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Four Ways New Rental Property Owners Make a Bad First Impression

April 9, 2022

If you’re a new property owner, you might be making a bad first impression with tenants without even realizing it. Here are a few mistakes new property owners make when managing their own rental property:  

Not Preparing the Property Before Viewings  

If you don’t prepare the rental unit before viewings, you’re going to look disorganized. It will give your prospective tenants the impression that you aren’t good at managing a property. They’ll leave with the idea that you won’t take care of their needs.  

The unit doesn’t have to be deep-cleaned before a showing, but at least make sure it is presentable. Or, if you’re showing them a current resident’s unit make sure you let that resident know and ask them to tidy up. If the unit is empty, make sure it doesn’t smell like it’s been vacant for a month. Unoccupied places still get dusty and your prospective clients will notice. Vacuuming the floors and wiping down any surfaces are some light cleaning that won’t take too long. You want the place to look and smell nice, but you also don’t want to seem like something is being covered up, so don’t bombard the unit with an air freshener before any visitors arrive. 

Not Being Knowledgeable About the Property and Market 

It’s your property, so you should know about every nook and cranny! If there are positive selling points that can seal the deal on a potential tenant like whether or not the windows are energy efficient then you should inform them. Consider that every tenant is different and that there are different selling points for everyone depending on their situation. Let everyone know of the local amenities and services available. Part of being a rental property owner is being a salesperson—you won’t get any revenue if you don’t get tenants. 

If you don’t know how the rental market operates you could be shooting yourself in the foot. It’s important to stay up-to-date on all the market trends. This also helps you gauge how you should be pricing your rentals. Continually compare yourself to similar properties in the area so you can compete. If your property offers amenities that they don’t (like an in-unit washer and dryer) then make sure you price your property accordingly! You don’t want to charge the same (or less!) when you have the more ideal unit.  

That being said, you don’t want to overcharge for your property. Overcharging or undercharging rent will dissuade tenants from renting. Overcharging is an obvious no-no, but you might think undercharging will bring in more renters. Tenants will think that there is something wrong with the place if the rent is too cheap so they’ll be less likely to sign a lease.  

Not Screening Tenants 

Who you have renting your property can make or break your business. You should run background checks on every prospective tenant. Check their credit history, criminal background, and eviction history. Tenants with bad history are more likely to be late on rent and cause issues with other residents. If one person is late on rent, then two people are late on rent, and the cycle continues. Having a procedure in place to deal with it before it happens will help your business in the long run.  

Bad tenants will make other residents want to move out. If they have problems with other residents or are destructive towards the property, it would be best to evict them as soon as possible. It takes a lot of time and money to evict a resident, so it’s best to screen every potential tenant to lessen the possibility.  

Not Knowing How to Manage Tenants 

If you want to own a property and manage it on your own, you’ll need to know how to properly manage your tenants. Property management can be difficult, especially if you start acquiring more property. It’s important to have someone on-site that can handle tenant complaints as they come in. The longer a tenant has to wait for their concerns to be dealt with, the less likely they are to stick around once the lease is up.  

Consider hiring a property management team. A property management team can handle customer complaints, maintenance, and other concerns like screening tenants. For the best property management experience in Middle Tennessee, look no further than MMC. With a wide range of services including an in-house maintenance team, thorough resident screening, and access to licensed real estate agents, MMC can help you grow your business. Call today!