Landlords in the D.C. area face many challenges that can cause stress. In order to reduce the anxieties that can impact your peace of mind, you want to be able to anticipate issues and know how to deal with them. Here are three common problems you may encounter and the best way to handle each situation.
- Late payments – The pandemic has exacerbated a problem that already existed. According to the National Multifamily Housing Council, 6.5% of renters have not yet paid their February rent, and only 80.4% had paid their March rent as of March 6th. Fortunately, the upcoming stimulus checks should help your tenants to catch up. Be sure to remind them of your strict policies now so that this money is not spent on something else.
- High turnover – Vacant properties drain your profits fast and cost you advertising dollars. Holding onto renters requires making regular improvements to the facilities, carefully reviewing any rent increases you decide to make, and attracting the right type of tenant in the first place. Try to interview outgoing tenants to see why they did not renew their lease and use this information to hold onto future renters.
- Nightmare tenants – From causing property damage to upsetting other tenants you want to retain, unruly tenants can have a serious effect on your business. The main way to avoid unruly tenants is to rework your screening process. Use the Internet wisely to do background checks. Make good use of the references provided and actually make those phone calls. Trust your instincts. If you get a bad feeling about someone, it may be because they remind you of a previous nightmare tenant. Sometimes a first impression is a correct impression.
Get Help for the Stresses of Property Management in the D.C. Area
One of the most stressful parts of being a landlord may be the day in and day out management responsibilities. FAS Management is here to help you with that part of the job. Let our experienced team manage your residential and multi-unit buildings, so you can relax a little and enjoy your investment more.
Give us a call today at 202.337.5080. FAS has 75 years of property management experience, so you can trust our team of experts to help maximize your profits, keep tenants happy, and ensure your properties are in compliance with local regulations. We keep our finger on the pulse of the D.C. rental market so that our clients can have the best property rental experience!