5 top issues landlords face: and how to fix them
Landlord numbers have hit the lowest levels since 2012, however, tenant demand remains strong. Many landlords have felt the full force of the tax and regulatory changes, but it’s still a worthy investment. There are many incentives to being a landlord, but there are also challenges too. Things like emergency repairs, property damage, and late rental payments just come with the territory. However, knowing the most common issues that landlord face can help you be prepared to handle them with ease.
This one takes the top spot. Constantly dealing with tenants who do not pay on time can be incredibly frustrating. Not only does it leave landlords out of pocket, but it’s also a drain on mental resources dealing with repeat offenders. The best way to payment issues is to have a very detailed tenant screening process. Ensure background checks, credit checks, and reference checks are made on every applicant. One more way to encourage on-time rental payments is to arrange an online payment method. And now more than ever, things are moving online.
High Turnover Rate
High tenant turnover can kill your cash flow fast. Losing a tenant requires you to spend time and money advertising, showing, and running background checks. and doing the necessary administrative work to get one tenant out and another one in. On top of that, your property does not generate any money for you while it’s vacant. So, if you spend a lot of time trying to find a new tenant, you could find yourself in financial trouble. One of the key things is to find out why tenants are leaving and address the problem head-on. It could be down to lack of maintenance on the property or even as simple as a breakdown in communication.
Time-consuming Property Management tasks
Property management one of the largest parts of being a landlord, but it doesn’t come without its challenges. There’s a long list of admin tasks such as screening tenants, collecting rent, dealing with complaints, and keeping tenants. Not surprisingly, all of these tasks can take a toll on any landlord, especially those who are limited on time. One of the most effective solutions is to hire a property management company to remove the day-to-day stress and free up your time.
Keeping up with property maintenance
Staying on top of property maintenance can be time-consuming and difficult to manage. This is because property maintenance covers so many things, from a simple fix to something more complex. However, by keeping in good communication with your tenants and doing regular house checks, any issues can be identified immediately.
Learning all the regulations that apply to landlords may seem like an overwhelming task, but it must be done to avoid legal issues. It’s important to take the time to understand what rules apply to you and ensure regulations are being met. Sometimes, without even knowing it, you may accidentally break tenant-landlord regulations. To avoid getting yourself into legal trouble, enlist the help of a solicitor or property management company who will do all of this for you. Remember, even one mistake could lead to an expensive, yet preventable, legal mess.
If you’re a landlord looking for a professional, adaptable, and efficient property management company then contact us today.