You got a loan application approval from the bank to buy your very first house but you’re not plan to stay in it and instead, you rent it out to the tenants. After few weeks of twists and turns, you’ve found the tenants to rent your property. Voila, you finally become a landlord and you got an independent source of income to generate your wealth! Congratulations! Very proud of you!
However, many landlords have the misconception that renting out their property involves buying it and letting someone stay and collecting rent, that’s it!
In facts, renting out a property can involves much more matters because you need to deal with different kinds of people and prepare a portion of money from your rental income to do the maintenance on your property once a year.
Besides of that, the most importantly to get your tenants rent your property in long-term to avoid to find another tenants over again as it is never easy to find a suitable tenant and it can wasting your time and money. Here in this article, we bring up some guides to build a good landlord-tenant relationship so that your tenants can stay happily and maintain your business.
➊ Respect your Tenant’s Privacy
Every people have their own privacy and don’t want have any others to bother it. As the property owner, you are definitely have the right to check on your property anytime you want. But, the thing is, have you inform your tenant a day earlier before you go over?
In order to not to interrupt your tenants’ privacy, do set a specific visitation time and stick on it.
In addition, during the visitation, do not judge the taste of your tenants such as the color of curtains, furniture arrangement, open their drawers and cupboards. Do keep it in your mind that no one like others to touch their personal belongings and give any opinions about their taste if they don’t ask you to do so.
While if you see any part of home or the fixtures that they are not taking care of, do sit down and talk to them in a mature manner and settle the things professionally, and not lecturing them like their parents.
➋ Explain The Rules and Regulations Loud and Clear
This should be done once a prospect tenant visiting your property. Tell them the common rules such as knocking down the walls and carrying out any major renovations to the property are prohibited. Some of the landlord even more strict and don’t allow nails to be knocked into the walls. And some are barring them have any pets in the house.
Whatever the rules that you have setted, do make sure your tenants are fine with them. If doesn’t, try and negotiate a peaceful compromise. Trust us, your tenants will be very appreciated for their landlord being so understanding.
➌ Take the Tenants’ Complaints Seriously and Execute it Real Quick
The complaints such as broken pipes, broken toilet fixtures, faulty wiring and lighting are common issues in a property that requires maintenance. Once you receive a complaint from your tenant that something is damaged or needs fixing, try to fix it outright as the longer you wait, the worse the problem may become and the higher the cost to fix it.
Alternatively, you may ask your tenant to find someone to fix it first and only deduct the costs from their monthly rental and of course, ask them to show you the receipts.
➍ Dealing with Undisciplined Tenants
Some landlords get the multiple tenants to stay in one property, and of course, they will have to solve conflicts between tenants. In such cases, if you think that there is one particular tenant is making life difficult for the rest, some action would need to be taken, it can be either a warning or eviction.
➎ Follow up the Status
Do contact your tenants every few months and ask them how the house is doing and whether there is anything that need you to settle.
➏ Reward Your Tenants (Good Tenants)
You can reward your tenants who have pay their rent on time and take care well of your property. The reward can be maintaining of rental fees, treat them a meal during your visitation or give’em some extra vouchers (Giant voucher, Tesco voucher or Parkson voucher) and etc. This is a very good way to build relationship and show them that you’re committed to being a good Landlord or Landlady.
In conclusion, in order to be a good landlord, you should treat your tenants like the way you treat your customers. And don’t ever say this to your tenant “this is my property, not yours”, this sentence may offense the tenants that they would feel you despise them. Come on, we all are human being, there is no rich and poor, its just provide the necessary needs to each other. You want to earn extra money from rental property, and the tenant want to find a safe place to stay in it. So, always remember, respect each other is the key to avoid any conflicts in the future and it is also the key to letting you to approach towards the successful in property investment journey.