How to Handle Problem Tenants Part 2
No one ever said property management was easy. Even the best of tenants, the ones that stick with you year after year, can present issues. Whether it’s late payments, issues with other tenants, or not reporting problems in the unit, working with tenants can be a painful grind.
Luckily, you have options. This two-part series lists strategies for handling and resolving problems involving your tenants. If you missed the tips from the first part of this series, click here to catch up.
Negotiate Renewals in Advance
One of the biggest issues that property owners face involving tenants is losing them. One way to remedy this is to start the renewal process several months in advance. Offer tenants incentives to renew their lease early or for a longer period of time. If you have multiple tenants, build this option up as something that you do for preferred tenants. Taking this action has two benefits. Not only will it give you a chance to sign tenants earlier and keep your cash flow going, it also gives you advance notice if a tenant is not coming back.
Know Your Market
If you aren’t getting tenants or you aren’t getting the right tenants, it may be a matter of perception. Examine the other properties in your neighborhood, are they bigger or have more amenities? How are they priced in comparison to your property? Armed with this data, you can make adjustments to your property to make it comparable to other properties. You can also see what you can offer that other properties aren’t in order to stay ahead of the competition.
Sell Your Property
Being property manager can be a hassle, especially if you never intended on being one. You may have received a condo in a divorce settlement, inherited a home, or moved for a job. Now you own a place that you may not want and deal with tenants that are difficult to manage. You may ask yourself, “how can I sell my house for cash in Clarksville, TN?” The answer is working with Gateway House Buyers.