- Property managers and agents make landlords’ lives much easier.
- However, there are issues in the business that property owners should handle themselves.
Landlords tend to ignore the key issues which help in the smooth running of the real estate business. Ismail Mulindwa, a real estate property manager, says landlords tend to leave the burden to property agents and managers without knowing that some issues are to be addressed by the landlord.
“As property managers and agents, our main responsibility is to look for potential tenants and collecting payments then the rest is to be addressed by the landlord,” she says.
Management of property
Mulindwa says being a landlord means you are in charge of that particular property and you can earn more depending on the management. Landlords are in charge of making decisions on costs, contracts and terms, plus whether or not you want to sell your asset, and when.
“If you’re a landlord, you must decide if you will accept instalments or full rental payments. Fractional payment means that the tenant pays their rent in instalments, such as half on the first of the month and then in the middle of the month,” Mulindwa says.
He adds that as long as you are the landlord, you may decide that rent is due on a specific date with no exceptions or extensions.
If the rent is due on the first of the month, then any rent received after the first of the month is considered late.
Mulindwa says a landlord should not task the property manager or agent to maintain and repair the damages on the property because sometimes these agents do shoddy work because they do not own the property.
“Prepare yourself for small maintenance complaints from the tenant because sometimes I might be easier for the tenant to call the landlord instead on a property manager for any complaint,” he says
He adds that delay and failure to respond to the tenant’s compliant may affect your business because tenants will not trust you anymore with your empty promises.
Dealing with non payments
Teopista Nalinya, a landlord, says late and non-payments are the most reasons why they hire property agents and managers to take over the duty of collecting payments.
“If a tenant does not pay their monthly rent, you must file eviction letter depending on the eviction laws.
“ In some areas, you file the eviction immediately after the missed payment while in other areas you have to give the tenant three months before eviction,” she says.
Nalinya says you should begin the eviction process as soon as your tenant fails to pay the previous month without a proper explanation.
Charge a late fee
Nalinya says charging a late fee can be one way to get tenants to pay their rent on time.
There are certain things you must consider when charging this type of fee, including when rent is considered late and the actual amount you will charge the tenant for a late payment.
“If a tenant does not pay their rent on time, you should charge a late fee. You can set a maximum amount on the fee you can charge or you check your landlords tenant law,” she says.
Nalinya adds that there are good and bad aspects of accepting incomplete payment.
“The good part is that at least you are receiving some money. The bad is that once the tenant falls behind once, it will be that much more difficult for them to make their next rent payment on time,” Nalinya adds.
How a land lord can give back to a tenant
•Painting is one of the easiest ways to bring a new look to your house.
•Replacing damaged furniture
•Replacing water pipes and disposal duct
•Cleaning and gardening
•Furniture and decoration