If you are not taking on the responsibilities of a landlord, it’s important to understand the issues you might have to deal with. Here are some of the key examples.
First, you need to make sure that you know how to deal with destructive tenants. Arguably, you are protected here by the deposit provided at the start of the tenancy. If you enter into a tenancy contract without a deposit in place, it’s always going to be a lot more difficult to get your money for destruction of your property. This will usually require a legal fight which can be costly, time consuming, and ultimately – not worth it.
You may need to complete repairs on a property you are managing. This will be the case if the damage caused was not due to the action or inaction of your tenants. For instance, if the plumbing stops working, this is unlikely to be the tenants fault. Unless of course, they took dramatic steps such as taking a spanner to one of the key pipes in the property. This, we think you’ll agree, is unlikely. In contrast, the fridge might start leaking. There could be multiple reasons why your fridge is leaking. So, if you suspect foul play, then you should arrange for an inspection on the property. That way, you can determine whether the cost of a replacement or repair should come out of the pocket of your tenants instead of your budget for managing the home.
Unpaid rent is an issue that is impacting a lot of landlords these days and it’s not hard to understand why. During the COVID pandemic it became very difficult to evict tenants who didn’t pay their rent on time. Now, it’s becoming increasingly challenging for people to afford the cost of living and debates rage on about how to handle the situation. Rent is often the first thing that people tend to fall back on because many know that they have a lot of leeway with their landlord. There are also multiple ways for a tenant to fight an eviction notice. That’s why it’s worth speaking to a legal advisor if you are managing a property. You need to make sure that you know your rights as well as the rights of your tenants. To protect yourself from lost rental revenues, make sure you have registered your rental properties with a reputable agency. Click here for more information.
Finally, you might need to deal with the issue of an empty property. The problem with an empty property is that it will end up costing you a fortune. The longer you leave it, the more money you are spending. This is why it’s in your best interest to ensure that you don’t kick tenants out unless it is deemed absolutely necessary. This is very rarely going to be the case. If you do have an empty property, make sure that you work to fill it as quickly as you can. This requires the right marketing effort. A property manager can take care of this job for you.
I hope this helps you understand some of the key issues that you might have as a landlord along with the best ways to deal with them effectively.