties
38. Waiting until the current occupant moves out before starting your advertising.
Advertising Properties
39. Putting a sign in the yard of a high crime neighborhood.
Advertising Properties
40. Not including your rental criteria in your ads.
Advertising Properties
41. Not using a syndication tool.
Advertising Properties
42. Not “claiming” your properties on sites such as Zillow.
Advertising Properties
43. Stopping marketing before you have a full deposit and signed lease.
Tenant Screening
Tenant Screening
44. Not getting a complete application from every adult occupant.
Tenant Screening
45. Not screening every adult.
Tenant Screening
46. Not rejecting an applicant once you found they lied on their application.
Tenant Screening
47.Having criteria or asking questions that violate the law.
Tenant Screening
48. Relying solely on automated screening tools.
Tenant Screening
49. Not verifying employer and employment.
Tenant Screening
50. Taking an out of state co-signer.
Low Income Housing
Bonus - Low Income Properties
51. Not keeping attached units on a bug contract.
Bonus - Low Income Properties
52. Installing screen doors.
Bonus - Low Income Properties
53. Not having easy rent payment options for people without cars.
Bonus - Low Income Properties
54.Being afraid of SEC 8.
Bonus - Low Income Properties
55. Thinking you should not take low income tenants to court.
Bonus - Low Income Properties
56. Not learning what assistance is available to avoid homelessness.
50 Mistakes
Property Managers
Make
Presented By:
Patti RobertsonNARPM Member & Realtor
PMI Virginia Principal Broker
eXp Realty Associate Broker
Hampton Roads Landlord Assoc Founder &
Organizer
Rent Ready Norfolk Advisory Board Member &
Educator
Property Management Inc. Franchisee &
Regional Mentor