Unpacking five top issues for landlords
Category Rentals
Landlords know that managing and maintaining a rental property require a lot of administration with many legal nuances and compliance requirements. If not handled correctly, it can become a logistical and legal nightmare, and worst, could cost the landlord financially.
This month, we unpack five of the top issues that landlords have to deal with and how these can be mitigated or avoided by working with a credible rental agent and making use of a rental management solution.
#1 Tenant Turnover
Each time you lose a tenant, there is the risk that the property might be empty for a period. There are also costs associated with finding a new tenant, on top of the logistics and costs of having to clean and prepare for a new incoming tenant.
The best way to reduce tenant turnover is to find and keep quality tenants. In many instances, tenants will also renew, and it is worth keeping a good tenant by keeping rental increases to a minimum. An experienced rental agency like Seeff can help landlords secure quality tenants who will look after the property to keep maintenance costs to a minimum.
#2 Late Rent Payments and Defaults
A tenant who does not pay their rent on time, or skips a month, can quickly become costly for the landlord. A watertight lease agreement should set out the recourse that the landlord can take in the event of a breach. Proper procedure should always be followed including advising the tenant of the breach timeously, and in writing. If the tenant remains in default, it might be time to institute legal action. Strict guidelines and legal precedent must be followed by the landlord. This can be costly, but can be mitigated by making use of the services of a rental agency such as Seeff which has legal partnerships and procedures in place to deal with such late or non-paying tenants.
#3 Tenant Disputes
Tenant disputes vary and range from issues such as noise, parties or parking. Other disputes could relate to how the premises are being used, or if they are not being maintained properly such as the garden for example. Disputes can be difficult to deal with. It is advisable that the lease agreement provides for various aspects which commonly result in tenant issues, and set out expectations and responsibilities for the tenant and landlord. In addition to providing a comprehensive and legally compliant lease agreement, Seeff offers experience in how to handle and manage disputes with tenants.
#4 Maintenance Matters
A well-maintained property stands a better chance of attracting a quality tenant and higher rental. Damage and neglecting to maintain a rental can be costly. The landlord must maintain the property in a good habitable condition, but the tenant must keep it maintained, and report any issues timeously. The lease should stipulate who is responsible for what. Periodic inspections (by agreement with the tenant) should be done to identify maintenance issues timeously. A benefit of working with Seeff is that we have partnerships in place for speedy and cost-effective maintenance and repairs.
#5 Administration and Organisation
Managing a rental requires administration, paperwork and organisation. There are many legal requirements which necessitate good administration and organisation, from aspects such as Condition of Property Report, inspections, invoicing and receipts, to how the rental deposit must be managed. These require certain procedures to be followed and documented. It can quickly become a challenge for landlords. A rental agency such as Seeff offers an experienced back-office administration team combined with efficient Proptech to enable smooth administration for landlords from documenting and tracking paperwork, to managing the maintenance and more.
Keep on moving with Seeff. We have concluded thousands of successful rental transactions, and proudly celebrate 60-years of moving the market forward and unlocking value for our customers. If you would like to know more about Seeff's comprehensive rental management solutions, please feel free to contact us today.
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Author: Gina Meintjes
