Tenants are your bread and butter. They are the most important aspect of an investment property yet many landlords take them for granted and treat them poorly. Here are 4 key things that you should be doing to maintain a good relationship with your tenants. Doing these things will result in big returns and make your job easier, however, it is also your responsibility as a landlord to take care of your tenants.
I cannot overstate the importance of this. Tenants do not appreciate landlords who are bad communicators and slow in responding to their issues, repairs and concerns. Tenants will develop a negative attitude towards you very quickly if this is the way you deal with them. On the other hand, they absolutely appreciate it when you respond to them quickly and provide updates on issues that are in the process of being resolved. This is by far the most important skill that I I have learned over the years.
2. KNOW YOUR LEGAL RESPONSIBILITIES
There are a many rules and regulations relating to a landlord's responsibilities and also the rights of tenants. If you want to be the best landlord you can be and be respected by your tenants you need to familiarize yourself with the Residential Tenancies Act, it's many forms and how to submit them to the tenants and LTB. Some tenants know these rules better than some landlords. Don't look like an amateur; be prepared.
3. LEAD BY EXAMPLE
When tenants observe a landlord who does not maintain their property well the tenant tends to follow suit. If you take good care of your property and exhibit pride of ownership your tenants are more likely do the same. Tenants always appreciate a landlord who is making efforts to improve the condition of their property on a regular basis.
4. MAKE A CONNECTION
Many tenants view landlords as the enemy. Landlords generally need to prove themselves to a tenant. Actions speak louder than words. You will need to gain their trust in your abilities. Be cordial and make an effort to get to know your tenant. If a sensitive issue or disagreement comes up with a tenant, always be professional. Don't get emotional.