Your success as a Mexico Land lord will require that you are a good Landlord and reduce potential costly mistakes that many first time Land lords can make I have written several posts regarding Mexico real estate rental property, and how to best administer such properties, click here to see my previous articles on Rental Properties.
Based on my experiences, I've compiled a list of mistakes often made by land lords.
- Errors on the lease agreement that cause uncertainty in expectations
- Not enforcing rent collections as defined in the lease agreement. If you allow your Tenant to pay at random, your setting a precedence to continue to allow this type of behavior
- Not knowing the specific laws relating to Tenant-Landlord relationships
- Poor response to Maintenance and Service requests
- Not practicing good customer service
- Not conducting a written, detailed move in inspection with their Tenant
- Not maintaining a professional relationship with their Tenant
In most cases, Landlord and Tenant will have some communication, especially if there is not a Property Manager involved. However, it's easy to defy the balance of a Tenant-Landlord relationship if mistakes are not kept to a minimum.
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Thomas Lloyd, graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. Mexico Real Estate Degree & Professional Identificacion Number S.E.P. #5978657. He is the current president of TOPmexicorealestate
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