There are many advantages of being a landlord in Oklahoma City. When you become one, you’ll have a source of passive income, get tax deductions, and have the opportunity to diversify your investments. Since someone lives on the property, being a landlord will also give you peace of mind knowing that your investment isn’t vulnerable to vandalism and other maintenance issues.
However, being a landlord in Oklahoma City also comes with several drawbacks. For one, you need to manage different problem tenants to ensure that you can continue to enjoy the perks of being a landlord. Letting problematic tenants stay without correcting their behaviors can cause stress, expenses, and even irreparable property damage.
For you to become an effective landlord in Oklahoma City, here are six types of problem tenants for you to learn about and tips on how to handle each of them.
1. Late or Partial Paying Tenants
Tenants are expected to pay their rent in full and on time, yet many still fail to meet this basic responsibility. Some tenants even borrow money from their landlords (yes, from you) or promise to pay double the rent for the next month.
The solution: Aside from making sure that the schedule of when they’re going to pay and how much they’re going to pay is written in the lease agreement, you need to be firm to manage late or partial paying tenants. Regardless of how nice a person you are, you should be strict when collecting rent from your tenants. Remember, you are the owner of the property who sets the rules, and none of your tenants should treat you like their parent or bank that they can borrow money from.
2. Wrecking Balls
You’ve spent resources to ensure that your rental property looks appealing and stays functional, which is why seeing any damages caused by problem tenants can be heartbreaking. This is especially true if the lease agreement clearly mentions that the tenants aren’t allowed to make any unapproved “improvements” to the property.
The solution: When tenants cause any damage to your property, write a request asking them to address it. If the damage is so severe that your tenants can’t repair or manage them on their own, call your own maintenance team and let the tenants pay the bill. If the tenant doesn’t agree to fix the damage or cover the costs of having it done, send them a “cure or quit” notice and inform them that you can kick them out.
3. Hosts to All
Tenants who sublet their properties without even checking with their landlords are common. Some tenants would even open their doors to welcome a death metal band in their space and have them practice there for a month.
The Solution: To ensure that your tenant doesn’t become a host to all, be very specific in your lease agreement. Mention how your tenants aren’t allowed to sublet your property and that legal action will be taken against them once they violate this rule.
Another type of tenant problem you’ll face in Oklahoma City is the whiners. These people call you whenever inconveniences happen—their AC is leaking or there’s not enough hot water—and expect that you can fix the problem pronto.
The solution: Don’t fall for whiny tenants since you also have responsibilities on your plate aside from being a landlord. If they want something repaired ASAP, give them your permission to do so and let them pay the bill.
5. Irresponsible Pet Owners
Pets are great stress-relievers but can have the opposite effect if you let irresponsible tenants stay on your property. Seeing pets urinate all over your rental property or chew on your furniture is a disaster.
The solution: Stipulate your policy on pets in the lease agreement. If you’re not going to allow pets, don’t accept tenants who have one. If your tenants are allowed to have a pet, implement rules and fines for every offense.
The lawbreakers are the worst types of tenants to have on your property. These people engage in illegal activities such as abusing narcotics and getting drunk on the front lawn.
The solution: Evict tenants who break the law and call the police if necessary. Letting lawbreakers stay on your rental property can cause more problems in the long run.
When All Else Fails
If you followed all of the tips from this article but still struggle to manage problem tenants, consider selling your house for cash. Many companies around Oklahoma City will buy your house for cash in as quickly as a few days. Interested? Request a cash offer or learn more about how our process works.