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Property Management | 3 Common Mistakes Homeowners Make When Renting Their Homes

When you decide to invest in rental property you are committing to a business that will be fast-paced and demand your attention, especially when you have multiple properties you are renting. A single-family home rental can increase your income and be an investment that keeps going up in value, as long as you don’t make these critical mistakes when renting.

  1. Applications and Verification- In order to find the best tenants for your home, you must screen them through an application process. Tenants should make at least triple the rent in income if they are going to be able to afford the home and should have a clean background and credit check. You should obtain a social security number and photo identification for each tenant that wants to apply for the apartment and run the appropriate checks. Charleston property management uses a variety of programs for this purpose.
  2. Not Having a Good Enough Lease-If you’ve ever looked at a lease, you will see that they are pages long. Lease terms need to be very detailed to protect both the homeowner and renter. Merely having your tenant sign a piece of paper saying when they moved in, how long they can stay, and how much their rent is, will not be enough to ensure you are protected legally. A legal team always backs Charleston property management leases.
  3. Inspections-After the tenant moves in, as long as the lease provides for it, the owner or Charleston property management, can conduct inspections of the property to ensure the tenant is in good standing with the lease terms. Most property managers or owners conduct inspections every six months, some annually, and others as they see appropriate due to suspicion of lease violations.

If you want to avoid making these common mistakes when renting your home, call a Charleston property management company like Scott Properties