Education and news for smart DIY landlords!
Are you a landlord who wants to manage your own rental property? Or do you want to apply as a property manager? Here's what you should know.
Property managers have a lot of responsibilities when it comes to renting, and some problems may arise in the process. If you're planning to manage a rental property, learning about these problems is crucial to know what to expect and how you can handle them.
Here are the top 5 challenges people may face when managing a rental property.
No property is immune to issues and damages. So expect that from time to time, the house or apartment will experience issues in plumbing, electricity, and structural integrity. These damages should be repaired immediately to ensure the safety of the tenants.
Looking for experts to repair the property can be overwhelming, especially when you're managing more than two properties. The best way to avoid this is by regularly inspecting the properties and doing preventive repairs.
When it comes to the house renting business, expect that some tenants don't last that long. Some may stay longer than 10 years but most will stay for around 3-5 years. To avoid having vacancies for too long, managers have to advertise the property. This task includes taking pictures, posting lists, and talking to potential renters. This can take much effort since you need to attract renters.
It's your job to screen and select the people who will stay on your rental property. Finding the right tenant can be time-consuming, but it's essential to ensure that they will treat the property as their own and pay their rent on time.
It's important to consider income, credit history, and criminal history when screening potential tenants. If possible, contact their previous landlord or get a reference.
Proper communication between you and your tenants is important if you want to have a positive relationship with them. For example, it's best to message them about the monthly rent and upcoming property inspection or maintenance.
Fortunately, you can now automate and schedule emails or messages, so you have less work to do. Still, you must occasionally check up on them to know if they have requests or concerns.
Being friendly and speaking kindly to tenants are necessary for landlords in order to have positive feedback and recommendations. But what if a tenant doesn't comply with the terms of the lease agreement?
The tenant may not be paying the rent on time or causing damage to the property. In some instances, property managers experience threats and harassment from tenants. This can be very challenging and overwhelming, but you should be firm and get ready to take legal action. Note that you can avoid this by carefully screening and selecting the right tenants.
Read more: Key Strategies for Managing Landlord Stress
Managing a real estate property can be challenging and intimidating. But with the right tool and preparation, you can do this on your own. If you're a landlord or property owner, consider hiring a property management company to make things more convenient.