6 Business Mistakes Every Koronadal City Landlord Should Avoid

If you want to be a successful landlord, you’ll need as much practical knowledge, familiarity, and business expertise as possible. You also have to be aware of the laws. Otherwise, you will end up in hot water. Here are some business mistakes that you should avoid so that you can become successful as a landlord in Koronadal City.

The first thing to avoid is using outdated lease forms. Even the generic ones should not be used. It is essential that the rental agreement is tailored according to your property and agreement. It must include all the necessary clauses too.

When you are screening applicants, avoid asking the wrong questions. While it may be true that you have to ask as much questions as you can to avoid headaches later on, you should know that there are limits to what you can ask. Even if you mean well, the applicant might find it offending.

Never make promises that you cannot deliver. For example, you should never include facilities such as swimming pool, parking space, and the likes in your listing when you have not yet finished the construction of these facilities. You will lose your potential tenants in Koronadal City that way.

While it is necessary that you charge late fees to deter instances where the tenants pay the fees way beyond the due date, make sure that it is not excessive. A higher fee will cost you a lot, especially when the tenant complains about it. The late fee should be reasonable.

Ignoring any dangerous conditions in your real estate property’s premises can cost you a lot later on. As much as possible, ensure that the house is a habitable place. The wiring should be well-maintained. The same goes with the plumbing system. Otherwise, someone staying at the property in Koronadal City might get injured. The bills for that would go to you as you are obviously the landlord.

Don’t ever forget to return the security deposit right on time. According to the law, the return of the security deposit should be done one month after the end of tenancy. If you go beyond that, you will receive complaints from the other party. The worst case is when you get a lawsuit.