Being a landlord is not an easy task. To an outsider, landlords are a happy lot as they are getting passive income from their properties without doing anything. What these people do not know is that a landlord must perform many roles and responsibilities to earn income through his property. It is only when these people get a chance to see these duties of a landlord that they can get the right perspective about them.
Landlords must deal with real human beings. They must become involved with the lives of their tenants in a unique manner. It can be interesting at times but mostly it is dull and boring. Often it is an eye-opening experience for those who believe landlords are earning easy money from their rental income properties.
The most difficult part of being a landlord is the tenant screening process. Of course, landlords work hard to provide livable units to their tenants but mistake or lapse during tenant screening process can often prove disastrous for them. They may have to bear huge loses not just in terms of lost rent but also in terms of damage to their property. Screening appears to me mostly mechanical as landlords perform background checks and go through the credit reports of their applicants. However, there is also a human angle involved with screening that does not come easily and naturally to all landlords. They must ask many questions to unravel the past of the applicants. Just look at the following to understand the tough job of a landlord.
- Are there any unpaid bills belonging to the applicant?
- Has he picked up quarrels with previous landlords or other tenants?
- Has he ever gone through a bankruptcy?
- Has he ever been evicted by a landlord earlier?
- Has the applicant ever been booked under DUI?
- Does he have any criminal record?
While these checks do not provide conclusive proof about the trustworthiness of the applicant, they certainly help a landlord in keeping potentially dangerous tenants out of property. But there are always clever applicants who pass through the screening process and later on show their true colors to the landlord. Handling these tenants can be very challenging for someone who is a newbie in this profession.
In addition to tenant screening, there are many other unpleasant tasks that are performed by landlords. These include frequent inspections when they go in and see the way tenants are using their property. They look at dirty clothes and dishes and the bathroom and the kitchen that appear to be in a state of chaos. Of course, you love your property and use it with care and love, but you cannot expect all your tenants to show the same love and care towards your property. You see the pets and how they are causing problems for other tenants and for your property. This is a part and parcel of the life of a landlord and he must take everything in his stride.
Many landlords do not become involved with the personal lives of their tenants, but they nevertheless see divorces, deaths, and diseases afflicting their tenants. This is not easy by any stretch of imagination and only someone who is a landlord knows what he must go through while looking after his rental income property.
If landlords appear to be jaded and stressed out after seeing and experiencing so much of chaos and disorder, it is only natural and something to be expected. Some landlords develop a thick skin and they are not affected by what their tenants are doing inside their premises. But a vast majority of landlords are perturbed by what is going on inside their property and it has a deep impact on their psyche and personality.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
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As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
