The Landlord's Almanac - Landlord Conversations
E4: Common Mistakes Made
Dec 12, 2019
Kassandra Taggart / Dave Stroh
Common Mistakes Made by Landlords
In this episode, the many different options on how to solve flooring problems. Many landlords forget that good vendors do refer to other good vendors in order to solve the vast array of flooring issues that landlords face daily. Knowing the options will help Landlords be more profitable!
Kassandra Taggart / Dave Stohr
The Landlord's Almanac
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- Cost of vacancy
- Stress from turning a unit causing emotional response rather than a business decision.
- Every day it is vacated it costs money.
- Calculate vacancy isn't just a percent of the rent.
- Easy to miscalculate the total cost of a vacancy.Cost can go $1,500 to $5,000 easy.
- The #1 cost in being a landlord is a vacancy.
- An example of a landlord that had a turnover Story about being comfortable with the process of doing a turnover.
- 2 - Landlords overprice the rental properties.
- A math example of if you overprice the rental vs price it right.
- You'll actually make more money if you price it correctly and fast.
- Make the decision on what to price a rental based on yearly budget, not the monthly budget.
- 3- Having proven systems
- The system is key to making profits.
- Having a checklist will help you find why something is happening
- 4 - Property Walkthrough is very important.
- A story about a landlord not doing a property inspection caused the maintenance bill to be much higher than if he had done the inspections.
- Sometimes landlords have to hit the wall to understand they are making an emotional decision.
- What do we look for in a property inspection?
- Spy on the tenants. Inspections should be more than just spying on tenants.
- You'll want to check the smoke detectors for insurance reasons
- Discussion about fire extinguishers.The right quiet enjoyment.
- Anchorage Municipality has rules regarding sounds and quiet hours.
- Tenants are expecting to rent a space and be in peace and not constantly bothered by the landlord or neighbors.
- Landlords entering for emergency repairs all the time.
- Landlords will have new costs that need to be factored into vacancy.
- Landlords will save money by having long term tenants. Retention is the cheapest thing ever.
- Landlords that give gifts have been able to retain tenants for 4 years. That's a $20,000 benefit to this landlord for keeping tenants happy.
- Can the property turnover be dangerous for a landlord?
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