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What Is The Hardest Part About Being A Landlord?

A landlord’s work is never done. Or, at least, it seems that way to the majority of individuals who hold the title of landlord. While it is often heralded as a rewarding occupation (many people love owning various properties for the purpose of profit), the landlord position is certainly not one that is without hardships. But what is the hardest part about being a landlord?

Many will tell you that it’s the non-stop ringing of the phone.

In most cases, the “phone is ringing off the hook” scenario is one that conveys that business is booming. In a landlord’s case, it may just mean that, as well. A ringing phone can signify a potential renter calling to look at the property. But, most often, the phone calls are complaints. On BiggerPockets.com, Kevin Perk tops his list of things he hates most about being a landlord with the inundation of phone calls he receives.

“When you become a landlord, your phone begins to ring,” he details, “Sometimes that can be good; other times it can be bad. Good or bad, there comes a time when you’ll be ready to throw your phone in the river because it never seems to stop ringing. Prospective tenants call looking to rent an apartment. Current tenants call to tell you something is broken, that they will be late with their rent or to complain about something else. There is always someone calling.”

Others will say that it’s the carrying of a mortgage.

Renters aren’t the only ones who are required to make monthly payments. Quite obviously, landlords – a.k.a. property owners – have monthly payments of their own to make. And, in many cases, they have several properties to pay for. Paying the mortgage is a monthly obligation that can often be a tough task. This is especially true if there is difficulty with collecting rent from tenants on a timely basis.

On ClubThrifty.com, Greg Johnson lists carrying a mortgage at the top of his “Being A Landlord – The Bad” list. “Don’t run out and finance a rental house just yet!” he advises, “Borrowing on a rental house means some fairly major risk for you. If your renter doesn’t pay, is late, or the property is empty, you still have to pay that mortgage bill every month. Before making the leap, be sure you’ve got the money to cover the costs for a few months if needed.”

Most will complain about having to collect the rent each month.

Depending on how many tenants you have living in your property, monthly rent collection can be an intimidating duty. Hopefully, the majority of your tenants are the types who promptly pay their rents without having to be constantly reminded. However, nearly every landlord has experienced altercations with tenants who list numerous excuses as to why they don’t have enough money to pay their rents by their due dates.

At Single-Key, we sympathize with this dilemma. In fact, we understand the difficulties that are presented on both sides. This is why we offer a service that provides both landlords and tenants with great peace of mind. For landlords, we take over the responsibility of collecting rent from your tenants! As a result, you are guaranteed to receive all of your rent money on time, each and every month.

For tenants, we make it a lot easier for you to pay your rent if your landlord is a Single-Key customer! We offer payment flexibility that includes allowing you a choice to pay with either cheque or Interac. And we also allow you to postpone your rent for a month, if absolutely necessary.

Whether you are a landlord or a renter, please don’t hesitate to contact Single-Key to learn how we can make your life easier. Give us a call at 416-518-3489 or email us at contact@single-key.com.