Having a lot of responsibilities all at once is not new for a landlord. Once a landlord misses a responsibility, he could face financial problems or even a lawsuit!
For this reason, landlords should prevent potential problems before it occurs and solve them as much as possible. Worry not, because this article will serve as a guide. With the help of Bay Management Group, we enumerated common problems that landlords may face and how to solve it.
High Tenant Turnover Rates
When landlords lose a tenant it, they will be spending time on advertising, showing a vacant property, and running background checks on potential tenants by doing important administrative to have one tenant out and have another one in. With that said, having a vacant rental property would mean a loss of income. This can escalate into serious financial trouble, especially if one spends a lot of time looking for a new tenant.
Here are some tips to prevent high tenant turnover rates:
Be an approachable landlord
Make sure that your tenants are satisfied with you. As much as possible, respond to their concerns or requests while interacting with them regularly.
Give reasonable rent
Sure, one can make more money every month if the rental rate is high, but that extra money would not matter that much if there are a lot of vacancies. The best way to go is to check the market rates and decide a reasonable amount based on the value of one’s property.
Maintain rental property
Truly enough, no one will be interested to live in an untidy property.
Late Rent Payments
Dealing with tenants who constantly do not pay on time can be frustrating. Consider trying out these steps to have higher chances of collecting rent on time:
- Be strict with rent collection rules.
- Follow up with tenants as much as possible when collecting the rent.
- Have a serious background check on potential tenants. This can give landlords an idea of potential payment delinquents.
One of the things that a landlord would most likely deal with is paperwork. Without a property filing or organizing system, paperwork can easily be disorganised. The worst scenario is getting in legal hot water once a document gets lost.
To solve this, a landlord should:
- Make a filing system and follow it. One can start by organizing files by category (by tenant or by property). Form a habit of filing everything neatly.
- Make a digital copy. As it is easy to lose papers, create a digital copy for back up.
Tenant Screening Process
An eviction can be stressful itself. One of the best ways to prevent evictions is to do tenant screening. Screen each tenant carefully before recklessly accepting them. With this, landlords can be assured that tenants will not be forcibly evicted due to unruly behaviour, delayed payments, etc.
Here are some tips for an effective screening process to avoid eviction:
- Checking the credit of the tenant.
- Conducting a criminal background check.
- Get information from the previous landlords of your tenants.
These are just a couple of problems that a first-time landlord may encounter. Despite these possible problems, landlords should remember to keep a relationship with tenants to avoid dealing with these scenarios to have positive results.
Trouble in Having Access to Tenants and Agents
Aside from these tips, there is an upcoming platform that will help tenants get easily connected to overseas tenants and agents.
AP365, an online integrated property rental platform, allows landowners to manage all their rental properties and track things such as contracts, payments, and other fees. In addition, finding tenants and appointing property agents will be simply convenient.
For starters, landowners can:
- List their property online
- Manage multiple overseas properties within one dashboard
- Get connected to property agents and tenants, appoint agents
- Easily find professionals to advertise your overseas property
- Online contract and Payment Management – collecting rentals and paying maintenance fees online with automated rental invoices and follow-ups.
- Multilingual support in English, Simplified Chinese, Traditional Chinese, Thai, and Vietnamese
AP365, the integrated overseas leasing platform, is coming soon! Stay tuned for more updates by following our Facebook page! If you are interested in this platform, kindly leave your information and indicate “AP365” in the text box. Our customer service staff will get in touch with you soon.