4th March 2017
Each week, we answer a reader’s rental property question, from first-time landlords to experienced owners. Agony Agent, is here to help!
This week’s question was picked because hardly nobody asks it, however, to make life a lot easier on ourselves, and to look after our investment, we should all ask ourselves this question.
- Richard, please tell me how to be a good landlord.
- Why is it important to keep a smile on your tenant’s face? Because replacing tenants costs money and it requires those few things we all hate exerting…time, energy and money. Each time a tenant slips through your fingers, you’re more than likely going to take a financial hit consequently. Who wants that?
It’s a strange idea, but you need to think of your tenant as a customer that is always right (even though they might not be most of the time).
Keep your tenants happy, give them a reason to remain in your property and respect it.
1] DON’T IGNORE YOUR TENANT
If your tenant attempts to make contact, don’t be a typical landlord and ignore the reach. Be responsive, it could be important.
2] MAINTAIN YOUR PROPERTY
If anything needs fixing, FIX IT, and promptly. I guarantee, the one thing that is sure to annoy any tenant is a landlord that is too cheap to maintain their own property. Even if it’s not your legal obligation to make the repair, try to be as accommodating as possible.
3] GIVE YOUR TENANTS SPACE
Tenants don’t want to be hassled by their landlord. You’re not their friend or neighbour, so don’t try and be one. Leave them to enjoy their home in peace.
4] BE COMPROMISING
Don’t automatically dismiss every request your tenant makes, even if it sounds totally strange. Listen to what is being said, take every suggestion on board and take appropriate action. Whenever you choose to decline, make sure you give valid and understanding reasoning behind your decision.
5] DON’T BE TIGHTFISTED
If you’re fortunate enough to land yourself with a great tenant, then treat them like a great tenant. A great tenant is priceless, and you may need them more than they need you. Remember, they pay your mortgage.
Refusing to repaint, re-carpet, or upgrade necessary appliances for a great tenant makes no sense. If you don’t do it for the great tenant you already have, you’ll have to do the work when they leave to attract new tenants anyway.
6] THINK BEFORE INCREASING RENT
Landlords love increasing rent, and for obvious reasons. Trying to increase rent is a dangerous game and shouldn’t be attempted unless you’re certain it’s necessary.
If your tenant refuses to pay the new amount, you’ll either a) look stupid for backing down b) spend more money on trying to find new tenants.
I hope this helps. Please keep your questions coming in at email@example.com