Being a landlord is not a very easy job. This can be proven by a lot of landlords who manage a lot of properties. You might see on televisions and magazines that being a landlord is an easy life but this is not always the case.
You have to dedicate every hour of the day to your tenants’ needs. It can be extra difficult if you have tenants from hell. When you don’t understand anything about a rental property and you are just starting out, then you have to learn everything from scratch including advertising, bookkeeping, screening tenants, and most importantly, how to avoid arguments with the people who are renting your property.
Short-Term Property for Rent
You should have written contracts when it comes to properties that are for rent in the short term. With the rise of Airbnb projects nowadays, many landlords can become vulnerable to issues such as destructive tenants. There have been cases of abuse and attraction of many undesirable tenants that will do anything to destroy property if they know that they are just going to last on it for a day or two. Make sure to charge these damages to tenants and they are held liable.
There are certain questions that you need to answer. Some of them are to whether to deny the tenant the right of board and lodging if you find them too unreasonable. If there are possible sublets, don’t let it. You will be liable for any damages and your previous tenant won’t be liable for any expenses and liabilities that the sublet can incur.
See also: The Mistake Smart Landlord Never Makes
When it Comes to Rental Properties
There are landlords who rely on everything from word of mouth alone. If conflicts and misunderstandings arise, they will not be able to enforce their rights. The tenants just take advantage of rental properties with no proper rules in writing. This is a difficult position for everyone in the long run.
In order to prevent possible disputes, the landlords should write exactly the things that he considers as emergencies. There are certain things that renters should take care of themselves like managing their own properties. This is where a written addendum comes into play. Having everything written to the last detail can settle any arguments and disputes as soon as possible.
There are a lot of other things that the landlord can do in order to prevent any disputes and disagreements from tenants. One of those things is to hire a property management company. They will take care of things such as faucet and toilet leaks for the tenants. They will also make sure that every payment is done on time. There are property managers who can advise you whether it is time to sell or upgrade the property. Contact one today and see the services that they can offer you.
See also: 5 Reasons Why You Should Not Manage a lot of Properties on Your Own
In Conclusion
If you are in luck, property managers will be the one to deal with tenants from hell. You can sip lemonade from a faraway beach while your rental property can prosper.
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Because with Bolld Real Estate Management being a landlord has never been easier.