Being a landlord isn’t easy, especially if you have multiple properties to manage at once. It can be hard to keep track of your tenants, their payments, issues, and more. Sometimes, without warning, you find out a renter is leaving one of your properties, which can cause financial burden and stress as you try to find new tenants.
Losing a renter from one of your properties can be a nightmare, but it’s even worse if it could have been avoided. On that note, let’s discuss why tenants most often leave properties and how you could avoid this situation from arising.
All of This Can Be Avoided
In just a moment, you’ll find out the most common reasons why renters leave their chosen properties. All of these following situations can be avoided if you manage your properties properly. This can be a challenge, whether you have one property or many. Renters can be demanding and the legality of situations can be confusing. It is a lot to manage by yourself.
This is where property management companies come in. It is highly recommended to search your local area for a professional group to assist you in doing this. Search for property management in San Antonio, for example, to see who operates locally to you. You want them local, as they may be very hands-on with your property and tenants. They can manage viewings, rent, maintenance, legal fees, and more! So, check our property management companies and see if they could help you out with any of the following situations.
One of the biggest issues renters have with their landlords is poor communication. This can come in two forms, a lack of contact or too much contact! It’s hard to know exactly who wants the communication and when especially when you are dealing with multiple different properties filled with different types of people.
If you do choose to use a management company, it gives your tenants a friendly point of contact. Someone who is on call at all times to help with any grievances or issues with the property. This saves you the worry of late-night phone calls while also making the renter feel more cared for.
As a landlord, you do your best to make sure that everything in the property is in working order before, during, and after your renters stay with you. However, things break, stuff gets damaged, parts wear down. From gas boilers to stove tops, washing machines to doorbells, things just break. This can infuriate tenants and leave them wondering whose responsibility it is to fix things.
This can lead to heated arguments, discussions, and costly maintenance. A management company can deal with appliance maintenance and insurance on your behalf, leaving you free to not worry so much about the state of the goods on your property.
This only applies if you own multiple properties in the same building or area. You have a responsibility to vet your renters and make sure they are good tenants. Some people, sadly, slip through the net and cause issues for everyone else. Issues like noise all night, trash in hallways, and generally nasty attitudes cause other people in the building to want out. Luckily, with a proper screening program from a management company, you can ensure this never happens. And, if it does, they will manage the replacement of tenants at no extra cost to you.
This is a tricky situation. Obviously, inflation is a thing, and therefore, rent tends to increase slightly year on year. But, without spending money on a legal team or accountant, it can be hard to know how much to increase rent by. Inappropriate increases in rent often drive renters away and leave landlords desperate for new tenants which, in turn, drives prices down again. So, make sure your rent increases are properly advised and managed to help you keep hold of your tenants.
Finally, when you are a landlord, you need your contracts to be water-tight. Any mistakes could leave tenants with the ability to walk away Scott-free or withhold money from you. These situations need to be avoided. When you list your property and choose a tenant, do it through an agent or management company. They will ensure your contracts cover absolutely everything necessary to help avoid any trouble further down the line.
As a landlord, it’s a lot to do everything on your own. So, seek advice and help from professionals. Surrounding yourself with a good team who can help both you and your renters can help keep people in your properties for many years.