3 Main Problems Almost Every Landlord Faces

It’s always great owning a property. You probably feel more like an adult when you make your first property purchase. The house looks great, all of the furniture is brand new. It should be an easy property to rent out, right? But like any other business, problems do happen. Here are 3 main problems almost every landlord faces:

1. Damages That Will Leave A Dent In Your Wallet!
2. Late Rental Payments
3. Complaints

Damages That Will Leave A Dent In Your Wallet!

Landlords need to be aware that tenants will affect the whole situation. A way of reducing the risk is to screen the tenants. You can be the best landlord ever but if a tenant does not bother to maintain the property while they rent the place, it’s going to be a major nightmare.

However, SPEEDHOME helps in ensuring the quality of tenants by screening them accordingly. So, no guessing games and lesser headaches. SPEEDHOME also ensures that your property is protected up to RM26,000’s worth of damages and utility bills.

Late Rental Payments

This is a common, but easily solvable problem. Just contact the tenant and be honest and transparent about the issue. If it affects your expenses, it is possible to evict the tenant though it will take awhile.

An alternative would be coming up with an incentive clause or revised payment plan to make it rewarding for the tenant to pay in a timely manner.

Complaints

Landlords often face problems in finding good tenants, hence importance of screening process and tenancy agreement. Both parties should not rush into settling or signing the agreement; rather, both parties should communicate well to minimize potential future problems. The final common problem faced by landlords is complaints by neighbors as tenants may disrupt the neighborhood.

SPEEDHOME serves as the direct messenger between landlord and tenant, providing a platform for them to communicate easily with easy access. A tenancy agreement template is also provided, with the flexibility of adding sub-clauses. Additionally, the background checking supported by CTOS aiding in the screening process.

All of this comes together in a simplified package.

For a more in-depth look of being a landlord, check out our all-in-one guide here.

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