You've decided to become a landlord and rent out your property. That's an exciting venture, but it also comes with a lot of responsibilities and potential pitfalls. Don't worry though, hiring a property management company can help you avoid some of the most common mistakes new landlords make. Here are four common mistakes new landlords make and how professional property managers can help you steer clear of them.

1. Not Screening Tenants Thoroughly

One of the biggest and most costly mistakes is not properly screening potential tenants. A property management company will thoroughly vet applicants by running credit and background checks, calling previous landlords, and verifying income. This helps weed out risky tenants who could potentially cause damage or stop paying rent. Protect yourself by letting the professionals handle tenant screening.

2. Neglecting Maintenance and Repairs

As a landlord, you are responsible for maintaining your rental property and handling any repairs promptly. However, many new landlords underestimate how much work this entails. Property managers have connections with reliable contractors to handle maintenance and repairs quickly. Plus, they ensure issues are addressed before they become larger problems. Let the experts handle the hassles of maintenance.

3. Setting Rent Incorrectly

Setting the right rental price is crucial - too high and the unit could sit vacant, too low and you could lose out on revenue. Property management companies conduct market analyses to determine optimal pricing that attracts responsible tenants. By tapping into their expertise, you can avoid leaving money on the table with rental rates that are too low.

4. Forgetting to Comply With Laws

Landlord-tenant laws can be complex, but noncompliance can result in major headaches down the road. Management companies stay up-to-date on all federal, state, and local laws affecting landlords. They'll handle all the required legal paperwork and ensure you avoid any compliance missteps. Let the experts handle the fine print.

Avoiding common mistakes as a new landlord is key to protecting your investment. Partnering with a property management company gives you the knowledge and experience needed to steer clear of major pitfalls. Let the experts handle screening, maintenance, pricing, and legal compliance so you can sit back and focus on the rewards of rental property ownership. According to a survey conducted by 99 Firms, over 50% of property owners end up hiring property managers. If you're looking to work with a property management company, reach out to us at APM Real Estate to learn more about the services we offer.