Episode 109: A Case Study from a BC Landlord
Summary
Today's episode is a bit different. I am interviewing a landlord with one rental from British Columbia, who just had a nightmare tenant. Very quickly things went sideways, resulting in warning letters, some unit damage, and non-payment of rent. Things could have been much worse, but we learn about the mistakes made along the way, the decision to hire a property manager local to the rental, and the use of AI helping in writing the warning letters. Join me in today's first case study on My Life As A Landlord!
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This Week’s Blog Post:
Introducing New Perspectives
Hello there, I'm Doctor Jen, and welcome to another episode of "My Life as a Landlord." This episode is quite special as we're introducing a new segment focused on landlord case studies. Today, I'm joined by Avalon from British Columbia, who shares her unique and educational story about managing a remote property. This is our attempt to dive deep into real experiences, extracting lessons and insights that can benefit us all.
Challenges of Remote Landlordship
Avalon's story begins with the inherent challenges of managing a property remotely—specifically, a five-bedroom house located five hours away through a mountain pass in Northern BC. The uniqueness of the property and its size in a market of smaller, split units presents its own set of challenges. Avalon details how a quick tenant turnover added complexity, highlighting the importance of understanding the full context of each tenancy.
Lessons from Tenant Screening
One critical aspect Avalon brings up is the tenant screening process, which was complicated by her physical absence and reliance on others, including the previous tenant, to facilitate it. This scenario underscores the risks and potential pitfalls of not being directly involved in the screening process and the importance of thorough checks, which, in her case, were unfortunately bypassed or inadequately performed.
The Ripple Effects of Quick Decisions
The discussion moves towards the rapid decisions made under pressure—decisions that led to accepting tenants who were not fully vetted, which Avalon admits could have been handled better. The cascading effects of these decisions reveal how quickly things can spiral when managing properties, particularly remote ones, emphasizing the need for landlords to be meticulous and possibly slow down the process to ensure all bases are covered.
Crisis Management and Its Outcomes
Avalon shares the tumultuous events following the tenant move-in, including issues like unpaid rent and property damage, which culminated in the tenants' eviction. This part of her story is particularly poignant, showcasing the stress and challenges of managing crises that can arise from earlier oversights in the tenant selection process.
Reflecting on Improvements and Future Directions
In closing, Avalon reflects on the lessons learned from this challenging experience. She discusses the importance of clear communication, thorough vetting, and perhaps most crucially, recognizing when to seek help. The introduction of property management to handle her rental demonstrates a strategic pivot, aiming to alleviate the burdens that come with remote landlordship and ensure better management of her property investment.
Today's episode serves as a potent reminder of the complexities of being a landlord, particularly from a distance. Each story shared in this new case study segment provides us, the curious landlords and property managers, with valuable insights to better navigate our real estate ventures. Join me next time as we continue to explore real stories from the world of landlordship. Remember, every challenge is a learning opportunity, paving the way to become more adept in our roles.