Becoming a landlord for the first time is exciting, but it can also be overwhelming. Whether you’ve inherited a rental property, purchased your first investment home, or decided to lease out your previous residence, there’s a lot more to managing a rental than just collecting rent.
At Oak City Properties, we’ve helped hundreds of first-time landlords in the Raleigh area avoid costly mistakes and streamline their rental operations. The truth is, even the most well-intentioned new landlords can quickly find themselves in hot water if they’re not properly prepared.
Let’s explore five of the most common mistakes first-time landlords make and how you can avoid them.
1. Underestimating the Time Commitment
Managing a rental property isn’t something you can set and forget. From marketing vacancies and screening tenants to handling maintenance requests and legal notices, being a landlord is a hands-on, full-time job, especially in the beginning.
First-time landlords often assume they’ll only need to check in once a month when rent is due. In reality, you’ll be on call for emergencies, routine repairs, inspections, lease renewals, and more.
If you already have a busy schedule, or simply value your time, a property management company like Oak City Properties can be an invaluable resource. We handle everything from tenant relations to maintenance coordination, so you can enjoy passive income without the constant hustle.
2. Choosing the Wrong Tenants
One of the biggest, and most costly, mistakes a new landlord can make is placing the wrong tenant in their property. A bad tenant can lead to missed rent payments, property damage, legal disputes, or lengthy evictions.
Many first-time landlords rely on intuition or accept the first application that comes in. Unfortunately, that often leads to problems down the road.
At Oak City Properties, we take tenant screening seriously. Our comprehensive process includes credit checks, background screenings, income verification, and rental history reviews to ensure only qualified tenants are placed in your home. It’s one of the best ways to protect your property and your peace of mind.
3. Ignoring the Law (Even Accidentally)
North Carolina has a long list of landlord-tenant laws designed to protect both parties, and first-time landlords are often unaware of how quickly things can get complicated.
From security deposit handling to eviction notices and fair housing regulations, one legal misstep could cost you thousands. Even something as simple as entering the property without proper notice can land you in legal trouble.
Our team at Oak City Properties is fully up-to-date on all local and federal regulations. We help landlords navigate the legal landscape with confidence and ensure your property is managed by the book so you don’t have to worry about unexpected lawsuits or fines.
4. Overlooking Preventive Maintenance
Most new landlords are reactive when it comes to property maintenance. That is, they wait until something breaks before they fix it. While this might seem like a good way to save money, it can actually lead to bigger, more expensive problems down the road.
Preventive maintenance, like routine HVAC servicing, gutter cleaning, and plumbing inspections, extends the life of your systems and keeps tenants happy.
At Oak City Properties, we take a proactive approach to maintenance. We schedule regular inspections and service appointments to catch small issues before they become major headaches, saving you money and avoiding disruptions for your tenants.
5. Mispricing the Rent
Setting the wrong rental rate whether it’s too high or too low, is a classic mistake among first-time landlords. Price it too high, and your property sits vacant. Price it too low, and you’re leaving money on the table.
Many new landlords base rent prices on gut feelings, outdated comps, or what their mortgage costs them monthly. But effective pricing requires real-time market data and an understanding of the competition in your area.
We use powerful tools and local market expertise to help our clients price their properties correctly from the start, maximizing profitability while keeping vacancy rates low.
Don’t Just Learn, Earn
Becoming a landlord is a huge milestone but it doesn’t have to be a trial-and-error process. The mistakes listed above are common, but they’re also avoidable, especially with the right team by your side.
At Oak City Properties, we specialize in helping first-time landlords succeed. Whether you need help finding tenants, handling maintenance, navigating legal requirements, or just want someone to take the day-to-day work off your plate, we’ve got your back.
Let us help you turn your rental property into a reliable source of income with less stress, fewer surprises, and better results.
Ready to Avoid These Mistakes?
If you’re new to land-lording, don’t go it alone. Contact Oak City Properties today and let us show you how professional property management can turn a good investment into a great one.
Oak City Properties is Here to Help
At Oak City Properties, we’re here to support your real estate journey, whether you’re a seasoned flipper or just starting. We provide custom solutions and competitive quotes that tailor our services to what you really need. Our full property management service will work with you each step of the way when renting and maintaining your property. We believe hiring a property management company should be a transparent process built on trust and doing our absolute best to take care of your investment.
Want to learn more about our commitment to effective real estate investing and property management? Contact us today via the form below or call (919) 232-9222.
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