If you’re thinking about becoming a landlord, you may be thinking about some of the bigger challenges you are likely to face. Being a landlord isn’t easy, especially when you have so many tasks to balance each day. These can include repairs, accounting and paperwork, lease enforcement, maintenance and more. However, as with any other challenge, being prepared is key. If you know what complications can occur, you’ll be better equipped to handle them in the future. With that in mind, let’s take a look at the leading challenges for landlords everywhere.
Top 5 Challenges for Landlords
1. Tenants Who Don’t Pay on Time
One of the most common challenges for landlords is rent collection. After the screening process is complete, landlords hope that their tenants will be responsible. Unfortunately, there’s no way to be 100% certain of someone’s ability to pay. The more this happens, the more it will hurt your business. If this becomes a frequent issue, you’ll want to further optimize your screening process and implement deterrents like late fees.
2. Finding Time for Marketing
Landlords have a lot on their plate, and it can be difficult to find time for marketing. Realistically, marketing a property is a full-time job in itself. There is a lot of work involved in creating a listing, taking professional photos, and learning how to use sites like Zillow. Luckily, property management companies can help you ease this burden.
3. Keeping Their Property Maintained
Over time, properties require a lot of maintenance. Inside, you have to keep doors and windows secure, maintain your HVAC, and keep units looking fresh. Outdoors, you have to clean your gutters, clear walkways and take care of landscaping. Creating a checklist and sticking to it will help you stay on track.
4. Handling Evictions
No landlord enjoys evicting their tenants, and it’s an extremely stressful process for everyone involved. It’s also expensive; evictions often involve legal fees and extra labor. However, when all else fails, it’s a necessary evil. The best thing to do after an eviction is re-assess your property management plan and find more responsible tenants.
5. Keeping Tenants Happy
Renters’ satisfaction can be one of the most difficult challenges for landlords. You want to keep tenants happy so they continue to stay long-term. This usually means performing repairs, creating an inviting environment, and communicating with them frequently. However, other unexpected concerns may arise. Dealing with frequent complaints can be a hassle, for instance, especially if they involve other tenants. Sometimes, you may find yourself acting as a referee between neighbors. So, what can you do? Keep tenants happy by listening to their needs and providing them with the best service you can.
How All County Denver Metro Can Help
When it comes to resolving challenges for landlords, we’re experts. All County Denver Metro Property Management is here to help property owners have confidence in the quality of their tenants and the security of their property through knowledgeable and trustworthy property management services. From managing tenant relationships to pricing rent to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote or more information about common challenges for landlords, call us today at (720) 575-6100.