3 Most Common Landlord Concerns

Property ownership can be a solid generator of income and shines as a long-term investment. However, just like every other type of investment, there are risks, and along with that comes varying degrees of concern, anxiety, or fear. Here are the three most common landlord concerns:

1. Property Damage

What happens when tenants move out and leave the unit damaged? What is considered “normal wear & tear”? What actions do you take when there is excessive damage? Unfortunately, it is often obvious and clear when excessive damage is done. However, we have found this to be rare, but it does occur, and property owners need to be prepared to address this. That is where our experience can assist you.

We strongly urge property owners to receive a Security Deposit prior to move in as this will usually cover most damages. Excessive repair costs, however rare, can be covered by insurance and may also be pursued through local District Courts. We discuss this process in a later blog, stay tuned!

We do find our application process imperative to offer the most assurance on obtaining good tenants. We have found that tenants with good credit scores are typically more responsible in their personal lives and that carries over to how they care for your property.

2. The Wrong Tenant
How do I find the “right” tenant? How do I avoid the “wrong” tenant? We are not going to tell you that the application process is perfect. However, our experience allows us to help find you the best tenant that is the right fit for your property. Our thorough application process includes in-person meeting of tenants. That is an important factor as it gives us a feel for their personalities and allows us to get some background about the individual(s). In addition, our applicants have their credit reports checked, background check, court check (prior evictions), employment and current and previous tenancy references. We find this process a very important tool to help find the right tenants for your property and the community.

3. Will They Pay the Rent?

Another part of our vetting process is interviewing previous landlords of prospective tenants. The most important discussion is with the management of the property prior to their current landlord.

The current landlord might want to be rid of a tenant and may not be upfront with specifics or may sugar-coat issues they are having with tenants. Previous landlords have nothing to gain or lose, so they will typically be more open and communicative about prior tenancies. Again, part of our application process includes court records to see if there are any prior evictions, BIG RED FLAG!

Of course, we cannot guarantee a tenant will pay rent in a timely fashion or at all, but history repeats itself. It is highly likely that a tenant who paid rent on time through their years as tenants will continue to do so, likewise, for those tenants who have NOT had good payment records with other landlords.

We find it imperative to screen prospective tenants for good credit history, good rental payment history, and no court evictions. We also like to see them excited about moving into your property and the community.

We can help you FACE YOUR FEARS as a property owner.

All these common fears faced by landlords are undoubtedly legitimate. Gaining experience, instituting a great screening process, and solid lease contracts can go a long way to becoming a more efficient landlord and building confidence in that role.

We are here to help guide you along the way and alleviate these fears.

Good property management does more than protect your investment. We protect your time. Fear not.