Being a landlord is a rewarding experience, but it’s not without its difficulties. Like any other investment or job, there are obstacles that you’ll inevitably come across.
Thankfully while they can’t always be avoided, there are ways to get yourself back on the right path. You just need to know where to get started.
Below we are going to take a look at just five common challenges you may face as a landlord and give you some advice if they do happen to arise.
Let’s begin!
Vacancies
Vacancies are a difficult time for landlords as they result in lost income. To avoid this from occurring frequently, you’ll need to price your property competitively and ensure it’s in great condition. Advertising also plays an important part as this is what will draw in potential tenants.
If you’re having a hard time getting on top of everything, it’s worth seeking assistance, such as with Del Condominium Property Management in Downtown Toronto. They handle a lot of the tenant processes to reduce your overall workload.
Difficult Tenants
While most tenants are respectful, there may be a time when you are dealing with a rather difficult individual. From noise complaints to those who refuse to pay rent on time, it’s certainly a frustrating experience.
Be sure to outline consequences within your lease agreements and set clear guidelines/expectations. If problems keep arising, you may have to consider eviction, but the correct procedures will need to be followed.
Property Maintenance
As a property owner, it is your duty to guarantee the proper maintenance of your rental property. If a tenant makes a complaint, it’s up to you to organize someone to make repairs.
To stay on top of these concerns, conduct regular inspections and respond promptly to requests. This will help build a good tenant-landlord relationship and prevents larger issues from developing later down the line.
If you haven’t placed your property on the market yet, this home maintenance checklist here can be a great place to get started.
Legal Compliance
Property owners must comply with various federal, state, and local laws. While this can be complicated and time-consuming it’s essential to protect both yourself and the tenant.
Again, this is where your property management company or trusted attorney will come in handy. They can help ensure that you are meeting all necessary compliance standards.
Financial Hardship
Lastly, while you may start renting a property as a way to gain additional income, you have to remember that it’s also a costly endeavor. Along the way, you’ll face certain financial challenges, including maintenance costs and repairs.
Always have a solid financial plan in place and keep track of your income/expenses. You’ll also want to have some of your funds set aside for emergencies.
Final Words
As you can see from the above, being a landlord does come with its fair share of challenges. However, the reward is worth it.
By following the correct procedures and seeking support from professionals, you can reap the benefits that owning a rental has to offer. Good luck!
