So, you’ve just scored a new investment property. Congratulations!  

Managing it yourself might seem like a no-brainer, but beware – many DIY landlords fall into costly traps that eat away at their profits and sanity.

In this post, we’ll uncover the top three common landlord mistakes that DIY landlords often make, mistakes that professional property managers never would. 

By avoiding these pitfalls, you can protect your investment, reduce stress, and even increase your rental income.

3 Critical Mistakes That Still Cost DIY Landlords in 2024

Overlooking Security: The Rekeying Dilemma

You wouldn’t give a new driver the keys to your old car without changing the locks, right? The same logic applies to rental properties. As a new landlord, you might be tempted to skip rekeying locks between tenants. After all, it’s an added expense. 

However, this is one of the most common landlord mistakes that can lead to serious security risks for your tenants and your property.

Rekeying (not just replacing) locks is a cost-effective way to ensure that only your new tenants have access. A locksmith can typically rekey all the locks in a residential unit for $100-$150, a small price to pay for peace of mind and potential liability protection.

Ignoring Inspections: The “No News is Good News” Fallacy

Out of sight, out of mind? Not when it comes to your investment property. Many DIY landlords skip annual inspections, fearing they’ll uncover problems or upset tenants. However, this “ostrich approach” is one of the most common mistakes landlords make and can lead to hidden issues like mold, unauthorized pets, or even illegal activities.

Regular inspections are essential for catching minor repairs before they become major expenses. They also provide an opportunity to build rapport with tenants, address concerns, and ensure your property is in top shape.

The Property Management Advantage

Managing rental properties without professional help is like driving without insurance – you might be fine most of the time, but when things go wrong, the costs can be devastating.

Professional property managers bring expertise, experience, and established networks to the table. They handle everything from tenant screening and rent collection to maintenance and legal compliance, allowing you to enjoy the benefits of your investment without the stress. This way, you can avoid landlord mistakes and focus on growing your portfolio.

Ready to Take the Next Step?

If you’re tired of the DIY landlord headaches, consider partnering with a professional property management company. We can help you protect your investment, maximize your rental income, and reclaim your free time. 

Contact us today for a free consultation!