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While buy-to-let investment can be a good source of passive income, the common headache for buy-to-let investors is the perpetual conflicts with tenants. Sometimes both parties just cannot get along well. Is it a dead-end then? The answer is no.
When we took the time to analyze the problem, we found out that there could be a panacea to this situation. The answer lies within laying the foundation of trust in the beginning. Sounds too complex to execute? Don’t worry, we will break it down into simple steps for you. Here are some tips which will come in handy when you face challenging situations with your tenants.
- Be respectful
- Mutual respect is crucial in forging a healthy relationship between landlord and tenant
- Prioritize the tenants’ needs to have their own space
- Respect privacy
- Provide early notice before entering the house to make repairs or inspections
- Be accessible
- Provide tenants a better way to contact you
- Respond to their requests
- Be available when your tenants need your help, especially on repairs, maintenance, and inquiries about the property
- Be responsible
- Resolve the problems that arise promptly, such as leaky faucets and roof damage
- By being responsible for handling the issues faced by tenants, it will make you a better landlord
- Tenants will appreciate you and be happy to stay for long term
- Streamline communication
- If there are problems with the property that you know will affect your tenant, disclose these issues before the tenant signs
- Be honest to your tenants
- Leaving the door open to communication is essential
- Effective communication will minimize misunderstanding and reduce conflict
- Be open to discuss issues that they face
- Listen to your tenants and seek to understand
- Listen actively to your tenants
- Understand their needs
- Be ready to help them out
- Make sure that they are happy and satisfied
- Help your tenants to familiarize themselves with the area
- If your tenants are new, help them get to know the area better
- Give them some insider information about the area
- For example, you can tell them about the location of local grocery stores, pharmacies, and other amenities.
- Ensure them to have a smooth transition period moving to the new area
7. Ask for feedback
- Building a good relationship is crucial for tenant retention
- For the landlord who has many properties, you can use a tool like Google Forms survey your tenants
- Ask simple questions like whether they are happy with your service and whether there are areas for improvement.
- People will always appreciate being remembered, being heard, and cared
- Work on the feedback to become a better landlord
Once you master the tricks of building a good relationship with tenants, you will be at ease when handling problems that arise. The knowledge in this area will save you a lot of trouble and help to smoothen interaction with your tenants. Ready to go into property investment? Our team of experienced consultants will provide you with the necessary advice while you embark on this journey.
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