3 Common Problems With Tenants
Category: Residential Property Management
Aside from the problems you may run into when rehabbing an investment property, there are the concerns you may have with the tenants who end up renting your residential space. Being prepared for these issues can help prevent you from becoming discouraged from being an investment property owner.
One bad incident can be enough to discourage an investor from renting anymore. Know that these things can happen to even the most seasoned of rental property investors, so see it as a learning experience and move on.
Issues You May Face as a Landlord
If you haven’t already been through any major issues, here are a few of the most common problems you may face as a landlord:
- It probably comes as no surprise that the number one problem investment property owners run into is tenants who refuse to pay their rent. It’s essential to know your rights and the legal steps you must take to get through the process. Be open to communication and ready to negotiate and you can get through it quicker.
- Buildings with high turnover rates can also be a hassle. It’s a waste of time to have to continually screen new applicants, clean and repair the space each time it’s vacated, and then take a risk with another new renter. Take care of repair needs, keep prices fair compared to competing properties, and create a sense of community and you’ll have happy tenants who are eager to stay where they are.
- It’s tricky to rectify if you find out your tenants are using the home for illegal reasons. It could be running a business out of it that’s only allowed for commercial property, or it could a more serious issue such as illegal practices such as drugs. Work with your legal counsel to discuss how to proceed the right way.
The good news is that by working with a property management company you can minimize having to deal with many of these issues firsthand. Let Doric Property Management tell you more about what we do by setting up a consulting appointment.
Contact us today and let us show you how you’ll benefit by having us as your Miami Beach property management company.
