Owning a house and renting it out is a moment you as a house owner can be proud of. This is because you can now be considered as running your own business and can manage an independent source of income. However, many house owners have the misconception that renting out their property involves buying it and letting someone stay and then collecting rent.
In truth, renting out a house involves much more as you need to deal with different types of people as well as set aside a portion of your rental income to maintain the house. Here in this article, we bring up some ways you can keep your tenants happy and ensure a good business relationship.
Explain Rules and Regulations Clearly
This should be done once a tenant shows interest in your house. Common rules include barring the tenant from knocking down walls and carrying out any major renovations to the house. Some house owners are more strict and don’t allow nails to be knocked into the walls. Some are very fussy about having pets in the house.
Whatever the rules are, make sure your tenants are okay with them. If not, try and negotiate a peaceful compromise. Believe us, your tenants will really thank you later for being so understanding.
Respect your Tenant’s Privacy
Of course as the house owner, you are allowed to show up whenever you want to check on the property. However, always inform your tenant beforehand at least one day earlier. If possible, set a specific visitation time and stick to it.
Do not, I repeat, do not go through their personal belongings. This is a serious breach of ethics. Don’t lecture them on how they decorate the house, or the colour of the curtains, or open their drawers and cupboards. You own the house, not the tenants.
If you feel they are not taking care of certain parts of the home or the fixtures do bring it up in a mature manner and try to settle things professionally, rather than lecturing them.
Take Complaints Seriously
Things like broken pipes, faulty wiring, broken toilet fixtures and lighting are all common issues in a house that requires maintenance. Once you receive a complaint from your tenant that something is broken or needs fixing, try to do it right away as the longer you wait, the worse the problem may become and the higher the cost to fix it.
If you trust your tenants, you can ask them to fix it first and deduct the cost from their monthly rental (with receipts).
Follow up Care
Try and contact your tenants every few months or so to ask how they and the house are doing and whether you can do anything to help.
Dealing with Disruptive Tenants
Some house owners have houses with multiple tenants and have to solve disputes between tenants. In these situations, if you feel that one particular tenant is making life difficult for the rest, some action would need to be taken, either a warning or putting a stop to the tenancy.
Reward Good Tenants
Rule abiding tenants who pay their rent on time should be acknowledged for their efforts with a small token of appreciation. Perhaps some vouchers or a small discount from their next month’s rental would be a good way to build rapport and show them that you’re committed to being a good Landlord or Landlady.