As a landlord, you get your fill of different issues with tenants on a daily basis. Some issues may be easy to solve, but there are issues that become downright difficult to overcome because of the tenants themselves. This is the reality of owning a property that you rent out to other people. Unfortunately, not everyone you rent your place to is a good tenant who pays rent on time and is a good neighbor.
Today, let’s take a look at some of the common tenant issues landlords face:
You have to consider maintenance costs for a rental property. It’s either the building is giving way because of natural wear and tear or the tenants, themselves, are causing the damage. You have to face the fact that not everyone shares your concern of keeping the property intact.
This is probably the most common issue: tenants not paying rent on time. It is highly likely that a tenant may miss a payment or two and make up for it. This kind of arrangement can be acceptable as long as it doesn’t happen frequently. If a tenant misses too many payments or is unable to handle the totality of the rent owed, it’s not going to be pleasant. On top of not getting paid, the landlord would have to go through the ordeal of reminding the tenant of his dues.
Lease rules exist to protect the landlord, the tenant, other residents, as well as the property. It’s sad to say that there are tenants who are not very good at following rules. According to Minnesota law, a tenant has to follow whatever terms found on the lease granted that he or she has knowledge of it. This means as a landlord you should always provide a copy of the lease rules to your tenants.
Let’s face it, no matter how many copies of the lease rules a landlord gives, there will always be tenants who will make excuses for rule breaking. Can you spell headache?
It’s impossible to finish this list without including the noisiness and boisterousness of some tenants. Frequent parties, loud music and other noise complaints have a bad impact on, not only on the landlord but also, the building. If other tenants and outsiders hear about frequent noises, it’s likely that they’ll tell their friends about it. The result? The property might garner a bad reputation which could affect the interest of potential tenants.
Tenants going AWOL is not something new to seasoned landlords. It is mandatory for a tenant to let his or her landlord know that he or she is vacating to give the landlord enough time to check the rental, balances as well as other dues. Other pre-vacating requirements found on the lease also need to be completed. A tenant going AWOL leaves a landlord hanging in mid-air.
It’s common knowledge that any illegal activity done by the tenant on the property is not permissible and is punishable by law. If a landlord has tenants who are doing something illegal, it is the landlord’s responsibility to let the authorities know. It’s the right thing to do, but it’s not the easiest since this can involve the landlord in legal processes.
Being a landlord can sometimes be troublesome. There are more issues landlords have to face other than these 6 common ones. When everything becomes unmanageable, the next step is to consider talking to an experienced local residential investment company to discuss your options.
Gold Path Real Estate is a local residential redevelopment company in the Twin Cities that is experienced in dealing with buy and hold properties. Call today to discuss your options 612-758-0071.