Residential rentals offer fantastic tax benefits and can grow into significant wealth over time. But, for example, when looking at a potential investment and reviewing the accounting records, you can’t see all of the behind-the-scenes hours spent screening and dealing with tenants or the financial costs to create that steady and reliable flow of income. The bottom line is that your investment returns reflect your management skills.
You should carefully consider the roles you imagine yourself playing in the business and strategize accordingly. It would be wise to seek the counsel of a trusted friend, family member, or someone experienced with investment properties to assist you with such significant investments when you’re new to the market.
Even with assistance, it’s helpful that you understand the basics, so you should enter into this area of investing with your eyes wide open to the realities of managing rental properties. Read on as we explore the five most significant problems for landlords in Kent and how to handle them.
Reliable Service Providers
A problem for landlords in Kent is failure to team build. So, unless you intend to wear every hat, from maintenance to manager, the more time you spend networking and building a team of reliable providers to care for your properties, the fewer of these problems you will have to face.
Setting Standards
If you’re a landlord in Kent, building a reliable team of service providers is crucial to your success. From maintenance to management, there are a variety of services that your tenants will need, and it’s important to have a team of reliable professionals that you can count on. Spending time networking and building relationships with local service providers is an important part of being a successful landlord. By taking the time to find reliable vendors, you can avoid many of the problems that landlords face.
There are a few things to keep in mind when building your team of service providers. First, it’s important to find vendors who are experienced and trustworthy. Second, be sure to get references from each vendor before you commit to working with them. Finally, it’s always a good idea to have a backup plan in place in case of any problems. By following these tips, you can build a strong team of service providers that you can rely on. This will help you avoid many of the common problems that landlords face, and will make your job much easier in the long run.
Potential Candidates
Another problem for landlords in Kent is the pre-screening stage. In addition to consideration of their standings under your written standings, you should ask pre-determined questions, again considering all laws governing tenants and landlords. Again, working with a professional home buyer like those at THINK3RE means access to pros to help you handle this job.
Screening System
Comprehensive screening is a must, and failing to do so can become an expensive problem for landlords in Kent that can quickly escalate into a nightmare. For a checklist of screening processes you can rely on, work with a professional home buyer like those at THINK3RE to help guide you so you’ll have the best possible tenants.
Calling References
Not following through with reference calls is a big problem for landlords in Kent. However, there is a literal treasure trove of information that a previous landlord can provide. If you don’t want to handle this, consider working with a team of local pros, like the team at THINK3RE, who will care about your property and your tenants as if it were their investment.
Let’s face it, professional property management systems and a strong local network of skilled tradespeople and other professionals in the real estate industry like our in-house team at THINK3RE can eliminate these costly problems for landlords in Kent. Happy tenants tend to remain in place, meaning there are fewer turnovers and more profit at the end of the year when you work with the pros at THINK3RE. Our local professional home buyers can help you locate the best property within your budget, bringing you the highest returns on your investment dollar. You can count on THINK3RE to handle everything needed for a successful investment property and a healthy real estate portfolio; you can relax and enjoy your retirement. Call THINK3RE at 253-459-5600.