Posted by on Mar 13, 2018 in Travel & Real Estate | 0 questions

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It’s important to know how to proceed as a landlord. It’s also important to know what to expect from your tenants. There are many things that can go wrong in the relationship. Miscommunication, failing to uphold a bargain alongside the small inadequacies that contribute to difficulties blown out of proportion can all do this.

It’s not easy to be a landlord. Getting this relationship right is something that can contribute to a lucrative and long lasting business relationship. Without this, you will, unfortunately, become less able to develop and sustain an income. So, the stake are high. For this reason, the responsibilities to keep this relationship alive are explored in this article, as well as what you can expect from both sides of the dealing.

Expectations

Any and all considerations must be taken into account before you attempt to bring out the contract and sign those lines. To begin with, it’s important to use the right forms to format these unique matters. You can find these and advice for enacting them at the excellent resource Residential Landlord. Now, there are many expectations that might spring up on account of the personalities and social situations of your tenants. It might be that you allow a tenant to bend the no-pets rule for their dog, but under the condition that they ensure the property is well maintained, any damage relating to the pet is paid for, and that the noise pollution is well taken care of.

A tenant might also have some requirements of you. It might be that they ask for you to maintain the vegetation in your outside shared space, as the clear definition between what is theirs and communal is hard to define. They might ask you to change or clean the mattresses before moving in. Your tenants aren’t usually in a position to make massive demands, but slight polite requests can be catered for to start the relationship on positive and mutually respectful terms.

They might also ask for a specialized way of payment. Instead of monthly installments, they might ask to pay bi-annually. This might put you in good stead for the first six months of your investment, but potentially heighten the risk of you missing out if they fail to pay for the remainder of the tenancy agreement.

A little compromise from both sides can contribute to a more compatible living situation from the start, and prevent miscommunication from happening, or at least reduce its frequency.

Neighbors

Sometimes, neighbors clash. This can be one of the most annoying prospects for a landlord to deal with. They will likely not come out of it clean without ensuring one party is scorned and feels punished. Coming to a happy medium is sometimes achievable, but most of the time it isn’t. Let’s say that your tenant has a dog. This dog has taken to barking loudly every night and waking up the neighbors who are parents to an eighteen-month-old baby. It’s quite obvious that the dog is the one who must have corrective action taken against it, and not the baby. However, communicating this can make it seem like you want the dog to leave. Asking a tenant to simply give up a pet is much more likely to result in them moving their tenancy elsewhere.

Now, there are no successful outcomes of a situation like this. Either the neighbors fix the dispute and become relatively at odds with one another, or you cannot find a solution. For this reason, keeping a solid reporting and communication line open with each and every tenant, and trying to know their situation as individuals can help you make the right choices. It will help you favor the tenants who are truly victims of fate and those perpetuating an issue. If you’re willing to take this hit, then you can in the process create tenants who are intrinsically loyal to you and your lettings company for a long time.

It is the responsibility of a tenant to calmly and appropriately approach you with this issue, to collect their own evidence and to suggest solutions that might work. It is then your responsibility to collate this information, establish a dialogue and try to rectify a scenario that works best for both parties, or falls heavily upon the one in the wrong.

Investment

It’s important to completely ascertain what the monthly rent instalments offer your tenant. It might not be as easy as you think. For example, let’s say you have a communal garage. Does the rental payment allow access to this, or is there an extra package? If this isn’t included in the rent, but your tenant would like access, could you try and come to an understanding? Level out perfectly what the monthly instalment buys your client, and always allow that to stay. It might be a communal cleaner is part of the price, and not something you seemingly pay for out of good faith. Not only does this level your contract out in clearly marked lines, but it allows for legal backing if something goes wrong in the business relationship.

So, that’s the tenant taken care of. You also need to define exactly what you are prepared to invest in as a landlord. Certain damages might be within your investment potential depending on how naturally they developed. For example, if you haven’t installed enough ventilation, damp damages could hardly be attributed to your tenant. However, a broken chair or television might fall directly on the shoulders of your tenant. When it comes to ascribing damage costs, be sure to afford a reporting form either online or through post that allows you to completely inspect the photographs of damage, and understand how this happened and what action to take. This balance allows for a fair and accurately tuned response, and might save you money in the long run.

With these tips, you are sure to find a happy medium behind upholding the relationship. When all arms lift this burden, the weight becomes lighter for all. After all, a tenancy should be a positive thing. A business relationship can be fruitful when it is taken care of, and this is one of the most intimate business dealings you can take part in. But you’re discerning, so we can be sure that this advice will guide you in the direction you desire.