If you need assistance, please call 914-920-2299

4 Landlord Faux Pas to Avoid

Thursday, January 15, 2015   /   by June Quilantang

4 Landlord Faux Pas to Avoid

"Just one small tenant problem avoided can be priceless!"

 

1. Don't negotiate your rental price or terms before meeting and screening the prospective tenant.
It's something we've all done at one time or another and have lived to regret it. In the vast majority of instances, the tenant who starts negotiating on your rental before even seeing it, is very rarely qualified financially to rent from you.
Often, landlords may allow the tenant prospect to negotiate during the viewing of the rental. The tenant may criticize the property and point out improvements he or she wants done if they were to take the rental.
Landlords sometimes give away too much and make promises in the heat of the moment because they are afraid of losing what seems like a great tenant, only to learn after the screening that the tenant wasn't so great after all and regret some of those promises.

2. Never promise the rental to anyone without a deposit and an approved screened rental application.
Sounds crazy, right? It happens all the time! That brings me to number 3...

3. Don't rent to friends or relatives.
Those of you who have done this know what I'm talking about. How are you supposed to handle business when you can't have a business relationship. A landlord mentor of mine, Nick Koon used to say when asked by a friend who wanted to rent from him,
"Do you want to continue to be my friend or do you want to be my tenant?"
His point was that you cannot have both if you are going to handle your rentals as a business.

 

4. Never allow a tenant to call your bluff.
It is important for your rent to be paid on time and stay on top of your late paying tenants with late notices and enforce late fees. I am amazed at how many landlords skip the late notice and serve a Pay Rent or Quit Notice. These are no-nonsense landlords, right? WRONG! They think they are, right up until the Pay or Quit Notice period expires and the tenant doesn't pay. Then they get really mad and serve ANOTHER Pay Rent or Quit Notice with another 3 or 5 days to cure depending on the state.
Don't serve a Pay Rent or Quit unless you really mean to back up your threat of eviction at the end of that cure period. If you don't follow through, the tenants will laugh at you and your bluff will have been called! 

 

www.NYREEX.com

New York Real Estate Experts Facebook

Rummy Dhanoa - Broker with New York Real Estate Experts

New York Real Estate Experts
Team Of eXp Realty
2150 Central Park ave, Suite#209
Yonkers, NY 10710
914-920-2299
914-920-2289
Office: 888-270-0672

The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than eXp Realty - New York Real Estate Experts are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2020 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate for sale or lease on this web site comes in part from One Key, Inc. Real estate listings held by brokerage firms other than Rummy Dhanoa - eXp Realty - New York Real Estate Experts are marked with the One Key, Inc logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2020 One Key, Inc. All rights reserved.