Being a landlord is inevitably the toughest role to play since you have to face many things. So make sure you avoid these mistakes.
If you are a landlord, you have to take on many responsibilities at once. In case you are unable to handle them properly, you’ll end up being stressed out, facing financial trouble, or even – in worst cases – dealing with a lawsuit. Perhaps that’s the reason why it is imperative to both prevent potential problems before they happen & fix them once they’ve occurred. Inevitably, being a landlord is really challenging and a learning experience.
Like every other landlord, you might be making a few mistakes, but that’s how things work. In the end, you learn from personal experience. Here are some of those mistakes that you can avoid. So let’s dive in;
High Tenant Turnover Rates
Keep in mind! It can kill your cash flow. How? Because if you lose a tenant, you have no choice other than spending time & money advertising, showing your property, spending money on running background checks and messing up with the administrative work to get old-tenant out and the new one in.
Inevitably, the vacant property doesn’t guarantee any money for you unless it’s sold or rented out. Perhaps that’s the reason why you could find yourself in serious financial trouble – may odds ever be in your favour. So make sure you don’t let that happen. Just keep your business & bank account in good shape simply by using these lucrative strategies in order to reduce high tenant turnover rates:
Be a good landlord: You don’t have to be a reactive landlord. Just take proactive steps to ensure that your tenants are happy like having communication with them regularly and responding quickly to their requests.
Ask the Reasonable Rent: In case your rent is high, you are going to make more money every month. That extra cash won’t matter if you’re dealing with vacancies all the time. Therefore, it’s imperative to check the market rates and ask for the rent that’s fair rent based on the current value of your property.
Maintenance should be Priority: While looking for the apartment for rent in Sharjah al Nahda, nobody wants to live in an unkempt property. It’s essential to keep your tenants around by simply cutting the lawn, cleaning, and making repairs as necessary.
If you want to lower your risk of tenant turnover, you can do that by renting to tenants that are likely to stay in your property for a longer period. In case a prospective tenant has a history of staying in one place for less than a year, you might want to look to for a tenant who is likely to rent long-term.
Not Staying Organized
Be mindful that landlords have to deal with lots of paperwork. In case you are not careful, the paperwork can easily get disorganized that could be the worst nightmare for any landlord. Not only will it get things messed up but also you might end up getting fenced in legal trouble if you lose the important documents. With these useful tips, you can stay organized with your paperwork;
Have a Logical filing system: Landlords decide to organize their files by a tenant or by property. Either way, you need to ensure that everything is filed neatly while keeping your process consistent.
Get Rid of Paperwork Stacks: Honestly, piling up the paperwork is going to mess things up. The stack will get bigger and more confusing until you have completely lost track of multiple documents. So just make sure that you file your paperwork once you are done with it.
Have the Digital Copies: You can easily lose the paper, and we all know that. But you won’t lose it if it’s stored in the cloud. So make sure you purchase online storage for extra peace of mind just in case something happens to the physical copies of your documents, or they’re lost.