Is this what Landlords are afraid of?

8/25/2022 12:10:38 PM

What are some of the common fears for new and experienced landlords alike?

Acknowledging the fact that property investment can be an attractive wealth creation strategy, it is not without its risks. We have heard every fear imaginable from different landlords. Obviously as a property investor and a landlord, you want the best for your property and the highest possible returns, with a minimum amount of fuss.

Luckily, this is where having the help of an experienced and reputable company called Silqu will help. It has built capacity in key real estate functionalities to innovate faster and with more success than the average property management companies and software. We have documented some of the most common fears shared with us by some of our clients and the solutions we offer them. Hopefully this will also help you to overcome any fears or underlying concerns you might have so your investment process can be as hassle-free as possible.

1. Tenants falling into arrears

Unpaid rent can be a major contributor to stress for landlords. To counter this fear, landlords should have a plan for meeting their repayments if their tenants fall into arrears, as many rely on the rental income.

Here at Silqu we understand this is a common fear among some landlords. Most of the time many of the tenants have the willingness to pay but not the ability. How do we deal with this? We encourage tenants to pay in bits within the given timeframe and most of them actually end up clearing their balances instead of waiting to pay the whole amount.

And for those who are evasive, it’s important to act fast and if a tenant falls into arrears, it’s important to follow the correct procedures and issue the right notices within the proper timeframes to help ensure the debt can be recovered.

2. Unexpected maintenance issues

Whether it’s faulty electrical wiring, cracked tiles and windows, or a broken water pipe or drainage, maintenance issues are inevitable headache landlords simply need to deal with.

Some landlords may try DIY fixes; however, cost-cutting and substandard workmanship can end up costing them more in the long run.

To prevent maintenance issues from escalating, landlords should consider having a trusted handyman on standby should problems arise. Tending to issues quickly stops small, cheap repairs from becoming major, costly fixes.

On the plus side, our system allows the different types of professionals for any maintenance issue that arises to plug in and be able to get notified when there’s need for one in real time. A landlord or tenant can raise a ticket and chat with the said professional and get the repairs done. Basically, we are a one-stop shop.

3. Tenants behaving badly

While the vast majority of tenants are orderly and law-abiding, a small minority can be truly unruly, causing headaches for landlords.

Unruly tenants might violate their lease agreement by behaving poorly or undertaking illegal activity at the property.

By simply raising a ticket to report any issue or concern, landlords can mitigate such risks by identifying problems before they become unmanageable.

 

4. Vacant properties

Unoccupied rental properties can place great stress on a landlord’s cash flow. In fact, landlords could miss out on thousands of their rental income if their properties remain unoccupied for a few weeks.

Real estate can be a competitive environment, so it’s important for landlords to offer a rental property that best appeals to prospective tenants. Presenting a well-managed property can broaden the pool of prospective tenants and reduce the time and money spent on advertising for re-let.

How best can you manage your property if it’s not by doing it the Smart Way? By using Silqu. This will save you so much time and give you the transparency you deserve when managing your property.

5. Paying too much in property management fees

Many property investors often make this mistake and the devil is in the detail. The difference between a good property manager and a bad one can potentially cost you thousands of shillings each year so consider your options carefully.

Silqu actually helps your property managers to do their work more efficiently with the help of our systems. As a landlord you don’t have to worry about being lied to about what happens on the day-to-day basis in your property because you can actually view everything form your occupancy to statements and invoices and all the money coming in in real time. You will quickly be able to judge this for yourself. Keep a close eye on the process and ask yourself the following questions:

  • How often do you receive communications?
  • Is it proactive or only when there is a problem?
  • Is your rental income received in a timely manner each month?
  • Are maintenance items promptly attended to?
  • Does your property manager respond to you promptly?
  • Does your property manager make proactive recommendations on occasion as to how your investment could work better for you?

Make sure your expectations of your property manager are fair and realistic but at the same time, don’t settle for sub-standard service. Your property manager plays an integral role in ensuring the optimal performance of your investment so if you are not happy with the service you are receiving, don’t be afraid to consider your options. Times have changed and with the help of technology right now you really don’t have to worry about some things. Sign up today with Silqu and I promise you will not regret it.

 

 

Share:

See also

 Chat