Many people wrongly assume that being a property landlord is fairly simple; in fact, the role can be demanding and complex and can easily lead to costly mistakes. Let’s take a look a four common landlord mistakes.

Overcharging rent

Charging an inflated rental price will put would-be tenants off. According to the Telegraph seeking an inflated rent in a highly-sensitive market will mean the property remains empty.

For this reason, it is essential that landlords do their homework to know what constitutes a fair rental price. Prospective tenants are likely to be scouring the market and will have a good idea of what price they should pay for your property.

Not maintaining a property

As a landlord, your job does not stop once you have found tenants for your property; in addition, you have a duty of care to regularly maintain the property so that it is fit for habitation.

Letting maintenance checks slide does not do a landlord any favours, as it could result in further costly maintenance to the property down the line. It might even put your tenants in danger and could constitute a breach of regulations.

There is no excuse not to maintain your rental property. If you need to keep tabs on the management aspects, you might find property inventory software useful; for example, Inventory Base property inventory software providers can help to streamline periodic interim inspections for you.

Failure to comply with regulations

A landlord must comply with the relevant regulations with regard to aspects such as safety and maintenance checks, storing deposits, entering the property and evicting tenants. Failure to comply with regulations could result in legal action, which could prove costly. It is a landlord’s duty to keep on top of current regulations and be aware of any changes that arise.

Not marketing the property

No matter how attractive your rental property, you are unlikely to have success renting it out if prospective tenants do not know about it. Many landlords go to great lengths to renovate a property but fail to market it. If you want to get tenants through the doors, it might not be enough just to stick a ‘to let’ notice outside; in addition, you are likely to need to have your property listed with a local estate agent and online to garner interest.