An online rental agent has posted a list of some essential tips for landlords, ranging from handling disagreements to rent arrears and eviction.
British owners often get a bad rap in the media, but it’s no secret that they also have to deal with their fair share of problems. Renting a property can be extremely lucrative and rewarding, but over the years most landlords will have to deal with issues with tenants at some point.
There’s plenty of advice for landlords, and Adam Male, Mashroom’s Chief Revenue Officer, highlighted some of the biggest hurdles those renting properties might face – and how to deal with them.
good versus evil
As Male points out, most landlords have an idea of how they want their property rental journey to go and what they want to avoid.
In the list of positives, he highlights paying rent on time, taking care of the property, and being easy to work with as some of the key tenant traits. Many landlords will be lucky enough to achieve all three of these outcomes with some of their tenants.
“However, sometimes relationships break down,” he says. “Even with the best of intentions, things don’t always go as planned.”
Rent arrears are the biggest cause of complaint because they directly affect the landlord’s bottom line. Problems arise, Male says, when the landlord worries about covering his expenses and the tenant worries about his lack of income and keeping his place.
Damage can be another contentious issue, as there can be disagreements about what constitutes wear and tear. Rent increases can also cause problems, and this is something tenants and landlords are very likely to encounter at some point.
Eviction, of course, is another challenge that homeowners will have to overcome at some point. The landlord may want the property to be resold, turned into a vacation rental, or even moved in, but that can be a difficult conversation to have with the tenant.
Some types of tenants may present more problems than others; for example, students might be more likely to cause property damage.
Advice to owners on common problems
Rent arrears: Male’s top tips for landlords whose tenants are behind on their payments include staying calm to prevent things from “blowing up” and talking to tenants to try to find a solution.
“Work together to find a way forward that benefits both parties. Your tenant may decide to move out because they can no longer pay the rent. They may just be between jobs and can pay you back the missed rent when they get a new one.
Damage: Male recommends taking a full and professional inventory before renting a property as well as afterwards, so that a third party can advise you of any damages. He thinks being “polite” with tenants about damages and solutions is also a good idea.
“If the damage occurs during the tenancy and your tenant wants you to fix something they clearly broke, it can be extremely frustrating. Once the problem is solved, let it go.
Expulsion: This is a question that is difficult for all concerned, and one of Malé’s biggest tips for landlords is to determine if eviction is definitely the best option and to research alternatives.
“For example, if the problem is not with the tenant, but you want to sell, could you sell the property with the tenant on the spot? Maybe they are looking to buy, so they might be interested in buying the property? »
He also says it’s important to follow the law closely and keep everything above the edge, so owners should make sure they’re following the correct procedure from the start. Those with rental guarantee insurance can sometimes access legal advice as well.
Rent increases: Something else that an increasing number of people are going to have to deal with in the private rental sector. Among his key tips for landlords, Male advises making sure your rent increase is fair and reasonable, as well as letting tenants know well in advance.
He says landlords might also be open to offers, which might be worth considering. “If you have excellent, reliable tenants who take good care of your property, a lower offer might be worth it, given the risk of the unknown future tenant.