One of the major downsides of being a landlord is the amount that your tenant may rely on you. You are going to be their first port of call every time they have a problem. You are legally obliged to ensure that they are happy with the property, and if not, you’re going to have to foot the bill for any work.
This is just the tip of the iceberg for any diligent landlord. There are other issues that can crop up, the foremost of which is constantly having to deal with tenants leaving. The goal for most landlords is a long-term tenant who treats the property like it’s their own, takes good care of it, and does decent maintenance work. That’s the ideal, anyway– sadly, it’s one that few landlords actually get to experience, especially if it’s their first time renting a property out. You tend to have to wait for the great tenants, unfortunately.
Given that most landlords are involved in real estate to generate a profit, this constant need to attend a property or source tenants can feel exhausting. There are ways, however, that you don’t have to be quite so hands-on. If you’d like to be able to relax and let your rental properties predominantly take care of themselves, below are three choices that might let you do just that.
Choice #1: Allow Your Tenant To Arrange Repairs
If your tenant calls you for repairs on a regular basis, then it can eat into your time in a huge way. The best way to prevent this is to come to an arrangement with your tenant. If there is a repair that requires attention, they have permission to contact a tradesperson to deal with the problem. The tenant then pays the tradesperson for the work, sends you a copy of the invoice, and deducts the amount from what they pay you in rent that month.
Obviously, you need to have a good relationship with the tenant and be able to trust them with such an arrangement. If you can manage it though, this is one of the most time and cost effective manners of dealing with tenant issues.
Choice #2: Hire A Property Management Company
If you don’t want to suffer through 2am calls from your tenant saying something has gone wrong with the house, then there is an option that lets you escape this responsibility. If you hire a property management company, they are the ones who have to deal with tenant complaints. You can simply inform your tenant to take any issues they are experiencing to the property management company, then sit back and relax.
You’re going to have to pay for this privilege, of course, but it’s a nice compromise if you don’t trust your tenant to arrange repairs for themselves. By hiring a property management company, you get the hands-free life you want, and your tenant has a decent place to live. If the tenant leaves, then you can outsource a fresh tenant hunt to the management company as well.
Choice #3: Inform Tenants You Are Unavailable
Although not advisable, this is an option that’s available to you. If you don’t want to be disturbed, inform the tenant that you will only deal with messages from them once per week– anything else is their responsibility. You may need to lower your rent to persuade a tenant to agree to this, but it’s worth it if you don’t want to feel like you’re on call 24 hours a day.
The above three choices can guarantee you a trouble-free life as a landlord. Which option do you think appeals to you the most?