If you’re a landlord, then one of your worst nightmares is when a tenant starts breaking your rules. Some disrupt peace, while others fail to pay their rent on time. There are times when a tenant makes some horrible decisions that lead to them destroying a part of your property. Their unwillingness to cooperate and pay the damages can leave you with a horrible headache. How can one cope when facing such situations?
Property management can be a messy business. If you’re not careful, you might end up having to deal with bad tenants. But this is not only the problem you can run into the future. To help make your job a lot less stressful, we’ve gathered the best ways you can deal with five common landlord problems.
Thorough screening of tenants before letting them sign the agreement
One common misconception is that a landlord should focus on impressing potential tenants. You’ll be saving yourself the headache by not forgetting to weed out your tenants. Just because a prospective tenant can handle the required down payment doesn’t mean that they are good for your business. Don’t be blinded with first impressions. Instead, run a thorough background check. Run a credit check and speak with their previous landlords and employers. Conduct a short interview to learn more about your future tenant.
Eviction Notice to Delinquent Tenants
Do you have that tenant who fails to pay their lease on time? And when they do, they won’t give their rent in full? Or maybe one destroyed a part of your property but insists that they are not the ones responsible for the damage? Then the best way to handle this is to give them an eviction notice. Start the process for eviction and serve a petition and a notice of petition. You can choose to do this on your own or hire one of those competent Brooklyn process servers to serve these documents on your behalf.
High tenant turnover rate
Do you often find your tenants wanting to leave your property after finishing their yearly contract? When your property has an alarmingly higher turnover rate, it only means that you have an existing problem that needs to be addressed asap. Make sure to create a positive relationship with your tenants. This will make it easier for you to know what issues they are facing so that you can act on them the soonest time possible.
Poor property management
Haven’t got the time to manage your property properly? Stressed about your bad tenants, tax responsibilities, etc.? Then you might as well hire a property manager. They can handle tenant screening, collecting rent, and marketing your rental. They can even tackle property maintenance and repair tasks. If you can afford to hire your own property manager, consider it a good investment. You’re giving yourself a favor, especially if you have many properties to deal with.
Being a landlord comes with many perks. But with the advantages come the drawbacks. You might end up housing bad tenants if you’re not careful in screening them. If you don’t take care of your tenants and your property, there can be an increase in your turnover rate as a result.