Preventing the Landlord Nightmares

103 11
The purpose of this article to inform readers that landlording isn't that bad, but that there are some situations you can avoid getting into that can cause you a massive headache.
Despite being a landlord for over 10 years and having worked with many tenants, this most recent event took the trophy with respect to my landlord nightmare.
In order to protect privacy, names have been removed from the article.
The nightmare wasn't evident until we gave Tenant A notice that we wanted our basement back for our own personal use.
Up to that point, Tenant A was a good tenant, asking for minor repairs every once in a while, but nothing major.
Where we went wrong was being too accommodating and too nice.
The following is a list to outline what not to do and what to do as a landlord - from our experience.
It may appear to be a little bitter due to this most recent experience, but it will serve others and myself again as a reminder to not be so nice with future tenants.
What Not To Do as a Landlord:
  1. Do not think that because you have a good relationship that you should void a rent increase.
    Inflation, rates and bills increase, therefore rent should too.
  2. Do not allow the tenant to occupy more space with their belongings than what is written on the lease.
  3. Do not allow the tenant to speak to you at their convenience.
  4. Do not give tenants any gifts for birthdays, anniversaries, or holidays.
What To Do as a Landlord:
  1. Remember that it is your property and you are renting it out to a person for a period of time.
    They do not own the property, you do.
    You are an owner of this property as a business.
    They are a temporary customer, but in this situation, the customer is not always right.
  2. Increase rent annually (or as your lease permits) to the maximum you can (if you have rent control) or reasonably if you do not have rent control.
  3. Ensure you have a written and thorough lease, leaving nothing out.
  4. Check annually on their tenant insurance to make sure it is still active (this should be stipulated in your lease).
  5. Perform regular inspections of your unit.
    Every 4-5 months is ideal.
    Tenants will not keep units as clean as if it were their own home.
    Particularly pay attention to the bathroom and kitchen as these are areas where lack of maintenance/cleaning can lead to moisture problems and eventually mold growth.
  6. If the tenant has an issue, ensure they correspond with you via written documentation (unless it is an emergency).
    Respond in a timely manner (24-48 hours) when it is convenient for you and the tenant to speak (not just the tenant).
  7. Treat the tenant with respect, but do not confuse being a landlord with being a friend.
    If they stop paying rent, will you still like them as much?
  8. If there is extra space and the tenant is requesting to store items in that space, amend the lease and charge per square foot.
  9. Before leasing your unit, ensure you do thorough checks on the tenant including credit checks, background checks, and multiple reference checks.
  10. Before leasing the unit, if they are currently living somewhere, request the address and then drive by or visit the property with them with short notice.
    That way you can see how they are currently living and if they are clean tenants.
Despite this negative experience, it's worthwhile being a landlord.
The amount of rent they paid me over the last few years has outweighed this last six months of horror with them.
I've had other tenants that are a sure bliss to work with.
I will continue to be a landlord and wish not to deter others from venturing out as a landlord, but only to enlighten them with things that can happen.
To your landlording success!
Source...
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time

Leave A Reply

Your email address will not be published.