“My car broke down yesterday, I need to use my money to get it fixed first. I promise I will pay last month’s rent by the end of this month.”
Does that sound familiar? We know! Isn’t it stressing you out when you have to cover the monthly rent using your own money first because your tenant does not pay on time? Not only that, but you also need to hear all the excuses and dramas which are endless and illogical! One of the common problems faced by the landlords is always with regard to payment.
Being a landlord takes a lot of commitment and courage, says us.
Well, to us, it does take a lot of your commitment and courage to allow someone else, most of the time a total stranger, to stay at your property with a lot of risks that you have imagined. Being a landlord is surely not for those who have little courage to rent out the property that you worked hard for and paid with your hard-earned money.
However, most landlords know how to deal with the common problems faced by the landlords but probably a bit tough for those who are still new in doing this rental property business.
With experience that we have in dealing with tenants, these are some of the very common problems faced by most landlords. To newbies in this field, watch out for this ya!
- Tenant does not pay rent within the agreed time period. This is a headache! Excuses, dramas and more excuses, every month! You can even make a novel out of it. This type of tenant is a nightmare for landlords. That’s why it is important to screen your tenants thoroughly before accepting them. Find out 3 tips to get a tenant from heaven that we shared in our latest LIVE session here.
- High turnover rates. It involves effort and money to find new tenant, to prepare for the move-in or out. While your property is on vacant, it takes your cash to pay for the rent while you don’t have a tenant. Again, to reduce this turnover rates, tenant screening should not be taken lightly. A long-term tenant is a good choice to reduce turnover rates so that you won’t have to spend your money and effort in finding a new one, regularly.
- Legal issues. Many landlords simply rent out their property without having a proper tenancy agreement between the landlord and the tenant. This is very risky for both sides. We know it is quite of work to prepare the tenancy agreement but it is better to spend your time on it rather than to spend money to cover your tenants’ malpractices such as vandalising your property or disturbing the neighbours.
- Landlords are not organized. Managing your property alone is a struggle and hard work. You need to take a lot of responsibilities to manage your rental properties and your tenants. It is not only stressful but it takes a proportion of your time.
- Frequent evictions. The word ‘eviction’ itself is already stressful to look at. Frequent evictions are normally caused by careless tenant screening. You need to be very detailed and confident with who you choose to be your tenant in order to avoid any regret or lost. Do not simply fill in your vacant property without checking the potential tenant’s background. Refer to our 3 tips again.
It is unnecessary for landlords to face these common problems regardless of being new in the field or not. True that there are things that cannot be avoided and expected, but it is always better to be safe than sorry. Precautions are the guidelines that you need to follow in order to avoid any regret later.
That’s why Homyplace comes to existence because we know how hard it is for landlords to do everything alone. Homyplace houses all the services you need for your rental property and tenant. We want to make sure that you do not have to face these common problems.
Contact us NOW to know more about our services and packages which can help you in managing your rental property and tenants BETTER!