Landlords, are you making these mistakes?

Being a landlord can be an excellent investment, providing steady income and long-term financial growth. However, the rental market—especially in a city like Cambridge—comes with challenges. Many landlords make avoidable mistakes that lead to financial loss, legal trouble, and tenant dissatisfaction.

Let’s break down five of the most common mistakes and how you can avoid them.

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1. Poor Tenant Screening

A good tenancy starts with the right tenants. Yet, many landlords rush through tenant selection, leading to late payments, property damage, or tenancy disputes.

Avoid this mistake by:

  • Conducting thorough reference checks (previous landlords, employment verification, and credit history).
  • Meeting prospective tenants in person when possible.
  • Using a professional lettings agent to vet applicants properly.

2. Ignoring Maintenance Issues

Small issues like a leaky tap or a broken lock can turn into costly repairs if ignored. Neglecting maintenance can also frustrate tenants and lead to high turnover rates.

Avoid this mistake by:

  • Conducting regular inspections to spot problems early.
  • Encouraging tenants to report issues promptly.
  • Having a reliable maintenance team for quick repairs.

3. Not Understanding Legal Requirements

Landlord legislation is always evolving. From safety compliance to deposit protection, failing to follow regulations can result in fines—or even legal action.

Avoid this mistake by:

  • Ensuring gas, electrical, and fire safety compliance.
  • Protecting deposits in a government-approved scheme.
  • Keeping up with changes to rental laws in Cambridge.

4. Overpricing or Underpricing Rent

Setting the wrong rent can be costly. Overpricing can lead to longer void periods, while underpricing means missed income potential.

Avoid this mistake by:

  • Researching the Cambridge rental market regularly.
  • Considering property condition, location, and demand.
  • Using a professional valuation service.

5. Lack of Proper Property Management

Managing a rental property is time-consuming. Between maintenance, legal compliance, and tenant communication, it’s easy to get overwhelmed.

Avoid this mistake by:

  • Keeping clear records of all property-related transactions.
  • Staying available for tenant queries and emergencies.
  • Hiring a professional lettings and management agent for peace of mind.

Maximise Your Rental Investment

Avoiding these mistakes will save you stress and money while keeping your property profitable. At Citystay Property Agents, we help landlords with expert lettings and management services, ensuring a smooth and successful experience.

Need help managing your property? Contact us today!

“From poor tenant screening to neglecting maintenance, avoid costly mistakes with expert tips from Citystay Property Agents.”