Being a St. Louis landlord has become a lot more complex than it was five or 10 years ago. There are lots of laws, tons of details, and many hassles that come with owning rental property and leasing it to tenants.
We’re taking a look at some of the biggest challenges that face a lot of the landlords we talk to. Remember that property managers in St. Louis can help. We provide resources and support, as well as full-service leasing, maintenance, and management services.
Long Turnover Times
Vacancy is expensive, and you want to minimize the amount of time between one tenant moving out and a new tenant moving in. If the unit is unoccupied, you’re not earning any rental income. Even worse, you’re paying out-of-pocket for things like maintenance, utilities, and other expenses that come with a vacant rental home.
During a turnover period, it’s important that you make the necessary repairs and do the required cleaning in a timely and cost-effective way. Don’t do the work yourself when you know you’re only going to be available on weekends. Get the unit ready to re-rent as quickly as possible. Once it’s ready, move through the marketing and showing process efficiently. Your goal is to quickly find a qualified tenant so rent starts coming in again.
Dealing with Property Damage
Another challenge that St. Louis landlords must deal with is the damage that tenants can leave behind after vacating a property. You invest money into your rental properties to ensure they’re safe, habitable, and attractive. When damage is done, you have to pay to repair it. Make sure you’re documenting the move-in and move-out condition of your property so you can hold tenants accountable. Charge the security deposit for any damage that’s beyond normal wear and tear.
Collecting Rent from St. Louis Tenants
Good tenant screening will decrease the risk of having to chase down late rent. However, even good tenants can be late once in a while, and it’s frustrating when you’re a landlord trying to meet your own financial obligations. Your rental income is your lifeline, and without rent, your own bills cannot be paid.
If you have to evict a tenant for nonpayment of rent, it’s hard to recover the money you’ve already lost. You need excellent rent collection policies in place, and this is one of the crucial ways that property managers in St. Louis can help. We’re consistent when it comes to enforcing your lease and collecting the rent on time.
Legal and Regulatory Compliance
Following the state, federal, and local laws pertaining to rental homes is non-negotiable. If you make even an unintentional mistake, you could find yourself facing legal challenges and steep fees. There are more and more rules to follow, and the laws are constantly changing.
For many landlords, those legal liabilities feel like a cloud hanging over their heads. Tenants and their lawyers are frequently just waiting for you to make a mistake. You need to know fair housing laws, security deposit laws, and how to tell the difference between a pet, service animal, and companion animal.
St. Louis has 88 municipalities, and many of them have their own rules and rental housing regulations. It’s hard to keep up. Property managers in St. Louis make it their job to stay current.
We can help with all these challenges. If you’re interested in hearing more about the benefits of professional St. Louis property management, please contact us at Deca Property Management.