In our last posts, we offered you real solutions that you can use for increasing the ROI that you will receive from your investment property in 2020.
Even though getting more ROI from an investment property is important, as a landlord you should also be focused on avoiding problems because going through landlord problems can cost you a lot of money.
In today’s article, we’re going to offer you solutions that you can use for avoiding landlord problems in 2020.
Problem #1 – Self Management
Although some investors may not think that self-management is a problem, the reality is that when you manage your investment property yourself, you’re setting yourself up for spending a lot more time, money and hassle than you should as you manage that investment property yourself.
The obvious solution to the problem is for you to hire a property management company because a property manager will eliminate the hassle of you managing your investment property so you can focus on growing your investment portfolio without having to manage your rentals yourself.
Problem #2 – Not Enforcing Your Lease
Let’s face it, most landlords don’t like to enforce their leases because they don’t want to be the “bad guy” but the reality is that owning an investment property is a business.
With an investment property, there are specific rules that a tenant has to follow and if they don’t follow those rules, they should be held accountable by being made to pay late fees or face eviction.
If you have a problem with enforcing your lease, you should consider hiring a property management company because a property manager will make sure that your lease is followed and your tenants are not allowed to break it.
Problem #3 – Making Promises, But Not Keeping Them
Last of all, but most important, another problem to avoid as a landlord is the problem of making promises and not keeping them.
In today’s world, a typical landlord is busy and it’s easy for a landlord to forget that they promised their tenant that they would fix a broken appliance or repair another problem with the rental property.
To about making promises that they can’t keep, a landlord must be more diligent about keeping their promises by using tools to remind them to follow through on promises to their tenants. If after using tools like calendars and other reminder programs doesn’t work, a landlord should consider hiring a property manager to take over the day-to-day operations of managing their rental property.
Contact RPM Central Valley
To learn more about the property management services that we can offer you, contact us today by calling (209) 572-2222 or click here to connect with us online.