Owning a rental property can be a great investment. However, it can also cost you a lot of time and stress especially if you don't plan on becoming a full-time landlord. Here are some of the problems you might face and how to solve them.
Especially if you're in a high-demand market, finding tenants might seem as hanging up a sign. That works a lot of the time, but if that's all you do, you could have your property going vacant for weeks or months.
Part of the problem is that it's hard to attract attention when competing against professional landlords with big marketing budgets. The other part of the problem is that with all the scams today, many people simply won't trust ads by individual landlords.
The solution is to get yourself on a listing service or work with a broker. Having your unit filled 100% of the time will more than make up for the fees.
Finding Good Tenants
Once you've found a tenant, you need to make sure they'll be a good tenant. This takes more than a background check and paystub.
Do you know if they've ever been involved in a lawsuit against a landlord? Do they have a history of making constant maintenance requests? Can you verify their rental history beyond their last landlord? Professional screening databases answer all of these questions and more.
If you think you can just expect to cash a check on the first of the month, you're in for an unpleasant surprise. Tenants will be late, the mailman will really lose the check, checks will bounce, and you may get checks in the wrong amount or to the wrong person.
Do you really want to spend time dealing with all of that? The late fee probably won't make up for it. Instead, use an online payment service that automatically collects payments and has a live support staff to take care of any problems for you.
Handling Maintenance Requests
Do you have the skill or time to handle any necessary repairs within a day or two? Renters do have a right to expect that level of service. You'll need to have a contractor in mind before the tenant calls you and make sure that they have the resources to send someone out in a timely manner.
To get help managing your rental property so you can have a steady income without any stress, contact a local property management company today.