Benefits of great landlord-tenant relationship
We've all heard the horror stories. Someone knows someone who lived in a rental property and had a landlord from hell. Or the reverse was true and after going through the process of getting an investment home loan and securing their first investment, the tenants who moved in were cut from a different, evil cloth. The horrible experiences seem to be the ones that we hear about the most, but surely there are a huge number of people who never have trouble with their tenants.
There are a number of positives to building a good relationship with your tenants that can help you both benefit from a peaceful co-existence. Being a great landlord and finding fantastic tenants is like a match made in heaven and something that all investment property owners should strive for across their portfolio.
What are some of the benefits to maintaining a good landlord-tenant relationship?
From a landlord's perspective, these benefits are more focused on receiving as much financial benefit as possible from your properties. For example, maintaining a good relationship means your tenants are likely to stay at the property for a longer period of time. As long as your property is empty, you won't be earning any income from it, so it's best to try to keep a steady stream of tenants moving through the property.
This is especially true if you find a great set of tenants from the get-go. Rather than keeping up a steady flow of tenants, keeping the well-behaved ones means you can keep earning from them while they remain living in the property as happy as can be. Furthermore, if you have a good relationship with your tenants, chances are they'll be more willing to take good care of the property, ensuring you won't have to spend massive amounts of money on repairs when they move on.
What are some tips to help build a good landlord-tenant relationship?
1. Attend to problems as quickly as possible
One major problem that many tenants have with their landlord is a feeling of disregard when it comes to their responsibilities. For example, if something breaks or malfunctions inside the property that is outside of the tenant's control - such as an electrical or plumbing problem - it's up to the landlord to take care of these repairs.
Putting off these repairs or ignoring requests is a great way to sour the relationship with your tenants. Therefore, preparing for the responsibility before taking out the investment home loan and purchasing your property is the best way to get ready.
2. Respect the tenant's privacy
The worst thing a landlord can do is refuse to accept that the property is currently occupied by other tenants. Treating it like your own home is not good, with tenants quickly becoming frustrated and alienated by frequent, unannounced visits.
You need to remember that they're paying you a weekly rent for the home, which entities them to privacy. While you're able to pop over if something needs attending to or for announced, planned inspections, going over to the property without any pretext isn't a great way to build a relationship with your tenants.
3. Fair pricing for the property
Finally, seeking advice about the amount you should be charging for rent each week is another thing to consider. The last thing you want is to overcharge your tenants and have them get upset about being ripped off. While it's entirely up to your discretion about how much to charge, take this into consideration before setting the rent for your investment property.
Image credit: Zach Taylor