5 Common Mistakes That Cost Rental Owners Thousands

Setting rent too high leads to long vacancies, while setting it too low leaves money on the table. A single

month of vacancy can easily cost $1,200–$1,500 in lost rent in Oklahoma City. Use reliable rental market

data (Rentometer, MLS comps, and local knowledge) to price strategically.

Accepting the first applicant without thorough checks can lead to missed rent, evictions, and property

damage. Implement a strict screening process that includes credit, background, rental history, and income

verification.

Waiting until something breaks can be costly. For example, a $150 HVAC tune-up can prevent a $5,000

replacement. Schedule seasonal maintenance and routine inspections to catch issues early.

4. Poor Lease Agreements

Using generic or outdated lease forms found online makes it hard to enforce rent collection or protect your

property legally. Use professionally drafted, state-specific leases that comply with Oklahoma landlord-tenant

law.

Managing tenants, rent collection, maintenance, and compliance manually leads to mistakes and stress.

Professional management with tools like Buildium ensures consistent rent collection, accurate reporting, and

hassle-free communication.

Owning a rental should build wealth—not stress. By avoiding these mistakes, you’ll protect your property,

maximize cash flow, and reduce risk.