Plumbing Contractor Management Software
For rental property owners, the landlord business can be either great, rotten, or anything in between. So, is achieving success and satisfaction in the business simply a matter of circumstance that is beyond the landlord’s control? To answer that question, let’s take a look at some of the most common pitfalls for landlords, and more importantly, how they can be avoided.
1.) Problems with Tenants – I’ve put this problem first on the list because it’s the most common (and troublesome) one experienced by most landlords. Without a doubt, tenant related problems cause the majority of unnecessary turmoil and stress in a landlord’s life. Tenant’s who are delinquent with paying the rent, abuse or do not maintain the property, or do not abide by their rental agreement or lease can cause undue hardship for undeserving landlords.
The good news is that landlords can avoid the bulk of this “self-inflicted torture” by properly screening tenant applicants before renting to them. In the landlord business, spending the necessary time (at the beginning) with screening applicants is by far the most important task that a landlord can perform. As a landlord, it will provide you the opportunity to “expose” the overwhelming majority of bad tenants so that you don’t end up renting to them. Granted, some bad ones may still “slip through the cracks”, but the chances of it happening will be minimal. Selecting and renting to good tenants is the key to a smooth running and profitable landlord business.
2.) Problems with the Building – A rental property that is in a state of disrepair due to a lack of maintenance can present problems that resemble a set of dominoes – as soon as one problem is repaired, another one develops. As a result, the property owner is left with a big dent in his or her cash flow and probably has some tenants that have been aggravated by the disturbances and disruptions caused by the repair work.
To avoid purchasing a property and being harmed by unexpected repairs, it pays to hire a qualified property inspector to inspect it before buying. A quality property inspection report will describe the condition of various segments of the property (plumbing, electrical, etc.) and point out any deficiencies that require repair or upgrade. That way, you’ll reduce the likelihood of having to spend money out of pocket to make unexpected repairs to the property. In this fashion, both your cash flow and tenants will benefit from it.
3.) Problems with Contractors / Vendors – Believe it or not, not hiring the right contractor to work on your investment property can cause just as much grief as renting to a bad tenant. An unqualified or unethical “fly-by-night” contractor can pose an entire slew of problems for a landlord. These can range anywhere from doing shoddy work that doesn’t meet building codes to taking deposit money under false pretenses and not returning to do the work. Unfortunately, there are numerous bad contractors out doing business who injure the reputation of the home remodeling industry.
So, how can you, as a landlord, avoid these high priced frauds from working on your rental property and turning your life upside down? You’ll have to exercise caution and screen them in similar fashion like you would screen a tenant applicant. Ask for references from previous customers, check with some building inspectors who’ve inspected their work in the past, and ask for proof of insurance coverage and licenses. Also, check with the Better Business Bureau and contractor’s board (if your state or locality has one) to see if any prior complaints have been filed against the contractor. These precautions will surely reduce your probability of getting tangled up with a bad contractor.
Author Bio
John Turchetta has been an experienced diy residential landlord for more than 23 years. His website, http://Great-Landlord-Info.com/ features a wealth of terrific information on the residential landlord business that all residential landlords, from novice to experienced, can benefit from. He has also written the comprehensive “Landlord’s Library” series of e-books that cover the complete spectrum of subjects on the residential landlord business.
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