Anyone who has rented out properties or is thinking about renting out a property has likely heard at least one or two horror stories from landlords who have endured terrible experiences. These are usually dramatic tales and not as common as you might think. However, we certainly understand the fears that landlords might have as they’re preparing to rent out a property to tenants.
We are here to manage the risk of renting out your home. These are some of the landlord horror stories we most commonly hear, and some ways that you can avoid them.
Tenants Who Don’t Pay Rent
Having a tenant who doesn’t pay rent or who pays late every month is a big problem. You may have heard stories about tenants who fell three or four months behind and then a landlord had to spend thousands of dollars to have them evicted. It’s important that you are able to collect your rent on time every month, and a few things will ensure that happens:
- Screen your tenants well. Make sure you check credit and payment histories, look for prior evictions, and talk to former landlords about whether rent was easy to collect.
- Enforce your rent collection policy. The lease agreement should state when rent is due, how it should be paid, and what the consequences are for late payment or non-payment.
- Offer several ways to pay. Many tenants today like to pay online. Offer electronic rental payments, if possible. When tenants have options, there are fewer excuses for why rent is late.
Tenants Who Damage the Property
We also often hear from landlords who walk into their home after a tenant has vacated to find a lot of property damage. In the very worst of the horror stories, the damage exceeds the amount of a security deposit that was collected, and the landlord has to invest a lot of money returning the property to a habitable and rentable condition. Here’s what you can do to avoid this situation:
- Screen tenants thoroughly! Talk to former landlords and ask if there was any damage when the renter moved out.
- Collect enough of a security deposit to cover potential damage.
- Inspect the property frequently. When you can get inside the home and take a look around, you’ll be able to address any maintenance or damage issues right away. This saves time, money, and stress.
Work with Professional Property Management
One of the best ways to protect yourself from the landlord horror stories you hear is to work with a professional property management team. As professional property managers, we are always protecting your investment and your interests. We are collecting rent on time, maintaining your home, and enforcing the lease. A qualified and experienced Hamilton property manager will ensure there are no horror stories happening at your home.
If you’d like to hear more about what our management services can do for you, please contact us at Spotted Properties. We’d be happy to tell you more.