Common Potential Problems Landlord Might Face

Common Potential Problems Landlord Might Face

When it comes to being a landlord, you always want to have a problem-free rental property as much as possible. Investing in a rental property is a great move but it deals with responsibilities and might face some potential problems.

What's important is to be aware of what are those common potential problems that a landlord may face. It is possible that it will be hard to control it from happening. And regardless of how much a landlord prepare to prevent potential problems to happen in their rental property, it will still come up.

And so it would be good to talk about this matter to see what landlords may do to at least minimize the chances of these things to happen. This blog is important especially to those first-time landlords.

• Failure of tenants to pay regular rent. This is what most landlords normally experience in their rental property business. Tenants fail to pay their rent on time due to different reasons. Some simply forgot to pay rent on time. And some have an unexpected personal issue. Evicting tenant could be a long process and will cost expensive. If there is still a chance, you may check their history of payment and give consideration if possible. You may also ask them to enroll in SmartHousing online rent payment. This will help them get an opportunity to apply for automatic rent payment.

• High tenant turnover. High tenant turnover can affect the good cash flow and may cost lots of money to landlords. There are things that a landlord can do to avoid or at least minimize the chance of tenant turnover. Finding a good tenant is one of the best ways to control or minimize the chance of high tenant turnover. Some tenants prefer to stay in their apartment because they are happy, have a good relationship with their landlords and well-maintained property. It will attract tenants. One of the best ways to find a good tenant is to conduct a tenant screening which is one of a good way to prevent it from frequent happening. 

• Maintenance issue. It could be frustrating to tenants if they have an unaddressed maintenance request. Do a regular or routine inspection. Acknowledge their concern immediately and provide a quick action will make them feel that the property management care and doesn’t ignore their concern.

• Vacancies (often due to lack of marketing). Vacancies affect the profitability of an investment property. There are some effective ways to help promote your apartment and they are the following:
• Promote your apartment through ads on different social media.
• Do email marketing
• Posting for rent signs
• Organize an event
• Google Ad words
• Blogging as an apartment marketing
• Update online listing when necessary
• Video marketing like DIY tips and post it on YouTube
• Use SEO

• Legal issues. Landlords must always do their best and be prepared for any possible legal issues to know how to avoid and prevent it from happening. Here are some suggestions that a landlord must do to avoid legal issues.
• You should always be aware and updated to all federal, state, local laws, codes and regulations to avoid any possible legal issues.
• Ensure to keep all your tenant personal information secured and confidential.
• Ensure of proper handling of security deposits and other funds.
• Landlords must provide a safe environment in their rental property.
• Always do a routine inspection in the property and provide a maintenance repair if needed.
• Respect tenant’s privacy rights.
• Landlords must use proper eviction process rather than throwing the tenants out of the property right away.

• Problems about property damage. You definitely know that when you handle your property well, you could find yourself stress-free and getting good cash flow. Always think of preventive ways because it's cheaper than doing property repairs. That is why it is important to avoid a potential problem before any of that could happen and fix whatever needs to be before it occurs. 

 Prevention is better than cure, so it's better if we can prevent the fire before it can arise to be successful in managing our property.