When you’re not ready to let go and sell your house, letting it is your only option. However, this may constantly present a lot of problems.
If you decide to keep tenants, you must prepare yourself and learn how to solve renting problems and disputes. They will surely come your way no matter how good of a landlord you are. It’s true that you can lessen the possibility of encountering trouble if you strictly screen your potential tenants. However, there’s no way for you to predict for sure whether they will give you problems in the future or not. The next best thing you can do is to know how to approach problems when they come your way.
Here are common problems every landlord face and possible solutions you can take to solve them.
Tenant will not pay the rent.
This is the classic bad tenant and the worst of all. Once one stops or delays paying the rent for more than 2 consecutive months, then you should start raising the red flag. The tenant may have a valid excuse, but you can’t indulge him every time. Firstly, you’ve invested in constructing and maintaining the house. If you can’t get any profits, then the tenant becomes a liability. Moreover, if you’re letting more than one house, then others might think that you’re okay with payment delays. Lastly, if you let it pass, the tenant might develop the habit of paying late.
Don’t evict the tenant right away. Talk to him first and try to understand his situation. After which, make a deal with him. Give him a deadline to pay the rent. When he still does not pay within the agreed date, then eviction is your last resort.
Tenant keeps breaking the rules.
Lease agreements are made to maintain order and avoid disputes. Unfortunately, there are those who would break the rules time and again, especially when they think that you will not notice it. Violating a signed legal document can lead legal consequences, not only for the tenant but also for you.
Before everything else, make sure that the tenant has reviewed the lease agreement and fully understand it. Make clarifications if necessary. Enforcing the rules diligently will keep things in order. You need to do it so that they will know that you’re taking the agreement seriously.
Tenant tends to break or destroy your property.
Sometimes, damage or destruction of property is inevitable. Whether it’s done intentionally or unintentionally, it’s bound to happen especially for those who have children. This will not only cost you a lot of money, but it might also decrease the value of the house.
When you are met with this problem, be sure to check the house first before making your decision. The reason for the damage might be because the property has grown fragile because it’s too old. But once you’ve verified that the tenant is liable for the damage, carefully calculate the cost and let your tenant pay for it. Make sure that you discuss the issue with him as calmly as you can.
If you don’t want to handle these problems, you sell the house through someone who has undergone the real estate salesperson practice exam. However, if you’re determined to let the house, you can just hire a property manager to handle the tenants and their issues for you.