Handling rental property investment has its challenges and risks. Business is not all rainbow and sunshine after all. It just makes sense that you face various problems during your career in property investing.
When you invest in rental property, you become a landlord as well. It means you hold power over your property (fully) and tenants (at some extent).
You may have heard about tenants who are too concerned about their tenancy. They worry about power imbalance between landlord and tenants so they end up over-concerned.
It is so easy for tenants to claim their landlord as not a good landlord. Due to those fears, it is reported that lots of tenants even more hesitate making complaints.
Learn how to be a good landlord
One of the best ways to deal with tenancy issues is to become a good landlord. It doesn’t mean you are bad now.
As an investor and landlord, you must have known that there is always system and mutuality for everything especially in the business. When it comes to rental property investment, tenants play important role.
Making them happy during their stay in your property is your responsibility, thus, you need to be a good landlord. It means you need to understand more about how rental property business works.
It is not only about receiving monthly rent.
Establishing business relationship with your tenants is important as well so that there won’t be any problems with the cash flow.
The best thing to handle this is to make clear agreement and contract from the start that you and your tenants agree with.
Therefore, it can prevent from misunderstanding which cause your tenants to report you or send complaints. If there problems occurs, you and your tenants can look at the agreement you made and see what you can do to solve the problems based on what the contract provided.
Be a responsive landlord
Tenants will be overly concerned when their request or complaints are ignored. They will be restless and think that you are irresponsible landlord who are not attentive to their tenants.
Therefore, it is important to be responsive to your tenants. If they have reasonable tenants repair request, do something about it immediately.
Addressing their concern is your responsibility because your tenants have right to be provided with a good living condition.
Use property manager
Savvy investor knows better that working alone to handle rental property investment is too much. Therefore, you also need to be smart about it. You should know that professional property manager have skills to handle rental property investment.
They can also handle tenant-related problems before it reaches your ears. Property manager are also responsible and capable for adhering to legal requirements.
As a landlord, you should provide your tenants safety, security, well-maintained living space, and good management.
When they are provided, content, and happy, they pay rent on time, take care of your property well, and choose to stay for long time. It also means less hassle and complaints you receive during your time in renting out your property.