LANDLORDS AND TENANTS: CREATING THAT SPECIAL RELATIONSHIP
Landlords and tenants are often seen as two waring species. Landlords are heard to complain about messy, late/non paying tenants, while tenants lament that landlords often ‘hover’, don’t provide properties to the best standard and are slow to respond to repairs. It can be a fraught relationship, but this needn’t be so.
For a tenant, a good landlord is like gold. But what constitutes a good landlord? Well, there’s no denying a property is a very significant asset so property maintenance, both internally and externally is vital. Investors not only expect their properties to appreciate over time; they expect people to pay good money to live in those properties. The landlord therefore has a responsibility to keep the house in order, so to speak: fix issues when they arise, ask a fair market price and not be overly familiar, visible or demanding. In return, a landlord has the right to expect a tenant who adheres to the terms of the lease, pays their rent on time, respects the property and so becomes a trusted tenant.
On the other side of the equation, the landlord is looking for a tenant who treats their property as if it was their own, with regular cleaning, garden maintenance, on time rent payment and is hopefully a long term tenant. Long term tenants reduce the potential for that ‘down time’ loss of income; the dead zone of vacancy when one tenant vacates and a replacement tenant is still being sought. Meanwhile the property’s mortgage still has to be paid.
All relationships require compromise and understanding. The landlord/tenant relationship is no different. Vital to the facilitation of positive relationship building is an excellent Property Manager, a professional individual within a professional agency that fully understands the rights and obligations surrounding rental laws and is committed to serving the interests of both parties. R&R Property has a long and very successful history of Property Management. Our Property Managers are across all facets of rental law, and especially cognizant of selecting the right tenant and work hard to ensure positive relationships between landlords and tenants. Whether as a landlord or tenant, you’re in good hands with R&R Property.