Being a landlord is widely seen as a status that allows a person to get rent on monthly basis and enjoy a life. Nevertheless, the life of a landlord isn’t that comfortable. This real estate venture is a challenging one, and it can be seen by looking into several facts that will show you how difficult it is to manage a property that others are renting.
Although the consistent and regular income in form of rents is an undeniable advantage of being a landlord, the downsides are also the part of this business. The purpose of knowing about these downsides isn’t to get disappointed or quit this real estate business plan but it is rather for the purpose of getting ready for the challenges.
You got to deal with a lot of phone calls
After becoming a landlord, you also become a busy person with your phone. Then the time comes when you wish to throw your phone away. The reason is that different people would try to contact you. Prospective tenants would call you asking for the vacant apartment or home, and existing tenants would call to complain about the broken windows, doors and fixtures.
One of the best ways to deal with this issue is to hire an assistant. You can further equip your assistant with necessary tools and software, like Real Estate Virtual Tours, to bring efficiency in your real estate dealings. This way, you will not only be able to enjoy your time by not having a lot of phone calls but you will also see your business progressing.
The attitude issue
A lot of times when you tell people that you are a landlord, you might get a reply, ‘oh, so you are a slumlord’. This type of attitude can really be disturbing, and it can eventually make you think about not propagating yourself as a landlord, which is definitely not good for the business. The best way to deal with this issue is to remain calm. In fact, you can share some terrible tenant stories to give your listeners something to laugh for.
You will need to be on your own for a long time
The starting of any business is usually a ‘one-man-show’, and real estate is the perfect example in this scenario. If you are a small landlord, you are most probably unwilling to hire someone else during the early stage of your business. Being a lone wolf keeps you from having charms of sharing your business plans with a team of co-workers.
The easy solution to this issue is to join a local real estate cub, where people with their own stories come and say their words. This way, you get the opportunity to state the experience you go through. You may also be able to get useful advice in return.
The overwhelming paperwork
Being a landlord, you are required to deal with a lot of paperwork. The leasing document, insurance papers, invoices and lots of other types of papers can make you a paper-pusher rather a landlord. To sort out this issue, you need help which comes at cost.