Being a landlord isn’t always a walk in the park, especially with long term housing rentals. Before you pull the trigger and start advertising your short term rentals and long term housing rentals in the Vail Valley, take a look at some of the common challenges you may or may not hear about.
Repairs, Repairs, and More Repairs
If your property is in excellent condition, that’s a huge advantage. But even in the nicest and most pristine homes, stuff breaks. When it does and you’re the landlord, it’s up to you to get it repaired. Unfortunately, you can’t take your own sweet time doing it. It needs to be done as quickly as possible, especially if it’s something critical, like electricity, water, heating and air conditioning, or something that might require emergency service. Not only is this an inconvenience, but it can also be costly. This is when having a good property management company on your short term rentals and long term housing rentals team pays off.
Being the Rent Collector of Long Term Housing Rentals
Sometimes you’ll have renters who pay on time, every month, but other times you could have tenants that dilly-dally and come up with an endless list of reasons their rent is late. No one likes asking for money, especially from someone who knows they owe it to you. But this is the burden a landlord must bear to benefit from the long term housing rentals. Unless, of course, they have a property management company that can do that for them.
Dealing with Difficult Dwellers
In an ideal world, all renters would take care of your home the way you do. They would avoid causing damage; they would keep it clean, and they would be considerate of the neighbors. But this isn’t always the case. When you have destructive, messy and loud tenants, you must deal with them to retain the value of your month to month rental as well as keep the peace in the community. Your property management company can be the go-between when you have less than desirable renters.
Evictions and How to Handle Them
The one thing no property owner wants to face is evicting a tenant. Unfortunately, it can be necessary. Though the legal side of evictions can make them seem pretty cut and dried, the reality can be a very different picture. Evicting someone is bad, but being evicted can be even worse, and the reaction can be less than amicable. If the evictee decides to make it challenging for you as the property owner, the process can be lengthy and costly. Trust in your property manager to help guide you through it should the need arise.
There are benefits and challenges to every kind of rental property. Being aware can make a big difference when you’re getting ready to invest in an income property. Instead of facing the challenges on your own, count on a reliable property management company to help you deal with every aspect of your rental. Contact our friendly team at Fireside Properties for everything you need in support of your long term housing rentals or to learn how to find short term rentals in the Vail Valley.