Renting a property and managing it yourself can be a fulfilling job. But such a role comes with its own challenges. By knowing how the common ones, you can be prepared to deal with them before they affect your business. You can even take extra measures so that you can prevent them from plaguing you in the future. But what challenges are we talking about? Here are five landlording issues and how you can resolve each one:
Marketing your property
One challenge landlords face is how to market the rental property effectively. Marketing takes more than just putting up a rental sign on the property itself and at the street corner. Make sure that you can reach the right audience and make the property interesting enough for future tenants. You can advertise on social media, ask tenants to write reviews, and tell people they know that you have a rental property they can rent.
Finding your ideal tenants
Tenants are not perfect. But that does not mean that you have no right to find good ones for your rental property. So make sure that you don’t just accept the first tenant that comes knocking on your door. Screen them thoroughly and find those with a positive rental record. It also pays to ensure that your tenants have enough resources to pay for their monthly rent.
Getting rid of bad tenants
If you think that finding good tenants is hard enough, wait till you end up having to kick bad tenants. This is especially true if your tenants refuse to leave your property after telling them to leave. What you can do is to use a process server to serve the eviction notice o your behalf. Serving court papers in New York City can be complicated enough. If you are tired of the drama and want this to get over with, make sure to complete the necessary paperwork as well as the correct number of copies.
Keeping up with property maintenance and repairs
As the landlord, maintaining and doing necessary repairs are among your responsibilities. Failure to provide the necessary TLC can leave you with a poorly maintained property whose value will deteriorate fast. So ensure the necessary upkeep of the property not only to preserve as much property value as you can. This is also to make sure that you get to attract more tenants.
Tenants missing payments
Are you having a hard time dealing with a tenant’s late payment? Then find ways they can pay you more easily. Communicate with your tenants well, especially during the lease signing process. For one, you can ask them to provide post-dated checks so that you won’t have to wait for them to pay on the same day each month. Allowing them to pay their rent online is also another way to receive rent on time.
Landlording is nowhere easy. But there are ways you can address the common challenges landlords like you face when managing a property. With due research, you can resolve each issue and not let a single challenge stop you from growing your business. Keep this list in mind, and you can keep on generating cash from your rental property.