Mistakes that Can Cost a Landlord
A major reason a person decides to become a landlord is for financial and investment gains. Through daily management and building improvements, a landlord works to keep the value up of his/her property. However, there are many ways a landlord can lose money each month, which can turn into a big problem.
At Quest Real Estate, LLC., as a Jacksonville property management company, we’ve worked with landlords throughout the years, so we know and understand the reasons and explanations as to why people want or need to move. Below, we’ve shared some of the most common reasons why tenants/renters choose to move.
- Not acting fast enough – If a landlord takes his/her time looking to fill a vacancy, you could be losing out on a month or several months of income. If a tenant informs the landlord that he/she will be moving out, the landlord should act immediately and try to fill the space before it’s even vacant, so no rent income is lost. There are many ways to advertise a vacant unit including social media, a sign in the yard, online listings, and more.
- Not increasing rent – Rent can be a tricky thing – as a landlord, you want your rent to be able to make you a profit without turning off current or potential tenants. Do your research and see what other similar buildings are charging for rent. Increase your rent each year an appropriate amount to keep up with the pace of inflation, if your current tenants do not like the increase and want to leave, you likely will be able to easily fill the space with someone who will pay what your asking for.
- Not charging fees – Most landlords give tenants a grace period for rent payments. However, as a landlord, you don’t want your tenants to take advantage for you. Your property is your business and livelihood and you need their rent. Rent should be timely and there needs to be a consequence for tenants who don’t pay or pay late. If you give your tenant a late fee, he/she is less likely to ever miss a rent payment again in fear of receiving another fee.
Looking for a Jacksonville Property Management Company?
If you are a new landlord, it can be easier to lose money on your investment if you aren’t familiar or used to mistakes that can occur. Property managers know how to properly manage a property and the finances of the property so that you can turn a profit each month.
If you need help managing your property, a Jacksonville property management company can help you collect rent, price rent, market your property, and work with tenants. At Quest Real Estate, LLC, we have years of experience working with tenants and we can help you find ways to keep and attract new tenants so you can continue to grow your investment for years to come.
Our Jacksonville property management team develops a close relationship with tenants so there will be fewer issues throughout their time renting from you.
With our aggressive marketing, advertising, property showings and background checks, we will find you great tenants. As a property management company, we prepare leases, have 24-hour emergency maintenance, collect rent, and more. We will work with you to find ways to better serve your tenants and attract new ones.
If you’re looking for a Jacksonville property management company to manage your property or find you tenants, let Quest Real Estate help you!
Contact our team at Quest Real Estate, LLC, by submitting our contact form. If you’d like more information on Jacksonville, or information on homes for sale or rent here in Jacksonville, Fl, call us at 904-373-9171.