Renting residential property is an exciting and original way to increase your income. Despite the changes in the property industry and the ones triggered by Covid-19, this is still a lucrative option – in certain parts of the world, perhaps even more than before. But the landlord’s job is not an easy one, even though it might seem so at first. Tenants’ expectations are higher than ever. Employing a real estate management company or a manager is one of the options to make the landlord’s job easier, but is it vital, or is one person enough to take on the task? Like any other job, the job of a landlord comes with challenges that involve both time and money.
But what does this mean for the Netherlands? According to the Borgen Project, the Netherlands is experiencing a housing shortage. Economic vulnerability, employment barriers, growing privatization, and Covid-19 effects are just some of the culprits for this. What does this mean for landlords here? The demand for renting is relatively high, and it will only continue to do so in the future.
Even though renting out a residential property has its benefits, it doesn’t come without its own set of challenges. These are the most common landlord challenges you need to have in mind in case you want to rent out a residential property
Rent issues
The biggest challenge every landlord faces concerns the rent. This has always been a challenge, but it’s even more important since the pandemic started. Due to the economic tribulations and challenges imposed by the coronavirus pandemic, many fall behind in their rent payments. Unfortunately, this trend is expected to continue throughout 2022 as well.
Dealing with late rents can be very frustrating, especially if it happens very often. Even though the reason for this may sometimes be understandable, it’s impossible to plan out the expenses unless you, as a landlord, receive the rent in due time
How to overcome this?
First and foremost, hiring a property manager can be very handy. However, if you’re the owner of one rental property, it might be an unnecessary or unplanned cost. If you’re renting out more properties, then hiring a manager might be a good option. Another way to ensure you get good and punctual tenants is by screening them through tenant applications and performing some basic background checks.
No matter what needs to be fixed on the property, it can be done with the help of the best property management apps.
Property damage
Despite being careful with your rental property or the type of tenants you rent to, the property will suffer some physical damage at some point. It would be beneficial to know the defects that the landlord has to deal with and those that fall into the tenant’s responsibilities.
Namely, the landlord is responsible for any large defects on the property. The main rule is that, by law, the tenant should fully enjoy the rented property. On the other hand, the tenant is responsible for any small defects (according to the Minor Repairs (Tenants’ Liability) Decree), such as repainting walls and replacing light bulbs or door knobs.
How to overcome this?
A landlord, however, should always have a solution, no matter who’s in charge of the defect. Therefore good and innovative solutions such as Facilitee come into play. No matter what needs to be fixed on the property – the water heater, the leakage in the bathroom, or faulty electrical wires – it can be done with the help of the best property management apps. Apps for landlords like Facilitee do not only provide a great solution to such issues, but they also save plenty of time. It is also a solution that will help you save on daily operational costs, increase tenant satisfaction and provide owners and services with the tools they need.
Void periods
One thing that landlords fear more than not getting paid in time is not getting paid at all. Void periods are not a rare issue and are the biggest worry of at least 15% of landlords. This often results in cheaper rents, as many landlords rather charge a lower rent than go through a period without any tenants.
How to overcome this?
Even though this might seem like a serious issue, finding a solution might be very easy. First and foremost, make sure that your goal is to maintain a home that attracts the interest of as many renters in the area as possible. This is why it’s vital to think outside the box and include features that renters ask for, such as a nicely decorated backyard or a feature that is not very common in other rentals in your area. Another possibility is to hire a professional photographer who will try to capture the true essence of the property you are trying to rent – the better the photographs that advertise your property, the more renters will ask around. Marketing and advertising your available rental is of the utmost importance in these cases. Still, it’s up to you to decide whether you will be in charge of that or if you will hire a property manager who will take this upon themselves.
Plenty of paperwork
Landlords conducting background checks on your tenants, collecting their credit checks, leases, rental insurance records, tax records, or rental applications might find themselves swamped with a lot of unnecessary paperwork.
How to overcome this?
One of the most obvious ways to fix this is to have digital records of all your documents. Digitalization in real estate is very popular at the moment, and it saves a lot of time, both for the landlord and the tenant. There are property management apps and software examples that can save your time and also digitalize the whole process.
One thing that landlords fear more than not getting paid in time is not getting paid at all.
Properties too far to be managed
Everything is more manageable when your rental property is close to the place where you live. This means that it’s easier for you to fix specific issues and be there if your tenants need something. However, managing the rental from a different place or town might be a bit more challenging, as you will not always have the option of being present in case your tenants or your rental needs it.
How to overcome this?
Having one of the popular rental property apps that will make sure everything runs smoothly with your rental is one of the best ways to fix this issue. There is, once again, the option of hiring a property manager who will keep an eye on the property. But, this might be costly, and it’s a good option if you have more than one rental property. The option of keeping an eye on your rental property even from miles away has never been easier, and one of the apps that can help you with this is Facilitee. This will keep all your issues fixed, and in case something happens, you will be able to react as soon as possible.
Being a landlord comes with particular challenges, but nothing that digital transformation cannot help with. Property management apps like Facilitee can help any landlord in the organization and maintenance process, no matter how many rental properties they have. It saves time, energy and makes the whole process of caring about the tenants very easy. After all, being a landlord is a profitable venture that you should invest in.
