Issues for landlords in New Orleans can make property management somewhat frustrating. From tenants being late with the rent, damage to units, tenant turnover and vacancy rates it seems never ending.
Being aware of potential problems before they arise can make the job easier. Here are five frequent issues the majority of landlords face and how you can address them.
5 Issues for Landlords in New Orleans and How to Address them
1. The Stress Of Managing Properties
A landlord’s responsibility includes managing properties, but it is not an easy task. Among other things, you need to screen potential tenants, monitor rent payments, address complaints, and keep units maintained.
However, all of these chores can overwhelm any landlord, especially if you have another job. This is why many landlords hire property managers to manage their units.
2. Organizational Issues
Managing paperwork is a very time-consuming task for landlords in Louisiana. Consequently, if you don’t pay attention, your records can become disorganized very quickly. Losing an essential document will not only cause you stress but may also put you in legal trouble.
Organizing your documents and labeling them can help you resolve these issues.
3. Issues With The Law
Although Louisiana is considered a landlord friendly state, understanding all of the laws and regulations related to landlords and tenants is a difficult task. You should, therefore, take the time to learn about the state laws that apply to you.
Be sure to check the local laws as each parish in the state may have rules and requirements specific to that parish especially in Orleans Parish.
4. Overdue Rent Payments
Renters who do not pay on time can be very troublesome, especially if they are repeat offenders. Waiting for tenants to pay may also prove financially taxing to landlords. Nevertheless, you can avoid overdue payments by reminding your tenants ahead of time and imposing penalties if they don’t pay on time.
Also, making alternative options for tenants may also help with ontime rent payments. Allowing Venmo or Paypal payments may help to speed up the process. Younger tenants may not write checks as a general rule and pay bills solely online.
5. Frequent Evictions
The process of eviction is time-consuming and costly. So it’s imperative that you do whatever it takes to prevent frequent evictions from taking a financial or mental toll. To prevent evictions, thoroughly screening your tenants is a good idea from the very beginning.
This is the single most important step in avoiding evictions.
A landlord’s life anywhere is filled with many challenges. However, these frequent issues can be overcome if you take steps upfront to curb issues before they happen.
It is important to recognize that managing a rental property is not an easy task and that a lot can go wrong if you are not prepared or don’t have enough time. Professional property managers come in handy in these situations.
If you’re looking for a professional property management team, we’ve been handling rentals in New Orleans since 2004. Put the Redfish Advantage to work for you! Click here to contact us today to help you manage your property and get your life back!