Venturing into the world of real estate is an attractive option for many reasons – why else would so many individuals decide to take the leap and make such a significant investment like this one?
Having said that, despite the numerous reasons that make real estate investment a desirable one, there are also several that can make it a truly challenging one. When taking a closer look at these factors that have the potential to lead to frustration or difficulty, it can be agreed that they are undeniably related to management. Let’s have a look at the common problems of a landlord.
Here is a list of 9 common problems a landlord faces:
The Bad Tenants:
Among the problems of a landlord, bad tenants certainly top the list. Don’t get us wrong, not all tenants will be this way, but there will come a time that you come across a tenant that may be loud, messy, or careless. Having to deal with the repercussions for a tenant such as this can be a challenge.
High Turnover Rates
Another problem that comes along with landlords in regards to the high turnover rates for your properties. This can be a potential nuisance to deal with because it means more work. The process to find and make an agreement with any tenant can be a tedious and time-consuming matter. If tenants too often decide to move on from your property, this leads to a huge workload that requires much time and effort. However, high turnover rates can be avoided by making maintenance a priority and having a good relationship with the individuals living in your properties.
Late payments
Late payments are another obstacle that certainly needs to be overcome by a landlord. If the tenant doesn’t pay, you don’t get paid. This can make it difficult to efficiently and effectively manage the property.
Being organized
Another challenge that a landlord faces is more tedious in nature and is a matter of organization. You need to make sure you keep your paperwork organized. This especially applies to those individuals that own multiple properties. Keeping your tenants’ paperwork, tax paperwork, move-in, and move-out forms, and maintenance receipts in order are not easy. Having the right methods of doing so is essential.
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Having to deal with complaints
Complaints are something else that must be addressed as a landlord. It might sound crazy, but being readily available when you receive a call from a tenant can go a long way in keeping some of the other problems at bay.
Evictions
As much as many landlords attempt to go out of their way to avoid evictions, sometimes they have to happen. However, knowing how to accurately and more efficiently carry out an eviction can be difficult. The right amount of firmness and attention to detail are essential to making sure the process is as smooth as possible.
Having to take numerous phone calls
Another problem landlords need to deal with is the number of phone calls you might receive any given day. If you’ve got several tenants, this is even truer. Whether they are phone calls related to bill payments, housing concerns, or rent, it is important to be available for your tenants.
Being prompt
Being prompt is another challenge landlord’s face. If you have numerous responsibilities, it can be difficult finding time at a moment’s notice to respond to a situation or issue. However, this is another factor that is essential when wanting to avoid other problems potentially.
Handling paperwork
Knowing which forms are necessary for any particular situation can be difficult with little experience. Having said that, getting it right is incredibly important for tax reasons and staying in line with property codes.
Upon considering the potential problems that often accompany landlords, it is only natural also to understand the solution. The best fix for each of these challenges is with the help of an expert property management company. Utilizing the services of a company like Bolld Property Management can alleviate the stress of these problems, help you maintain healthy relationships with your tenants, and make your role as a landlord that much more enjoyable.
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