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Top 3 Mistakes Landlords Make

Top 3 Mistakes Landlords Make (and How to Avoid Them) – Insights from Living Legacy Property Management

Being a landlord can feel like a thrilling ride—exciting and profitable, but also risky if you’re not careful. Whether you own a single rental property or a whole portfolio, it’s important to steer clear of common pitfalls that can drain your profits and stress you out. At Living Legacy Property Management, we’ve been in the Baltimore rental market for years, and we want to share our insights to help you navigate this journey successfully.

Let’s take a closer look at three mistakes a lot of landlords make, why they happen, and how you can avoid them, so you can feel more confident and enjoy being a property owner—with our support along the way.

1. Skipping Proper Tenant Screening

The Mistake:
In their eagerness to fill a vacancy, many landlords—especially those new to the game—rush through tenant screening. An applicant might seem friendly or offer cash upfront, but without proper checks, you could be inviting trouble—like late payments, property damage, or messy evictions.

Why It’s a Problem:
A bad tenant can turn your investment into a nightmare. It’s like handing your keys to a stranger without doing any homework. At Living Legacy, we avoid this by implementing a careful vetting process.

How to Avoid It:

  • Always run a credit check to assess financial reliability.
  • Request landlord references and call them—our team does this for you.
  • Verify employment and income—tenants should ideally earn at least three times the rent.
  • Consider meeting applicants in person or virtually to gauge their reliability

Pro Tip from Living Legacy: Use our trusted tenant screening service. The small investment in screening can save you thousands in potential headaches later.

2. Neglecting Property Maintenance

The Mistake:
It’s easy to put off repairs—like that dripping faucet or a small roof leak—but neglecting these can lead to much bigger, costlier issues down the line.

Why It’s a Problem:

  •  Minor leaks can lead to mold damage.
  • Ignoring HVAC problems could result in hefty replacement bills.
  • A poorly maintained property may attract less desirable tenants and decrease your rental value.

How to Avoid It:

  • Schedule regular inspections—twice a year is our standard.
  • Act promptly on repair requests—our 48-hour emergency response keeps tenants happy.
  • Budget for routine maintenance—aim for setting aside 1-3% of your property value each year.

Pro Tip from Living Legacy: Take advantage of our network of trustworthy contractors to get quick and affordable fixes.

3. Not Knowing the Law

The Mistake:
Landlord-tenant laws can vary significantly by state and city, and being unaware of these rules can lead to fines or even lawsuits.

Why It’s a Problem:

  • Unintentional discrimination in tenant selection can have serious consequences.
  • Mishandling security deposits can invite legal trouble.
  • Mismanaging evictions can cause frustrating delays—something we ensure you never face.

How to Avoid It:

  • Familiarize yourself with local laws—check Baltimore housing authority resources, or let us take the reins.
  • Keep thorough documentation of everything—from leases to repairs.
  • When needed, reach out to a real estate attorney—we can connect you with legal experts.

Pro Tip from Living Legacy: Consider joining landlord associations for ongoing legal updates and support.

Wrapping It Up: Be a Proactive Landlord with Living Legacy

By avoiding these common missteps—like inadequate tenant screening, neglecting maintenance, and overlooking legal requirements—you can save yourself a significant amount of stress and enhance your profitability. At Living Legacy Property Management, we don’t just manage properties; we’re here to empower landlords with personalized solutions throughout Baltimore, from Essex to Brooklyn/Curtis Bay. Please think of us as your partners in managing people, properties, and processes effectively.

FAQs

1. How can I find good tenants quickly without skipping screening?
Use professional listings and photos (like ours on ineedtenants.com) to attract applicants, then let Living Legacy screen thoroughly.

2. What’s the best way to handle repairs?
Set up a maintenance fund and use our established repair process with trusted contractors.

3. Do I need a lawyer to be a landlord?
Not always—Living Legacy handles legal compliance, but consult an attorney for complex cases.

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