5 Common mistakes private landlords make
Many private landlords make common mistakes that can lead to costly consequences down the line. In this information, we will discuss the most common mistakes landlords make and offer insights on how to avoid them, including potential fines for non-compliance.
1. Neglecting Property Maintenance
Failure to regularly inspect and maintain the property can lead to issues that could have been prevented. Neglecting maintenance can result in costly repairs and unhappy tenants. First National Progressive have a network of reliable contractors that we can call on to handle these tasks promptly and efficiently. We will also conduct regular inspections to identify any maintenance issues that need attention. https://www.tenancy.govt.nz/maintenance-and-inspections/
2. Not Screening Tenants Properly
Failing to conduct thorough background and credit checks on prospective tenants can lead to problematic renters. Screening helps identify potential red flags like past eviction history or financial instability. First National Progressive has access to various tools, technology and resources to conduct thorough background and credit checks on potential tenants. This helps ensure that the tenant has a good rental history and the ability to pay rent on time.
3. Ignoring Legal Obligations
As a landlord, it’s essential to comply with the laws and regulations regarding rental properties. There are many of them and it can be difficult to keep up with all the changes. Non-compliance can lead to fines of up to $50,000. At First National Progressive, we have a thorough understanding of these laws and regulations and will ensure that your property is compliant. This can help you avoid legal issues and penalties down the line. https://www.tenancy.govt.nz/law-changes/
4. Inadequate Communication
Poor communication with tenants can cause misunderstandings and disputes. At First National Progressive, we understand the importance of maintaining open and timely communication with our tenants. We go above and beyond to ensure that every aspect of property management is handled efficiently and communicated effectively. Our commitment extends beyond day-to-day operations; we strive to provide proactive solutions and peace of mind to our valued clients.
5. Setting Incorrect Rent Prices
Overpricing or under-pricing rent can be detrimental. Overpricing may lead to longer vacancies, while under-pricing can result in lost rental income. At First National Progressive, we prioritise accurate rent pricing by conducting thorough market assessments. Whether it’s a new listing or a renewal, we appraise the property against similar listings, recently rented properties, and our existing rental stock to ensure that we are assessing rent levels correctly. This approach helps us maximize rental income for our clients while maintaining competitive rates in the market.
These are just a few of the common mistakes landlords might make, as well as some ways we at First National Progressive may assist you in minimising your risk and maximising your profitability with your rental property.
If you would like to discuss this further, please call our New Business Specialist Glen Ford 021 770 586 or email firstname.lastname@example.org
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