Tenants are at the core of every rental property. They are the mystical white whale property owners are looking for. While the landlord-tenant relationship can be fruitful, it needs quite a bit of work from your side in order to be efficient. In this article, we look at the several things you as a landlord must do in order to manage your tenants at ease.
Effective ways to Manage your Tenants
Be Comprehensive and Comprehensible
The first and effective way to manage your tenants is to be comprehensive and comprehensible. Your rental agreement must avoid vague or unclear terms as they can often be misconstrued. Sit down with a lawyer and break down the terms so that you can put it in a language that’s easy to understand. This way, you can ensure that your tenant reads the whole agreement and understands it. The agreement must also be comprehensive. If you want to mention a pet policy, do it. If you want to mention about noise or disturbances, do it. Don’t leave these things to be discussed verbally.
Rules are created to be followed. Hence, set rules – by mentioning them in your agreement – and repeating them to your tenant. You will also need to abide by the rules you’ve set. Once a landlord appears to be lenient, he can be easily taken advantage of. Hence, it’s essential to create rules and adhere to them.
There are bound to be maintenance issues be it electrical, plumbing, or something bigger like fixing a floor crack or painting a wall. During these times, it’s best to have a chat with your tenant on what can be done from your side and how much you’re willing to pay for it. In some cases, the tenant may recommend something different, in which case the tenant will have to bear the financial costs. As long as you convey everything, you’ll then need to refer to your contacts and send the best handyman for the job.
Handle Confrontations by Breathing
While tenants are a sign of prosperity in the times to come, they can also pose a lot of troubles. From late payments to disregarding rules or even causing damage to your precious property, tenants can easily get on your nerves. So, how do you manage your tenants in these situations? Before doing anything, take a deep breath. It is easy to get angry and come out kicking and screaming but, when you become angry right off the bat you have already lost the moral high ground. Instead, just breathe. Analyze the problem. Politely communicate the issues to the tenant. Even if the tenant is angry, your motive should be to calm them down and then talk business.
Rent and Penalties
If you have set a certain day of the month (first Monday or first Friday) as the deadline for rent, ensure that your customers are on the same page by informing them a few days ahead of the rent. Call on every day leading to the deadline. In western countries, landlords levy late fees if rent is paid even one day late. A late fee is a great way to let your tenants know that you are strict about on-time rent collection.
If you do not have control of your tenants, you do not have control of your property. As a property owner, you need to reaffirm your position as a landlord and have a set of guidelines in place so that new tenants are well aware of what breaks the code and what doesn’t. By bringing your tenants in line, your property too will be under your control.