As an investor in real estate, you could on your rental properties bringing you a certain amount of money each month with little to no hassle. Unfortunately, though, tenant problems abound. Not only can these increase your stress level, they can make it less lucrative to rental your property. Here are some tenant problems to watch out for and how to address them.
1. Tenants Who Pay Late
Late paying tenants, as well as those who make only a partial payment, are the number one problem that you’ll likely face. You can attempt to head this one off by being very clear in your lease agreement. It should spell out the penalties for late payment. If the tenant is so late that you’ll need to take legal action, send the tenant an email or give them a call. The next thing you’ll probably need to do is send them a notice of nonpayment that details what they need to do to stay in the home.
2. Damaged Property
Prior to anyone moving into your rental property, they should complete a walk-through with you or your representative. This should be followed by you both signing off on an inspection report that notes any imperfections. Also within that report should be a clause that states that the property should be left in the condition that it was in before they rented it. This means they’ll have to fill any holes or cracks they’ve made in the walls and repaint over them so it looks acceptable.
3. Extra People
You might have no problem with a friend or family member bunking for the weekend at your rental property as a guest of the tenant’s. That feeling likely won’t extend to others who’ve found the home because of an ad on Airbnb. Making it very clear about the lines between guests and paying members who are using the home as a hotel is your best bet here.
Real Property Management Las Vegas has experience in quickly and precisely addressing these issues. Let us handle these problem tenants for you.