Owning and managing rental properties certainly comes with its fair share of headaches. From maintenance issues and renovations gone awry to screening unreliable tenants and collecting late rent payments, landlords often need help with tricky property management challenges.
At EmJ Property Management, we believe an innovative approach is key to overcoming the most stubborn rental property headaches. Our team utilizes outside-the-box, creative problem-solving tactics to help landlords reclaim their leisure time.
In this post, we’ll share five unique solutions to common rental property headaches that will have you thinking, “Why didn’t I try that before?” Get ready for some fresh perspectives on your most challenging landlord problems.
Tip #1: Host a Renovation Trade Show to Surface Vendor Deals
Tackling renovations? Instead of sifting through countless contractors yourself, invite your top prospects to a mini trade show at your property. Have vendors showcase their offerings and provide custom bids on the spot so you can secure the best bang for your buck. You’ll build community connections too!
Tip #2: Leverage Digital Screening Tools to Filter Tenant Applicants
Tired of attracting unreliable tenants? Using a digital screening service can take the guesswork out of the equation. These tools pull credit, background, eviction, and employment info to score applicants objectively. Higher-scoring prospects get automatically flagged for showings.
Tip #3: Incentivize Early Rent Payments with Discounts
Late payments dragging down returns? Try offering a small discount (like 5%) to tenants who pay rent early or in full upfront. Many will happily take you up on this win-win arrangement. Just make sure to consult local laws on allowable incentives.
Tip #4: Barter Services to Offset Maintenance Costs
Looking to slash maintenance budgets? Consider skill-bartering services with tenants who are electricians, handymen, landscapers, etc., in exchange for a break on their rent. Just be sure to outline exact expectations in a supplementary agreement.
Tip #5: Crowdsource Furnishing from Local Facebook Groups
Furnishing multiple properties on a lean budget? Check out furniture swaps and “buy nothing” groups on Facebook, where people give away quality goods for free. This treasure trove can help you score chairs, couches, tables, and more without draining your accounts.
With some outside-the-box thinking, you can find creative solutions for even the toughest rental property headaches. The next time you encounter a challenge, try taking an innovative approach before giving in to frustration. Reach out anytime to discuss our full range of services optimized for creative problem-solving. Let EmJ Property Management help you reclaim your leisure as an investor or landlord.
