The THREE BIGGEST MISTAKES self-managing landlords make

The below is a summary of The Accidental Landlord podcast. 

1. Fear of the unknown:

• Many accidental landlords default to hiring a property management company due to fear of the unknown responsibilities and challenges.

• This often leads to choosing a company without proper vetting.

• Jay emphasizes the importance of learning about self-management and developing systems to overcome the fear.

2. Not treating it like a business:

• Jay's past experience of mixing personal relationships with tenants led to negative outcomes.

• He stresses the importance of having clear policies and procedures in place to maintain professional boundaries.

• He also advises against personal gestures like gift cards, as they can open doors to manipulation and exploitation.

3. Improper tenant screening:

• Jay recounts his early mistake of renting without credit checks or background checks, leading to a troublesome tenant.

• He emphasizes the importance of thorough screening processes to avoid future problems.

• He suggests systems like taking applications before showing the property and using filters to select qualified tenants.

Additional points:

• Peter and Jay's property management company uses tenant retention strategies like gift cards at holidays to foster positive relationships and encourage longer stays.

• The importance of policies and procedures is highlighted, especially in tenant-friendly states like California.

• Jay contrasts his different approaches to self-management across his past and present experiences.

Overall, the conversation emphasizes the importance of education, planning, and professionalism in managing rental properties for successful outcomes.