Dealing with tenants can be especially challenging, more so if you’re just starting out. Here are some tips for managing your tenants effectively as a landlord.
As a homeowner, managing your rental property is not easy, no matter what kind of property you’re managing. Dealing with tenants can be especially challenging, more so if you’re just starting out. However, good tenant management is key to cultivating and maintaining a good relationship with your tenants and reduces the turnover rate significantly.
Here are some tips for managing your tenants effectively as a landlord.
Drafting a clear and comprehensive contract helps to protect both the tenant and yourself during times of need. Considering your tenant’s needs and adding them (where reasonable) to the agreement helps to establish a good relationship with them.
Responsibilities and processes should be clearly defined when it comes to the day-to-day tasks such as ownership of repairs, bills and the maintenance of other aspects of the house. Rent payment processes should also be clearly spelled out in the agreement to prevent any disputes.
The landlord-tenant relationship goes both ways. There should be clear and honest communication between you and your tenant, no matter how big or small the issue is. As a landlord, you should also do your part to be responsive and professional in your communications with your tenant.
If there are any changes in any rules and regulations, you should discuss them with your tenant promptly and ensure that they have fully understood and accepted them. If you’re planning to visit the property, you should always provide your tenant with advance notice, to ensure that their privacy is not compromised.
Take care of issues in a timely manner
Though you do not physically live in your property, you are still responsible for it as the owner. If your tenant raises any issues about your property to you, you are obligated to address them in a timely manner. This could be a term that you include in your rental agreement e.g. your tenant can expect a 24-hour wait for replies on weekends etc. This will ensure satisfaction for both parties; for your tenant because the issue has been addressed and resolved, and for you because your property is taken care of and properly managed.
Check in regularly
You do not have to wait for your tenant to raise any urgent issues for you to engage with them. Conducting regular check-ins with your tenant to see if everything is running smoothly, and proactively engage with them to build a positive relationship with them.
Annual or bi-annual visits to your property is also a good way to check that your property is being managed properly.
Property management is a heavy commitment, and can take up quite a bit of your time. As overseas homeowners, the process becomes even more challenging with you and your tenant being based in different countries. Engaging professional property management services such as your property developer’s after-sales services to manage your property and tenants on your behalf will greatly reduce the hassle and the time demanded of you.
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