10 Dumb Things Landlords Do.

We've all heard of landlords doing dumb things, here are 10 of them. I know there are more.

1 - Not screening  the tenant

Did you get your tenant to fill in an application form, did you call references, do you know if they are really working? Do you know anything about the person who is going to be living in your property? Make sure if you get the information to follow through with it and check. Just because it's written down doesn't make it true.

2 - Disorganised chaos

Are you a landlord who doesn't call back tenants because you can't find their name or number which you wrote down somewhere but can't remember where you put it? Use your Smartphone to organize yourself, or Evernote or some other system. 

3 - It's not ready

It comes to move in date for the new tenants, but the paint is still wet, and the new carpet hasn't arrived to be installed. Now what are your new tenants going to do and what do they think of you?

4 - Your contract with the tenants is vague

So did you write up a lease yourself and not have it checked by a lawyer? Here is a good source for lots of different forms. There is no excuse for not using a legal contract.

5 - Accounting - what's that?

You can't remember which tenants paid and when, so you fly in the dark and hope that everything evens out at the end of the year. This is a very dumb move.

6 - Do people know it's for rent?

Have you advertised it, have you told all your contacts that it's available? Or are you just hoping that someone will just so happen to see that it's empty and track down your number? Make sure you tell people!

7 - Do you just set it and forget it?

You have new tenants and now what do you do? Have you sent them a thank you, or a Christmas card? Have you followed up on repairs, do you maintain it properly? Or are you just going to hope that they will stay there and live happily-ever-after like a fairy tale?

8 - When was the last inspection you did?

So the tenants pay their rent on time and they don't call you for anything, so all must be good, right? It's important to make sure that your property is being well looked after. Just because they are quiet doesn't mean that all is well. You know you are asking for trouble if you don't keep an eye on things.

9 - Wait on the keys

Just because the prospective tenant has money on him and looks like a nice chap, don't give him the keys right then and there. Wait until you have all the information and have done all the checking. You wouldn't give your house keys to a stranger, so why would you give your rental property keys to one?

10 - Deal with the bad eggs

So you have a tenant who's paying rent, but is creating havoc for neighbors and other tenants (if in an apartment block). Do you just let this bad egg put everyone off, or do you deal with it? You have to deal with it, swiftly and respectfully otherwise you may develop bad blood with neighbors and other tenants.

You can also employ the likes of a good property manager and you wouldn't have to worry about any of it!

What is your 'favorite' stupid thing that landlords do?