First-time landlords often underestimate tenant management because it requires constant communication, proactive maintenance, and consistent enforcement of rules, not just collecting rent.
You've just acquired your first rental property and are ready to start enjoying the perks of being a landlord. America's rental housing market is driven by individual landlords like you. According to the National Association of Realtors, more than 50% of rental property owners are small-time investors -- and new to the market.
As you'll quickly find out, though, being a first-time landlord isn't a walk in the park. Managing tenants is one of the most challenging aspects of rental property management. From tenant screening to communication and conflict management, there's a lot more involved than most first-time landlords expect.
What Are the Most Common Tenant Complaints?
Many first-time landlords are often unaware of just how common tenant complaints can be. What starts as a pursuit of steady passive income can quickly turn into a stream of ongoing complaints from tenants.
Although complaints vary from property to property, tenants typically complain about water leaks, heating problems, broken appliances, and, more frustratingly, slow response times for repairs.
If you acquired an aging rental property, expect to receive these complaints often. Making the necessary repairs before a tenant moves in will help reduce the complaints.
For multi-unit properties, tenant disputes resulting from excessive noise and other disturbances will always be a common complaint.
Why First-Time Landlords Struggle with Tenant Screening
After investing in your first rental property, you want to start earning from it as soon as possible. Tenant screening stands between you and your first tenant, and for good reason. A thorough background check helps you identify good tenants from potentially problematic tenants.
Some new landlords find tenant screening an unnecessary inconvenience, resorting to only checking an applicant's credit history to confirm they can afford the rent. Financial stability isn't the only thing that makes a good tenant. You can find a renter who pays on time but is still causing noise disturbances that result in complaints.
Using a tenant screening service solves this problem, but you can go a step further and hire a local property manager. Check out property management in Charlotte to see some of the services you will get.
Landlord-Tenant Communication Remains an Ongoing Challenge
First-time landlords underestimate how often they need to communicate with their tenants and how important timely communication is.
Some tenant issues can't wait until the next day. If a pipe bursts at night, for instance, the tenant will reach you right away. Ignore it, and you'll not only have a frustrated tenant but also potentially face a legal liability issue.
Many first-time landlords quickly learn that they need to be available round-the-clock, and it comes as a shock.
Managing Tenants Is Hard Work - If You Let It Be
Many first-time landlords think managing tenants is easy, only to come face to face with a myriad of issues, ranging from unending complaints to unexpected disputes. You don't have to let it be that way. With the right systems in place, tenant management becomes simpler, but the smartest move is to take a hands-off approach by hiring a property manager to do all the handiwork.
Explore our website for more insights into what it takes to succeed as a landlord.
This article was prepared by an independent contributor and helps us continue to deliver quality news and information.
