Renting a place can be an excellent passive income. You don’t have to work an 8-hour shift in order to make that money. On the other hand, being a landlord has its drawbacks as well. Unkind tenants who damage the inventory or don’t pay their rent on time are just some of the most common problems Seattle landlords face on a regular basis. If you plan to make a place rentable, learning how to minimize or prevent any unpleasant scenario entirely is essential. This comprehensive guide with tips recommended by real estate experts will help you deal with any problem you might face as a landlord. When you know how to protect yourself as a landlord, it all goes easy from there.
Poor communication between a landlord and a tenant
You never know what to expect with the new tenants. They may be completely friendly or make your hair turn gray. Nevertheless, solid communication is necessary to remove any misunderstanding right from the start. However, landlords make a mistake because they don’t state their terms and conditions right at the beginning. As a result, relationship with tenants becomes prone to conflicts.
Some tenants are a blessing, while others just don’t care about the place they live in. For example, if tenants like having a wild party at their place, something will likely get damaged in the very rental place. This often ends up being an extra cost for many Seattle landlords. Once the tenants leave, landlords end up paying for repairs and additional refurbishment that may cost an entire rent.
Tenants suddenly bring pets they didn’t mention
It’s true that people love to have animals around and rarely mention this to their landlords. Again, this is primarily due to a lack of communication with the landlords. While some tenants kindly ask permission to bring an animal friend, others will simply do it, hoping you’ll never know. However, once they leave the apartment for good, you might end up shocked by scratched furniture and animal hair all over the place. This is why, as a landlord, you must clearly state whether your rental place is pet-friendly.
Stressful move-in day
For many landlords, the day their tenant arrives can be very stressful. Delays and other complications are some of the more common problems Seattle landlords face. Furthermore, tenants often have too many items that can barely fit in a rental place. This prolongs the relocation process and only adds to stress on both sides.
More time spent on advertising the rental place
Rising home and rent prices are rarely a good opportunity for renters to find tenants and ensure a passive income flow for some time. While your offer remains at a reasonable rent price, many other offers simply scare new tenants away. Although there might be someone who would enjoy your apartment more than their current one, the rent prices they come across while searching online scare them more. Plus, it’s not easy to show up among the first results on websites oversaturated with listings. It’s not rare that paid advertisements are often just an extra cost for landlords and nothing else.
The rental place requires constant maintenance
It’s common for landlords to realize their rental place brings them more worries as time goes by. Months without tenants and extra refurbishment costs are just some of them. For some Seattle landlords, it’s not easy to give up a passive income, while others see a solution in selling their home and investing the money into something else.
Make sure to prevent the most common problems Seattle landlords face
If you would like to delay selling your home and keep the passive income, consider some slight home improvements to your home. For example, you can check if there are too many unnecessary and fragile items that are better to move to a safer place. When your rental place is less cluttered, the tenants are more likely to feel at home due to extra space to decorate as they wish. So, take time to pack sensitive and other items, and secure them for transport with the help of close people or removalists.
It might be a good idea to hire a trustworthy real estate agent in Seattle who can help you successfully rent your place to the right people. Find and interview at least several agents before you make the final choice. Make sure they have enough experience when it comes to rental places.
Help your future tenants find a moving company
Schedule a moving-in date with your tenants and ask them about their relocation. If they have plenty of sensitive and fragile items (souvenirs, music equipment, etc.), simply offer them a few moving company suggestions. However, make sure the movers you recommend can do their work professionally. According to numerous seasoned moving professionals, like the ones at bigheartmoving.com, the best movers are the ones with experience. They further advise sticking only to registered moving companies with excellent ratings.
Prepare the contract with clear terms and conditions
A strong contract is the best way to minimize or entirely avoid the most common problems Seattle landlords face. Once you meet with a tenant, make sure to go over each point of the contract and make sure to answer any questions they have. Also, let them know they can contact you whenever necessary and that you’re always open to communication if they have special requests. However, remember you’re not obligated to say “yes” to everything a tenant asks of you. What you deem unacceptable is something your tenant should respect.