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There are five key things to consider when developing and maintaining good relationships between landlords and tenants, says Terri Scheer Insurance.
Terri Scheer Insurance executive manager Carolyn Parrella said that when a tenant is happy, often their landlord will be too.
“When a landlord has a good relationship with their tenant, issues such as late or no payment of rent and damage to property may be minimal,” Ms Parrella said.
“While this is obviously beneficial to the landlord, developing and maintaining a good relationship requires some work.
“It won’t be achieved by putting tenants into a property and then forgetting about them. Nor will it be developed by micro-managing and constantly checking on the tenants while they are trying to get on with their lives.”
Attend to maintenance issues promptly
Ms Parrella said that for tenants, how quickly a landlord attends to maintenance issues can be an indication of how the landlord views the relationship and how much they value the tenant.
“Landlords who act promptly and keep their tenants informed of progress show that they care,” she said.
“Responding quickly to issues that affect a tenant’s enjoyment of the property, such as broken water heaters, stoves or air conditioners, blocked drains or rainwater damage, is vital.
“Delaying repairs or maintenance can open a landlord up to a legal liability claim if a tenant or their guest is injured as a result. It may also send the wrong message to tenants.”
Undertake regular inspections
Ms Parrella said regular inspections show the tenant that the landlord takes an active interest in the condition of their property and helps reinforce the conditions under which the tenant has leased their property.
Maintain positive relationships with tenants
”Maintaining a positive relationship with your tenant can help to ensure that they remain cooperative throughout their lease agreement,” Ms Parrella said.
“Listening and carefully considering requests for changes to lease conditions and responding quickly to queries or concerns helps build rapport.”
Consider the tenant's needs
Ms Parrella said that if a landlord is looking to sell a tenant’s rental property, the tenant’s lease should be a priority.
“Changes to the ownership of a rental house or unit can be a time of stress for a tenant, as it may destabilise their life and make their future less certain,” she said.
“Give the tenant as much notice as possible that a property is going onto the market and work with them to determine the best way to go forward. If open-for-inspections are required, give tenants as much notice as possible.”
Be realistic
“Even the most careful of tenants can damage a property. Accidents happen and if a tenant has a good track record, there is nothing to be gained by adopting an unreasonable approach,” Ms Parrella said.
“Landlords should consider having tailored landlord insurance in place in the event of the unforeseen.
“This may cover them for both malicious and accidental damage, although, if the landlord has a good relationship with the tenant, the chance of malicious damage may be significantly lessened.”
This post originally appeared as ‘5 ways to keep your tenants happy’ on Smart Property Investment.
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