Many people think being a landlord is easy. Turn a real estate into a livable dwelling, start putting up for lease and you’re good to go. What no one told you is that while it is easy to turn your rental property into an income-generating real estate, it is harder to manage the investment and make sure you avoid vacancy.
If you are a landlord, the last thing you want is to turn off potential tenants and drive your existing tenants away. Failure to retain tenants can ruin your business. If you are guilty of making the following mistakes, then we can say that it is your fault as to why your tenants quickly come and go.
Poor Rental Property Upkeep
Property maintenance is a good way to increase its value. You get to avoid deterioration which also helps get rid of unnecessary costs and expensive repair. You can attract quality tenants who are willing to pay more for your rental. It can also help impress your existing tenants and make them want to stay for a little while longer.
Failure to do routine maintenance on your property shows you have no disregard for your tenant’s comfort and safety. You can end up facing a lawsuit and pay for damages. This is why you need to make sure you do regular property upkeep.
The good news is, you can turn this into a more manageable task. For one, make sure you include a maintenance clause and explain this to your tenant before letting them sign the lease agreement. This way, you both know who is liable for the kind of maintenance and repair needed.
Instead of waiting for issues before acting, choose to be proactive, and take preventive measures. Establish a maintenance routine that you can accomplish on a weekly, monthly, quarterly, and annual basis. Don’t take inspections for granted and schedule this as needed. Make sure you research for every possible service you may need to maintain the company. Keep their contacts as you will never know when you will require the services of the pros.
There are also some maintenance tasks you need to handle after two or three years, such as septic tank pumping. The last thing you want is to receive angry calls from your tenants stating their problems about pipe blockages, a defensive bad odor, and sewage backup. Make sure you have the contacts of local septic tank pumpers to take care of the dirty job.
Showing up Without Warning
Some landlords often show up on the property without telling their tenants they are coming to visit them. You may have good intentions, such as bringing along maintenance workers to tackle maintenance and repairs, or maybe it is that time of the month to collect their rent. But it is important to remember that your tenants deserve all the privacy they can get.
Showing up unannounced or failure to give them notice about your visit can quickly turn them off. You can avoid this by letting them know of your plan to drop by at least 24 hours before your visit. As for routine maintenance and repairs, give your tenants a maintenance checklist. Don’t forget to remind them before maintenance is up to make sure they remember.
Do you still prefer cash and checks for payments? Then maybe it is time to offer other payment options. This way, you don’t have to travel and knock on their units just to collect their monthly dues. This helps ensure you get paid on time while giving your tenants enough space.
Going Overboard When Enforcing Tenant Rules
No matter how strict your screening process is and how hard you try to explain all tenant rules, there will be times when you will have issues with your tenants. They can end up damaging your property and refuse to pay and fix the damages. They can start breaking the rules and you end up receiving complaints from other tenants and neighbors. But before you jump into conclusions and start ranting on your tenant, take a step back and talk to them first.
If you did a good job explaining all the rules and you have clear policies that state the consequences, then you will have an easier time enforcing rules. Before you take any action, remind them of your lease agreement. If they still refuse to cooperate, then you can start checking in with your state housing regulations and talk to your lawyer on the best ways to handle the issue.
Landlords can’t always have the best tenants. But there are ways you can maintain a good relationship with them so you can avoid vacancies. Treat them right, maintain your property, and handle issues responsibly and you can keep your tenants for longer.