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Rules & Boundaries to Keeping Good Tenants
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August 1st, 2013
Landlord – Tenant relationship is a two way street and sometimes when landlords have a good tenant or a long-term tenant they might not follow through in a professional manner. Being a landlord or property manager is a business and not a social event.
Here are 5 common ways a landlord can ruin perfectly good tenancies:
1. Are They Friends or Tenants? Failure to maintain a professional distance from the tenants. Too often a landlord will fall victim to one of the oldest landlord traps by lowering his guard and allowing the tenants become personal friends. Rarely does this end well causing many unnecessary headaches.
2. Broken Promises: Failure to fulfill certain promises made to the tenants in the beginning of the relationship is a leading cause of the breakdown of the tenant's trust and respect in the landlord. Best scenario is to put everything in writing so there is no misunderstanding.
3. Greed: Sometimes it is best to have a great tenant and not the most expensive rental in the neighborhood. Landlords tend to believe that their property is somehow better or worth more money than comparable listings that have sold or rented. It is this squeezing every dime out of a property that causes the tenant to resent the landlord. Even a good tenant cannot help but dislike a greedy landlord who is overcharging the tenant. Overcharging? How can anyone say it's overcharging if the tenant agrees to the price?? There are many reasons a person will agree to pay a higher amount such as :-
Having resentful tenants is not a recipe for having a good long lasting relationship.
4. Neglect ion of Maintenance: Being a landlord is a full time business. For a business to do well, it must be maintained and run properly. That includes caring for rental property. Some responsibilities are the tenants and some are the landlords, make sure you have it properly spelled out in the lease at the beginning. It is important to nip small problems in the bud before they become major catastrophes. Besides, if you keep the tenant satisfied, your property will be more rent-able/sale-able.
5. Conduct: Unprofessional conduct can range from rudeness to overly friendly. Try to refrain from arguing, using profanity or gossiping with tenants. It will come back and bite you. Let your property manager or attorney be the bad guy. He's the guy who tells you to "enforce your lease". Keep a professional, polite attitude to retain the respect of your tenants. Tenants respond better to a pro who knows what he or she is doing.
DMK Property Management llc a locally owned company serving lower Fairfield County, Connecticut.
Specializing in Residential Property Management that can custom tailor a program to fit the homeowners needs be it short term or long term from rental management to full estate management.