Problems a Landlord may Face.
Renting out a property is a task far more tiresome than one can think. In the start it may look, everything is great and the profit is coming from the vacant property that was of no use in the past. Nevertheless, as time passes by some problems rise their heads. You may be new in this field or had an experience as a property owner but some problems are unavoidable. Managing a rental property is not a piece of cake and if proper property management is not undertaken, you can find yourself deep in trouble. So here are some time-tested tips so that if you can undergo such scenarios.
- High Tenant Turnover Rate:
One of the problems you may face is High Tenant Turnover Rates. You shrug your shoulders. What’s the big deal, tenants will eventually leave and new ones will replace them. But one important thing you are not taking into account is the gap between one tenant leaving and other one coming. You will have no rent from a vacant property for the time being. Now you are thinking this is a real problem. How will I get it out of my hair? Simply put be as good to your tenants as possible so that turnover rate remains low.
- Rent should be fair.
- Be there when they face some problem.
- Listen to their complaints and not only listen to them, do something about them.
- Bad reputation of you property:
You rented your house but your property developed a bad reputation over time. There have been complaints about loud parties. A complaint that suspicious people were seen snooping around the place. This is a serious problem. Now you are faced with some harsh choices, you will have to evict those tenants. If you face some opposition, you are forced to contact Law Enforcement.
To avoid this problem at the first place, devise a proper screening method. Do a thorough background check on the person you are renting your property to, after all he is going to reside in your hard earned property.
- Tenants refuse to pay rent:
Tenants can retain rent from landowners for various reasons from income shortages or transitory joblessness, to repair and maintenance disputes. Communication is necessary in these kind of issues and you must try to solve the problem through cooperation, if possible. A new payment plan may be the answer, accepting partial payment and distributing the remainder over the whole lease period. You may move in a roommate in the property or shift the tenants to somewhere else, which they can easily afford. Eviction must be the last resort and even if you want to move the tenant out do so by convincing tenant to do this voluntarily. This can be done by explaining the impact of eviction on their rental record.
- Your property’s condition:
No one likes living in a property that is in shambles. So care must be put to make sure that the property you are going to rent is up to notch. Roaches and rodents especially bedbugs are a major problem in any establishment and proper pest control is necessary. The roofing and wall insulation may be damaged at some points so before you rent out the place, repair these issues because tenants have a right to withhold the rent until the damage is fixed which in the end will create more problems for you. If you have an agreement to provide appliances in your property, you are legally responsible for their proper functioning but if you want the tenant to take care of these, a clause must be added in the agreement you sign with your tenant.
- Property was not properly advertised:
Lack of proper advertisement is a major cause of low tenant turnout. You are not advertising your rental property on social sites like Facebook etc. Your outreach to potential tenants is considerably decreased as a major chunk of information one gets about daily life is from the internet.
Youngster who are looking for a rental place on internet have not seen your property advertised there and are oblivious to your property .Obvious solution is to advertise your property through social sites, share your information on the internet. Utilize the power of social media to advertise your property and keep updating your ads so they remain on the top.
Apart from above mentioned difficulties, you may face other problems that are not easy to eradicate. On personal level these problems become too much work and pose a serious threat to your rental property. The best route to take in such a situation may be to hire a professional Property Management group like Los Angeles Property Management Group (LAPMG). You can see the services offered by LAPMG at lapmg.com.
