Landlord Mistakes That Cost Thousands - and How to Avoid Them
Being a landlord can feel like a safe bet – bricks and mortar, passive income, long-term growth. But even small mistakes, the kind that seem harmless at first, can burn through your profits faster than you'd think.
Below are three of the most common (and expensive) errors we see landlords make – along with how to avoid them before they bite.
1. Letting Emotion Dictate the Rent
You want the same rent you got last time. Or what your mate’s getting two streets over. We get it – but tenants don’t care what it used to rent for. They care about what’s fair right now, and what the property actually offers.
The mistake:
Setting the rent based on memory, ego, or a gut feeling – rather than the current market.
The result:
Void periods, less interest, and that awkward moment when you finally reduce the price and still struggle.
How we help:
We analyse local demand in real time, look at comparable lets, and combine that with what we know tenants are searching for – so you get viewings, not just vague enquiries.
2. Rushing the Tenant Selection
First couple through the door seem nice. They’re keen, they’ve got cash in hand – job done, right? Not quite.
The mistake:
Accepting tenants too quickly, skipping proper referencing, or being swayed by charm over checks.
The result:
Late rent, ongoing issues, or worse – tenants who know how to play the system.
How we help:
We run detailed referencing, affordability checks, and look at behavioural patterns. It’s not just paperwork – it’s a judgement call, backed by years of experience and a sharp eye for red flags.
3. Thinking Compliance Starts and Ends with a Gas Certificate
There are over 190 legal responsibilities that apply to landlords – and most self-managing landlords aren’t across even half of them.
The mistake:
Forgetting to protect the deposit properly, skipping the How to Rent guide, missing an EICR or EPC renewal.
The result:
Fines, legal disputes, rent repayment orders – in extreme cases, even a criminal record.
How we help:
We’ve built a compliance-first process that covers every stage – from the first ad going live, through to the final checkout. No guesswork, no shortcuts, just proper protection.
Need Help Avoiding These Traps? Most costly mistakes don’t come from bad intentions – they come from stress, speed, or not knowing the rules have changed. That’s where we come in.
At Martyn Russell, we take the risk and the pressure off your shoulders – so you can focus on returns, not regulations.
Frequently Asked Questions
❓What’s the most common mistake new landlords make?
Not understanding the legal obligations at the start of a tenancy – especially when it comes to deposit protection and issuing the right documents. A single error can void your ability to regain possession.
❓Can I manage my property myself and still stay compliant?
You can – but it’s a full-time job keeping up. Many landlords realise it’s more cost-effective to have a professional team who already live and breathe the rules.
❓How much does a void period really cost me?
Every empty month knocks 8–10% off your annual yield. And that’s before factoring in council tax, utilities, and re-letting costs. The right price and a strong launch matter.
❓How can I tell if my current agent is protecting me properly?
Ask them about your compliance position. If they’re vague on dates, licensing, or documentation, it’s time to ask for a proper audit – we’ll happily give you one.
Ready to get serious about your investment? Let’s talk - no pressure, just clarity.