Property Management: Dealing with Common Challenges
Managing your property can be a challenge, especially if you own several properties with numerous tenants. The logistics of advertising vacant houses, renting, and maintaining the properties can be tasking. In addition, you may have to deal with rogue tenants. As a property owner, there are several measures you can take in property management to mitigate such eventualities.
1. Know all Applicable laws
You have built your property, and you are now looking for tenants. The whole process involves introduction of a new relationship that has legal implications. The tenant-landlord relationship is guided by laws and regulations. If you violate any of the laws, you may have to pay fines or compensate the offended party. On the positive side, these laws provide you with a legal basis to deal with rogue tenants. As a precaution, you can have a tenancy agreement – contract -- that every tenant has to sign before they occupy your properties. Of course, the contract terms must comply with all applicable laws. If it does not, the contract may be declared null and void, and you cannot enforce it in managing your properties.
2. Screening Tenants
This is an important step and one of the most sensitive. Your screening methods must not be seen as being discriminative. Although you can have a requirement to have your tenants meet certain financial thresholds, you cannot discriminate on sex, religion, or race. You have a right, however, to refuse a tenant's application based on their past conduct, such as a violent criminal record. A thorough screening method ensures you only have your preferred tenants. Your property management issues reduce if you have tenants that are likely to comply with the tenancy agreement.
3. Regular Checks
A good landlord or landlady is one who attends to the needs of their tenants. Your property, new or old, is subject to certain types of damages that need repairs. Some of these repairs are urgent, such as faults in the electric systems. As such, you need to have a schedule that allows for maintenance of the properties and communication channels that make it easy for tenants to reach you when they need repairs.
4. Engage a Property Manager
You may not have the time or convenience to take the steps mentioned above, and a property manager comes in as a reliable partner. A property management company will deal with all the issues in managing the properties, relieving you of the challenges associated with hands-on management. The services offered by property managers come at a cost, but the benefits you get justify the expenses incurred. Ensure that you hire a property management company with the right credentials and experience.
