When you first set out to buy a rental property, you are obviously convinced that it’s the right choice for you. You think of the ideal situation of the money that will stream in every month. However, what many people come to realize later is that the experience is completely different from what you had thought it would be, especially if it’s your first property. Suddenly, managing the property is not as easy as you thought it would be when you bought it.
There is a lot of time needed to handle tenant’s complaints and the overall upkeep of the place. This leaves you with no space to have a personal life or even have a job on the side. There is always something wrong somewhere that needs to be fixed not forgetting following up tenants for payments. This can be very frustrating. Tenants tend to do all sorts of things to your property. For example, they may destroy the house, sublet other tenants, nag about petty issues or just plainly refuse to pay rent. If you are not careful, you may end up stressed. But all is not lost, there are some ways with which you can curb these behaviors.
Compromise with your tenants
This usually means sitting down with them and finding out what the real problem is and then addressing it. You may find that some just need a different timing for payment or they just weren’t aware of the importance and result of their laxity.
This may seem a bit extreme and should only be done if the situation warrants it. Getting a tenant off your property can be a tricky thing to do especially because the law is almost always on their side. This could even end up in a court battle. But in the end, its worth it if you get a less stressful tenant.
Pursuing lawful action
This could mean suing the tenant or getting their earnings seized to pay the debt owed. You will, however, need to find out what the law says about such a case before lodging full on with the suit because you could end up burning your fingers with a lot of costs incurred and no positive outcome.
The situation may become a real bother causing you a lot of grief, is too involving, high costs of maintenance and the tenants are too much to handle, you can always opt to sell the property. Depending on the buyer, you may not even necessarily need to evict the occupants; this is particularly a good move for landlords with families as tenants.
Hiring a property manager
This will help you take a breather from dealing with all the stress of taking care of the property yourself. You will, however, need to look for a professional who will be honest and trustworthy. Property managers also tend to be very pricey. So weigh the pros and cons before making the decision.