Being a landlord is by no means easy, especially when you have countless responsibilities related to maintaining the rental apartment, handling all the paperwork, communicating with tenants, etc.

Today we will talk about the most common mistakes landlords make, which we encounter every day

Let’s get started!

You set the price of your property yourself.

There is a reason we put this first. Mistake No. 1 is the most common in our practice. Even if you have been renting out your property for years, that does not always mean you are perfectly familiar with the market situation and how much your property is worth. Price is the key factor when renting out a property. If it is overpriced, it will be hard to rent and, in the best case, it will remain unoccupied for a month or two, which in turn leads to a loss of money for you. If it is underpriced, that would also leave you at a financial disadvantage. Do not compare property prices on the internet, as you do not know how or why the apartments there have been priced, or whether the listings you are looking at are even real and up to date.

You hope that by publishing your property on 2-3 or more websites, it will rent quickly.

By posting your property online, it automatically becomes one of thousands of offers on the vast market. Most often it gets „lost“ in the sea of listings from real estate agencies, and tenants do not reach it at all. Needless to say, you are once again at a disadvantage, paying a subscription fee for the website where you advertise without getting the result you expect. Trust a real estate agency that knows how and where to advertise your property. To provide the best possible service, we have a professional team of photographers who know how to properly showcase all the good features of your property, and a „marketing“ department that knows how to position the listing so it is visible to all tenants looking for a property with similar characteristics to yours.

You do not want to work with real estate agencies, and are only looking for "private individuals".

There are also landlords who do not want to work with a real estate agency because they are concerned about the fee due for the services used. That is why at „Titan Properties“ we require payment only after a lease agreement has been signed and the best possible agreed terms have been reached that satisfy both parties to the contract, namely the landlord and the tenant. Professional photos, advertising, price consultation, improvements and everything related to the preliminary preparation are completely free services that we provide to our clients so that they remain satisfied and receive the most advantageous and fastest deal.

You do not want to make any concessions on price, repairs or improvements to the property.

This is a very important strategic mistake. The better your relationship with your future tenant, the more long-term, reliable and punctual with payments they will be. Do not be afraid to invest money in your own property, as the improvements will be entirely to your benefit.

You do not comply with the terms of the Lease Agreement.

Before signing a lease agreement, make sure it is exactly the way you want it to be. Remember that this is your guarantee of good future business relations with your tenant. Do not violate the terms and conditions of the document in order to avoid subsequent problems.