We recently ran across an article from RUN Property CEO Rob Farmer about the top 10 mistakes that new landlords make. (RUN is a large property management company in Australia.) We loved the list!
We are one of the largest residential property management companies in Kansas City and have been helping our clients since 1989. We have seen these mistakes time and again over the years. If you are thinking about becoming a landlord, we want to make you aware of these potential pitfalls.
Top 10 Mistakes That New Landlords Make
1. Treating property investing as a hobby
2. Forming a direct relationship with the tenant
3. Thinking of a property as their own home
4. Not keeping the property in good condition or not doing repairs quickly
5. Not having a depreciation schedule
6. Failing to increase rents regularly
7. Losing sight of the bigger picture
8. Paying down the wrong type of debt first
9. Using the wrong accountant
10. Failing to use an experienced property manager
Be sure to read the full article here that explains each point in more detail! If you have a property in the Kansas City area, give us a call at (913) 469-6633 to talk about these and any other questions you may have prior to renting your home for the first time!