As rental properties are on the rise and most people are renting out, it makes sense that 50% of tenants move out because they are not happy with their landlord. Therefore, we are going to present to you the best tips for maintaining a good landlord and tenant relationship.
In the old days, you used to only contact your landlord if there was a problem, and the landlord, in return, contacts the tenant to collect the rent. But, nowadays, this does not work because the competition is very high with all these rental properties. Landlords needed to step up their game in order to get a good return on their real estate investments.
A successful landlord, however, is the one who knows how to keep his/her tenants. You should also know that it is not only your duty, as a landlord, to be a good owner but also the tenant’s duty to commit to the rental agreement.
As a landlord, you should get into the tenant’s mind to understand his/her needs and what he/she is looking for when renting a home. So, you should go in-depth on what a tenant expects from you as people today prefer value for money options and focus more on the quality.
So, in which ways can a renting experience be happy for the landlord and tenant?
Maintain a good landlord and tenant relationship: Communication
Just like any relationship, the landlord and tenant relationship is no different. A two-way communication is a must to avoid any misunderstandings. Moreover, as a landlord, you should always listen to the tenant’s expectations and do your best to meet them. This also goes both sides, let the tenant know what you expect from him/her during the stay at your rental properties. In this way, you will avoid undesired conflicts allowing a proactive property management.
Keeping your tenants updated on things that are going on in the building and the area around the property that might affect him/her is also a form of communication. Same on the tenant’s side, he/she is obligated to let the landlord be aware of things the landlord needs to know. Thus, you should always arrange a time to communicate before major problems arise and without waiting for your tenant to ask.
Maintain a good landlord and tenant relationship: Keep your word
Trust is an important base to build the best landlord and tenant relationship. If you tell your tenant you are going to meet with him/her to discuss a certain issue, then do it. Do not be a hard to reach landlord. Try to make same-day responses, especially when it comes to security and maintenance. For example, if you said you are going to fix something in a certain time frame, then go ahead and do not keep them waiting. This is part of being a landlord and is the best way to keep a professional experience with your tenants.
Maintain a good landlord and tenant relationship: Acknowledge boundaries
It is always a great idea to check on your tenants. However, it should be done in the right way. Respecting the boundaries of the others is a must to keep a tenant happy. In other words, privacy is very important to make your tenants feel like home. Try to arrange every time before a visit, even if it is for repairs. And when things are not an emergency, contact them by email.
Maintain a good landlord and tenant relationship: Keep your property secured, safe, and maintained at all times
Maintain your rental properties in the same way you would maintain your own. Make sure the electricity, water pumps, and fence are always in good condition. And whenever you get a notice about repairs, try to get them done as soon as possible.
On the other hand, as for a tenant, it is part of the responsibilities, also, whenever something wears off over time or if anything gets broker, to let the landlord know. It is important in order to maintain the property in a great condition over time. It is a must that tenants leave the property in the way they first received it when they moved in.
Maintain a good landlord and tenant relationship: Listen to suggestions
Your point of view, as a landlord, might be different from the tenant’s. Whenever someone provides a suggestion, take it into consideration. Instead of dismissing it, be open to other ideas that might actually improve your business and, therefore, help grow your business.
Maintain a good landlord and tenant relationship: Document everything
It is important to document everything between the landlord and tenant to preserve each other’s rights. However, we are not only talking about the contract here but also all the communications done between the two parties to avoid any kind of conflicts or disagreements. Keep a copy of letters and notices or emails regarding anything that concerns your rental properties and tenants. You never know when it might come handy if a problem or disagreement arises at some point. So, take a little extra time to document.
As for the rental agreement, make sure you have a section that states the landlord rights as well as the tenant rights. It is important to draw the lines for both parties in order to avoid any conflicts. Hire an experienced real estate attorney to help you with this one.
In general, keeping things friendly and professional between the landlord and tenant is the way for a successful real estate business. Showing your tenants that you appreciate them can make great gains in your rental properties. Try to put yourself in their shoes, how would you like to be treated if you were the tenant? Once you have an answer, act upon it.
Communication is important by all means. If you want to raise the rent, make sure you let them know beforehand. Give them enough time so they can prepare themselves financially. Also, make sure your rental property is ready to be handed before the tenant arrives. Pay attention to things like light, heat, and electricity. Simple things like this will make your property stand out in a place full of competition.
Make sure to check out Mashvisor’s blogs on residential real estate investing.