Being a landlord is just about collecting rent checks and living the easy life right? After spending 13+ years in the business I can tell you there are a lot of factors that many people don’t consider when they start managing their own rental. After an eviction we had a tenant who was so upset she dumped paint all over her unit and down the stairs of the common area. What a mess that was! And as you can imagine, the other tenants in the building were rightfully frustrated as well.
Just the other day I was at a real estate conference and a self managing Airbnb host told me that a tenant had pooped on her couch. You heard that right, pooped on the couch! People do not always follow the rules and even the most perfect tenants can make mistakes. From DIY disasters to hoarding garbage, let’s take a look at some of what we have seen or heard about renting out and managing property and make sure you check out my previous blog of other factors you should consider before renting and self managing your property.
Improper Maintenance
Imagine opening the door to see a mountain of trash so high it could compete with Mount Everest. Once a tenant is in you don’t see the unit on a day to day basis and don’t always know what is going on behind closed doors. Yes, you can screen tenants and talk to previous rental owners they have rented with, but no matter how much due diligence you put in to approve a tenant you never know what might happen.
We had one tenant that used their leaking sink upstairs until the water started leaking through the ceiling of the tenant below who notified us. This issue now went from a simple leaky pipe to a drywall nightmare that we had to resolve for the owner. This is not a phone call that you want to get in the middle of the night!
Improper maintenance can quickly turn a property into a renter’s nightmare and a landlord's headache. Regular upkeep? More like constant vigilance!
Unauthorized Modifications
Picture a tenant turning their living room into an amateur woodworking shop installing and “upgrading” the unit to their liking. Or have you seen the images going around of the apartment building with the pool placed on their balcony? Yes people have actually thought this is an excellent way to get some summer pool days in the city and NO this is not safe by any means. Balconies are designed for the weight of people, not hundreds of gallons of water in a pool. Again a tenant may come in with a perfect credit score and no red flags but make a mistake that will be a headache for everyone involved. From brand new first time new tenants to a seasoned renter, there is plenty of room for error.
DIY disasters are all too real when tenants decide they're the next star interior designer. Unauthorized modifications can range from unsightly paint jobs to full-scale renovations gone wrong, often leaving the landlord with a hefty bill.
Wear and Tear Beyond Normal
Doors are generally supposed to stay on their hinges, right? Well, in the life of a rental property, doors might just decide to go off on their own adventure. Furniture might not get proper padding and scratch your nice wood floor, holes might end up in walls where they were not intended. We have also had tenants straight up take the appliances and leave without notice.
With all of the little things that you will need in between unit turns you will want a list of trusted vendors that can get the job done fast. For someone who doesn’t need a service frequently you might find that the wait is a lot longer than you thought. For example we called to get a damaged fence replaced that we were quoted a year out. Time is money in this industry and having backups for your backups is key to get new tenants in quickly.
Normal wear and tear? Sure. But keeping up with repairs can feel like a full-time job every time a new tenant is going to move in.
Pest Infestations
Bugs, bugs, and more bugs! Of course, being in the city of Chicago, there are rats, roaches, and more. Keeping them out of our living spaces is key to the happiness of all tenants in the building. Once they make their way into one unit they may spread to the rest.
Bed bugs have been on the rise recently, and Chicago, in particular, continues to be heavily affected. For the fourth consecutive year, Chicago has topped Orkin's list of the most bed bug-infested cities in the U.S. The ranking is based on data from both residential and commercial treatments performed from December 2022 to November 2023.
Pest infestations can be a serious issue, exacerbated by cleanliness problems or the building's aging infrastructure. Nothing says "time to move" quite like uninvited creepy crawlies.
Noise Complaints
When the music’s so loud, even the walls start to vibrate, you might have a problem. Are your tenants throwing parties, or are they starting a new dance club?
Or what about the dog with anxiety issues that doesn’t like to be left home all day while the owner goes to work. That barking and howling can drive the other tenants crazy. We actually had a tenant move out and leave 9 dogs in the unit. They had been breeding dogs inside and we were left with the poor pups and the mess.
Noise complaints are a common headache for landlords, often requiring you to play the mediator between irate neighbors and nocturnal tenants. This is never a fun situation to be in and it is hard to fix the problem when they are not doing anything legally wrong. For more information about legal aspects check out this blog!
Conclusion:
In property management, no two days are the same and we have hundreds of different stories that can make you scratch your head. Being a landlord has been glamorized over the past decade with all of the nonsense talk about passively investing in real estate. While it is possible to passively invest in real estate, self managing your own properties is anything but passive! There can definitely be a lot of money made in investing in real estate but if you’re planning on managing your own properties, you will have to work for it. This isn’t necessarily a bad thing, you just need to be prepared for all of the time, energy, and financial resources required.
If you don’t want to tackle this alone and just want to avoid the headaches, you could always hire a property manager. There are so many property management companies out there that you can find one that will fit the mold of what you are looking for. Just keep in mind that not all companies are built the same and it is important to check reviews and do your due diligence before jumping into a relationship with one of them.
Contact us at Landmark Property Management if we can answer any questions you might have. Even if you don’t go with us we are happy to share our expertise and give you the best guidance we can based on your situation.
