If you are renting out an apartment, there are a lot of things that you have to think about. Some of it is trial and error as you get going, but there are a few mistakes you can avoid right from the start. Check out this list of the top five mistakes that new landlords (and sometimes old ones too) tend to make frequently, and how you can avoid them.

Follow The Local Market

When you start pricing your apartments to rent, you need to be aware of what is happening in your local market. You can’t put a price that is too high, or no one will want to rent it. Just because it has hardwood floors and brand new appliances, it does not mean that people will pay a lot more money for it. A little bit, maybe, but keeping your prices competitive is the key to getting people in. It’s also important to be sure you are checking local. The trend in the country is not necessarily the same as the trend in your area.

Screen Residents Thoroughly

Getting your apartment filled is the main goal, but if you are feeling desperate, you may fail to properly screen your residents. Not identifying problems right from the start could mean a future of lots of problems and headaches for you. Find a screening system that works for you and use it with all residents. Make sure they are qualified to rent, that you check their employment status, background check and credit reports. You can also ask for references from a previous landlord, unless you have college students who may not have previous experience. Look through carefully and pick the resident with the most qualifications.

Develop Marketing Strategies

Apartments don’t usually just sell themselves. You’ll need to come up with a strategy to get the word out that you have a place for rent. Use high quality photos to show off, making it appealing to people looking to rent. Make sure that you proofread your listing for any errors and spelling mistakes. You can give off the wrong impression right in your ad before anyone even looks at the apartment. Find websites to post your listing as well as local papers. Having a marketing strategy in place will guarantee that people will see what you have to offer.

Budget For Expenses

Don’t forget to think about all the costs that come along with maintaining a rental property. Landscaping, repairs, and appliances are some of the things that need to be covered when you are a landlord. You can choose to do the work yourself, or to hire someone to do it for you. If you hire someone, you’ll have the benefit of knowing that someone is available to do the work. If you do it, you’ll save money but you will also need to be available to do the work yourself. Having a rainy day fund set aside can help you have the power to fix things when they need it.

Understand Fair Housing Laws

Fair housing laws were put in place so that everyone has an equal chance at getting a place to live. Understanding the laws will help you to ensure that you are giving everyone the same chance. This does not mean that you need to rent to the first person that comes along. It just means that you need to be using the same screening process and red flags for everyone who applies to rent your apartment. Having a system in place will help you to be able to do this fairly.

If you are looking for more tips about running your apartment, Occupancy Solutions has a great set of trainings available. We've got tips and tricks from the top that can help you understand fair housing laws or how to start up your marketing technique. Contact us today for a complete listing and schedule.