Rental Property Management

5 Tenant Problems to Look Out for When Conducting Rental Property Management

Having good tenants in any real estate investment is important. Investing in real estate and managing your investment is a complicated task, but with the right purchase, a competent rental property management team, and responsible tenants, you can succeed in your rental property business.
Undesirable tenants can cause problems to your real estate rental business. The top 5 tenant problems to look out for and their prevention are as follows:
Poor Maintenance of the Property
Irresponsible tenants will not report urgent problems, and poor maintenance can be a major cost in the long run. You should ask your tenants to be responsible for their rented space and instruct them to report any maintenance issues promptly. Your lease agreement with the tenant should stipulate what the tenant is responsible for and when he/she should contact the rental property management team.
Late Payments and Bounced Checks
To avoid tenants who pay late or who pay with bouncing checks, you should do a background investigation of the prospective tenant. In particular, you should verify the prospective tenant’s credit history, as well as his references.
Illegal Residents
Sometimes, the tenant brings in a roommate without informing the rental property management team. To avoid this problem, during the lease signing stage, you should inform the prospective tenant that you will charge additional fees for roommates, as well as inform him of the policy regarding new people moving into the unit.
Illegal Actions
Activities performed by your tenants which are against the law can lower your property value. As owner of the property, you are liable for all types of problems when your tenant is conducting illegal activities at your property. As soon as you suspect any illegal activities, contact the law enforcement authorities. Poor Management
Your real estate investment can suffer if you have an incompetent or inefficient rental manager. When selecting a rental property management company, you should interview them and see what activities they will cover. A good rental property management team will be alert and aware to the tenant’s needs, as well as any required maintenance, and should keep you informed of any issues encountered regarding your property.
Managing your investment property and the tenants living there doesn’t have to cost a large amount of time and money. If you follow the abovementioned points, you can avoid problems and maximize the profits from your investment.

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