10 Mistakes Landlords Make

Renting a property in the Miami real estate rentalin without a full screening and verification being
market is more difficult than ever before. Thecompleted. A tenant who must move in right
number of potential problem tenants isaway is usually being evicted or has some other
overwhelming. The landlord must be able to sethidden agenda. Check all prior landlord's references
the correct rental price, advertise and market theand run an eviction check and a credit check.
property aggressively, collect all deposits, conductDon't allow the tenant to rush you into making a
a thorough tenant screening, collect the rent, dodecision.
evictions, fill out the residential lease and all other7. Lease - Never rent month to month or worse
pertinent documentation and disclosures, avoidnever rent the property with no lease at all.
emergency tenants and don't try to do itAlways insist the tenant sign a one year lease and
yourself.collect at least one month deposit. In today's
These are the 10 mistakes landlords make in theMiami real estate rental market a two month
Miami real estate rental market.deposit plus the current month rent is the norm.
1. Price - The landlord does not know how toAll legal and biding documents should be in writing
obtain the right rental price. He/she will listen to ato avoid any misunderstandings. A lease is always
family member or friend who is not an expertrequired in court to provide repair, terms, and
and will offer the wrong amount. The landlord willlease expiration and rent determination. All legal
lose hundreds of dollars a month if the house isdocuments should be in writing.
rented for the wrong amount. The Miami real8. Occupancy - Never give the tenant possession
estate agent must obtain comparables of recentof the property without signing the lease or
rentals in the area in order to determine the bestwithout a deposit. Do not give the tenant the
rental price for the property. The comparablekeys to place some furniture or other small items
property must be similar to the subject property.inside the property. Tenants have been known to
The rental amount should not be negotiated.move in the premises before all terms and
2. Advertising - The landlord will try to saveconditions have been established. Tenants will
money and not advertise the rental property. Thisoccupy the property and keys should be delivered
lack of exposure will hurt the landlord deeply. It isonly after all the paperwork is signed and all funds
very important to advertise the property in allhave been verified and deposited.
local newspapers, magazines, flyers, etc. The9. Repairs - Don't allow the tenants to make
Miami real estate realtor should conduct at leastunnecessary repairs prior to renting the property.
one open house to get the proper propertyPainting and cleaning the property is normal should
marketing. The property must be listed in thebe done. New refrigerator, new kitchen cabinets,
MLS to ensure maximum exposure.new air conditioner, complete remodeling is not
3. Deposit - The desperate landlord will rent thenormal and should not be tolerated. Do no rent to
property to the first person that walks in and willtenants that have a long list of things to be
not collect any money in deposit. This is a reciperepaired. Never allow the tenant to dictate all the
for disaster in the Miami real estate market.terms for repairing the property as a condition of
Never show that you must rent the propertyrenting.
immediately. A three month deposit must be10. Don't do it yourself - Always hire a Miami real
required up front. The third month deposit couldestate professional do all the work for you. A
be negotiated and paid in installments if needed.landlord that tries to save money by doing it
4. Screening - Always obtain a thorough tenantyourself will make a costly mistake. Usually the
screening investigation for potential tenants. Obtainfee is only one month's rent. Collecting and
a credit check, get a police report, call employers,Evictions services are not included and are
check references, call prior landlords and ask ifcharged separately. The money you save by
they would rent to the tenant again and did theydoing it yourself in the beginning will cost you triple
pay the rent on time. Make sure the tenant hasin the end.
not been evicted before. Properly screening theLandlords must avoid amateur mistakes in Miami
tenant is an essential step in Miami real estatereal estate property management. Certain rules
property management.must be followed in order to rent the property to
5. Evictions - Delaying or not evicting a tenant fasta good paying tenant who will pay the rent on
enough is a tremendously time consuming andtime and take good care of the property. Most
costly mistake that will devastate the landlord.landlords simply do not have the time or the
The landlord must be prepared to evict if after allknowledge to properly conduct all the necessary
the screening the tenant still won't pay the rentsteps in order to ensure renting the property to
due to lost of job or other unforeseen problems.the best candidate. The best way to prevent
Evictions must be started immediately. The Miaminon-paying tenants and avoid tenant evictions is
real estate rental realtor should be familiar withby not renting to bad tenants at all. Hiring a Miami
non-paying tenant eviction proceedings.real estate professional to rent the property for
6. Emergency - Avoid a tenant who must moveyou is a must.
in immediately. Do not allow the tenant to move