Most Common Issues with Tenants
Renting an investment property can be a hassle. Understanding the legal obligations of landlords and tenants can take a long time and that’s before you’re even fulfilling them. The ongoing demands of maintenance, chasing rent and doing inspections can really take it out of you. At the end of the day, managing the tenants of even a single investment property can begin to feel like a job. In this article, we will discuss some of the most common issues with tenants that landlords face and explain how a good property manager can save you time and money.
Tenants Not Paying Rent on Time
While it’s never polite to be rude or aggressive about money, paying rent is the basis of a rental contract. There can be dozens of reasons why a tenant has been unable to pay rent on time, and they are more often than not legitimate. Cash flow problems can affect anyone. Whether your tenant is suffering from a recent unemployment, had a spike in medical bills or is simply bad at managing their money, there is always a diplomatic way to go about getting your money. Sometimes a payment plan needs to be devised, other times it may be necessary to wait a week for their next pay cheque. Being demanding and aggressive may lead to a tenant to leave early and place you in the tricky situation of needing to find a new one.
A good property management company will know the ins and outs of communicating delicately and effectively with tenants. A happy tenant is likely to be more reliable and easy to manage. A mark of a successful management company is that they will have a guarantee, meaning that the homeowner always receives their rent, even if the tenant is having cash flow problems. This avoids having the tenant’s cash flow problems becoming yours.
Tenants Being Obstructive Neighbours
As a landlord, you are often approached by neighbours and members of the community when your tenants are loud. It might be all night parties or a drum kit that is only used within daylight hours when the neighbour works nights and sleeps during the day. Often the best solution is to have the tenants solve the issue directly with the neighbours, but sometimes it is impossible and mediation is required.
Thorough screening and a detailed tenancy agreement is usually the best preparation for avoiding tricky situations, but the next best thing is experienced property managers who have experience mediating complex situations.
Undocumented Tenants and Animals
It’s an issue that is all too common. A house gets rented to a couple and unbeknownst to the landlord, half a dozen other friends move in. Different tenancy agreements permit subleasing the property and there is never a uniform way to deal with the situation. A good property manager may be able to find a solution that is beneficial to all parties, such as a slightly increased rent or bond to cover the increased likelihood of property damage.
Walker Weir are Professional Property Managers in Auckland
Walker Weir are highly rated professional property managers in Auckland. We manage properties across the city, making us experts in the industry. Our priority is the property owner, and we offer a rental income guarantee so you can trust us to manage the property while you sit back and watch the money flow. Call us today on 0226579432 or contact us online.July 9th, 2018