When it comes to being landlord the last thing you want to do is to spend all your time sorting out problems. Also, it’s obvious that if you do not sort them out well you could find yourself facing financial troubles or dealing with unwanted situations. This is why it’s important to understand the problems so that you can prevent them before they happen or know how to fix them. But what are the common problems faced by landlords?
Normally, tenants who pay rent late can be a headache. Although you can work out late rent fees agreements, such clauses cannot help much especially if you have tenants who do not pay. In such a situation, you might be forced to consider eviction of the current tenant. This in itself is a big headache if the tenant is not cooperative. Filing lawsuits, getting eviction orders is a very time-consuming and frustrating. The biggest problem with these tenants is the impact it has on your own expenses. This means you must find other sources of revenue to meet your expenditure. This is because any eviction process can take anywhere from 1 to 6 months. This is a big issue when it comes to renting your property.
High tenant turnover rate
Losing a tenant means you must spend time and money advertising your property and running backgrounds checks on the new occupants. You will also need to do administrative work to get one tenant in and another one out. Besides, you do not earn anything while your property is vacant. This means if you spend a lot of money doing all these you might find yourself financially unstable. It’s, therefore, very important to lower your risk of tenant turnover.
Since landlords deal with a lot of paperwork if you are not organised enough it’s easy to get into trouble. This can cause you a lot of stress and put you in legal trouble especially if you lose an important document. Although having a busy day might tempt you to place the documents anyhow, you need to know that this is wrong. This is among the worst and most common problems faced by the landlord.
Whether by a mistake or recklessness, damages are common when you rent out your property to tenants. This can range from an intentional damage to accidents. Ideally, tenants should be responsible for the maintenance of the property but this is not usually the case. As a landlord, you also have the option of sending repair bills to tenants but many tenants do not accept to foot these bills. This is why at times it’s important to choose a tenant with a good track record to minimize the stress that comes with the maintenance of the property.
Stress over property management
It’s true that property management is an essential part of being a landlord but it’s not usually easy. For instance, you have to collect rents, deal with complaints, screen tenants and much more. All these can weight you down especially if you would rather not deal with stress management issues. If this is the case hiring a property management company can be of great help.
With all the problems faced by the landlord, being a landlord is not usually very easy. One of the biggest decisions you will make is to hire a property Management Company. Although they do not come cheap, property management companies can be a huge asset to you. These experts can deal directly with clients, collect rents, help with maintenance, market your rentals and respond to complaints among many. As a landlord, it’s, therefore, a good idea to hire one to avoid all these hassles.