There Are Always Two Sides to Every Long Term Rental Coin
As many of you know, mention the word rental or real estate agent and you will be greeted with a huge sigh….
Mention the two of them in the same sentence and you are bang in trouble. I have always said that we as Rental Agents are up there with traffic wardens. Everyone loves a traffic warden.
I say this in jest and to begin this blog with a light hearted beginning. Still you have to ask yourself the question WHY?
One of my biggest gripes about property rentals and the perception of rentals is that you always hear the horror stories. Everyone has got one and everyone loves to tell one. No one ever tells you the good stories. They never come into the bar and say, “You know what, I have this tenant and he is brilliant and he pays the rent on time, pays his bills, it´s such a relief that I don’t have to worry all the time”. Flip the coin over. If the tenant misses a few payments or leaves the property untidy, that’s it, we have to tell as many people and as quickly as possible.
We have heard it for fifteen years since the creation of Marbella Lettings. Clients come to us initially with apprehension. “I’m reluctant to complete property rentals on my property as I have heard all the bad stories”.
Now if you look at the statistics and facts. 99 percent of rental tenants are good clients who look after the property, pay their rent on time and pay their utilities. That is all you can really ask for. Even during the current Corona Virus lock down, we have a rent collected rate of over 90% and people have lost their jobs, companies and can’t work. So from this, we have to allow for the good old fashion saying “there’s always one isn’t there”?
As much as this is said with humility, it´s true. There is always one bad egg. No matter what line of work you are in. If you work as a mechanic and have a car garage, I’m sure you always get one bad customer, if you are a lawyer trying to help someone, you must always have one bad customer.
This is why the saying is used and this also applies to long term rentals. There is always a 1% that wants to spoil the party, but it is important that we don’t fall into the trap of making this the normal perception, as it will effect the whole economical rental system. Owners will not want to rent their properties due to all the horror stories, which means there will not be any properties available for tenants. Every action has a reaction….
To conclude this blog post on a personal note. I am always telling my family, friends and especially my children. You can’t moan about the bad if you can’t appreciate the good. You need to shout and scream and appreciate all the good things in life as well as much as shouting and screaming about the bad. Life is like long term rentals. 99% percent of the time, life is amazing and wonderful, but you have those 1% bumps in the road that can test you. This is the same with long term rentals. 99 percent of clients are great, you know them, as they are friends, family and colleagues who rent properties (they all can’t be bad).
You just have to put up with the 1% I am afraid. It is the nature of the beast with any investment or walk of life, you have to account for the one percent risk.
The only things you can do as a property landlord is to make sure you rent your property through a creditable rental agent who is legally registered, paying their taxes, has an official web site with an official email address (not gmail or hotmail for example). You need to be sure that if you have any issues, you have somewhere to go which is legally binding. This will at least eliminate the 99% bad eggs. If you ignore these rules, your risk to reward ratio drops.
All we at Marbella Lettings ask is that you think about all the good tenants before making a judgement on long term rentals. Don’t let the bad eggs spoil the dish.
As always, we are here to help you with any questions that you may have in relation to long term rentals in or around Marbella.
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