Guide to Managing Your Rentals
Being a landlord is a privilege that few people get. Just sticking to a few basics and having good intentions at heart will help you earn a great reputation amongst the tenant community. Likewise, aligning yourself with a group of landlords will help you get a sharper insight into the mind of tenants. Some of the things that you can do are listed below:
Have a well-defined rent agreement in place
Putting everything on paper, getting the rent agreement notarized through proper local judicial bodies and having an attorney read through the fine print is important. Legal agreements are heavily-loaded in the favour of the homeowners, but good lawyers and landlords have due respect for the rights of tenants. The more balanced your rental agreement is, the higher the chances of getting an outstanding tenant who will keep your property in perfect condition. And ensure that you get the rent on time without fail. The better your behavior, the better will be your reputation in the society.
Good Communication is the key
Establishing clear-cut communication always is the key to keeping a sound landlord-tenant relationship always. Keeping a cool head and being fair in all your relationships counts in the long run as it all boils down to keeping trust.Handle all disputes amicably by putting yourself in the shoes of the tenant and explaining your position. Sometimes neighbours do have a bias against certain clients who are single, separated or divorced or belong to a minority community.
Price your property appropriately
Pricing is the most important aspect of marketing. Any asset that is priced appropriately will always command high occupancy rates even in period-of slow growth. Real estate is a perishable commodity and if your property is offered at interesting price points, then chances of your inventory lying unused are low. House owners who own more than one property will know this fact for sure.
Asking for high rentals is okay but you must keep your expectations in sync with the reality as the available disposable income of tenants varies according to economic cycles. Not always will a tenant be able to pay high rents and getting some decent amount of money as rent is far better than getting no rents at all. You need to pay maintenance bills, electricity and water charges to the housing society every month. You need to pay some extra amount if the society is celebrating religious events for which national holidays are declared.The more upscale society you live in; the more you need to shell out in these ancillary charges.
Be good to them
Here you must play a delicate balancing act as being too professional with tenants and keeping every conversation to the point will turn off your tenants. They expect you to behave normally with them as you would want to get treated; had you been a tenant. However, being too friendly and amiable will make them get easy on the rental front and they might delay or start paying the installment of rent in parts.Being a good landlord tips and ensuring healthy relationships with landlords is no rocket science as just having good intent and being a good human being will do.