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.

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