As a landlord, you have to think carefully about your property. Not only do you have to consider monthly costs and budget for maintenance issues. You also have to figure out how you’ll deal with things like rent collection and relationships with neighbors.
Sometimes, it pays off to step back from your responsibilities and put yourself in the shoes of the people you’re trying to serve: your tenants. When you do that, you actually help foster the success that attention to operational details alone won’t do.
Example #1: Raising rent
Let’s say that you need to raise the rent. If you do this with only short warning, you could be setting yourself up for trouble, even if you are well justified to ask for the increase. Your tenants won’t see that you’ve not raised rent in two years or that you’re faced with increases in taxes and other operational costs. What they will think is that you are only out for your interests and don’t care about renters.
A good way to handle this kind of situation is to give your tenants plenty of notice that increases may be coming. The farther in advance you can do so, the better off you’ll be. By doing this, you’re showing tenants that you understand they’ll need to do some re-budgeting. And if it turns out you can actually hold costs down, then you can pass along the good news to your tenants…who will in turn feel reassured they’re renting from someone who’s fair and honest.
Example #2: Making improvements
Renovations and other improvements help increase property value. But if you do these kinds of projects without keeping renters in the loop, you could also cause problems for yourself. Depending on what needs to be done, you could end up inconveniencing your renters…and harming your relationship with them.
The best strategy is to tell tenants directly that you have a project in mind. That way, you can open a dialogue that allows you to coordinate with them so as to minimize the impact that the changes will have on their lives. Your renters will appreciate your openness and the benefits of a new roof, driveway or fence.
Herman Boswell understands the challenges of landlording. It takes organizational skills, people-savvy and most importantly of all, time to make it all work. Our real estate professionals can help you manage your investments and give you the peace of mind you deserve.
Let us put our expertise to work for you. Contact us today!