The real estate business is one that has a lot of facets to it therefore, it is quite normal to find different participants engaging in it from realtors, brokers, landlords, and tenants etc. A way to get into the real estate business can be by owning a rental property which is its own form of rewards if done right.
Even with the best intentions, owning a property and being a landlord still has its own issues and one of the major causes of such issues are the tenant. When it comes to tenants, even if the screening process is as strict as possible and a lot of background checks are done, the fact still remains you never know a person until you get to live with them.
Here are a lot of complaints and issues which landlords have about their tenants but this article is only going to focus on the most common.
For a property management business, the rent received from the tenants most times goes into the maintenance of the property and settle other expenses such as land taxes etc. delayed payments can affect the fluidity of operations if not monitored carefully.
The law dictates that the conditions set in the lease agreement are binding to the parties involved so you have the right to collect rental payment according to those conditions. It is, therefore, no problem if as a landlord, the tenant gets evicted as a result of this. However, if a tenant does not pay their rent for a certain number of consecutive months, be careful because they may gain squatter rights.
Tenants have the misconception that a security deposit serves the same purpose as the month’s rent not paid but this actually not so as they are two different things. According to the law, security deposits are used as payment for unpaid rent when the tenant is unable to hand forward the one of that period but in most situations, the security deposit is lesser than the rent collected and is not enough to cover important things like cleaning and repair expenses.
During the screening process for tenants, most of them tend to be on their best behavior and put their best foot forward. The only time you get to see their true colors is when they have fully settled into the property. Most of them start to develop unruly habits and cause a ruckus by throwing parties, making noise beyond the allowed decibel, causing property damage, being rude to fellow tenants and also aggressive towards the landlord. A tenant that behaves in this way can be lawfully evicted as long as there is witnesses and documentation attesting to this.
Most of them start to develop unruly habits and cause a ruckus by throwing parties, making noise beyond the allowed decibel, causing property damage, being rude to fellow tenants and also aggressive towards the landlord. A tenant that behaves in this way can be lawfully evicted as long as there is witnesses and documentation attesting to this.
Violation of Rules
One of the reasons why lease agreements are drawn up is so as to have documentation serving as proof especially in cases where they would be important.
Also, the lease agreement allows for both parties to bring up conditions they would like to be fulfilled during the course of the arrangement such as no pets allowed, certain times which visitors allowed, sub leasing conditions, having parties etc. Once the agreement has been signed by both parties and unless another agreement is made at a future date considering the first one void, the terms set have to be stuck to. Sometimes, tenants go ahead to break these codes which cause issues for the landlords.