Classic business philosophy teaches that a great part of survival and subsequent success lies in an operation’s ability to reduce mistakes. The cost or repairing the mistakes is inversely proportional to the amount of profit potential of the operation. In other words…”Mistakes Kill the Profit Margin!!!!!”
As landlord’s, we don’t want to do damage to the precious profit margin we fought so hard to nurture. A landlord’s profit margin struggles every day to survive, grow and flourish in a sea of predators, competitors and government regulators. Below are the top 10 threats to you thriving profit margin.
1-Poor Screening
The costliest mistake is accepting a new tenant without properly screening. An undesirable tenant will often have a poor rental and financial histories. Landlords should review previous landlord relations, credit reports, courthouse records and income. It is probable that if they have not met their obligations with previous landlords, then chances are that they will repeat their behavior with new landlords. Many landlords have faced horrific situations where tenants have stopped paying rent while...
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