As landlords, we deal with our renters day in and day out. Some are easier to deal with than others and admittedly some of us are better communicators that other investment property owners. I wrote this article, not just for tenants but for those of you that own rental properties. This article is really pointed at the smaller landlord that self-manage their rentals. If you have a property management company in place, then it’s quite a bit different.
Many of our tenants believe that we are all well to do and in renting properties, all we do all day is collect rents, count the money and put it into the bank. Unfortunately, there are some of those that help perpetuate this belief. I truly believe that if your tenants can see the human side of you, they will be much easier to relate with and vice versa.
Here is a list of 7 items that most of our renters don’t know about us; but should.
A quick example of this is a property we owned that developed a small leak between the toilet and the floor. When we did our semi-annual inspection, the floor had deteriorated in a short 6 months to where it was dangerous to walk into the bathroom. The tenant said that they “Didn’t want to bother us and besides they had the other bathroom in the house they could use!” What could have been a fix that cost a few bucks ended up costing us a couple thousand dollars.
Whatever side of the rental situation you are on, a good understanding of the duties and obligations of each side is paramount for a great relationship. Each side should also be willing to carry out their part of the agreement. Good communications between each of the parties are also essential to make the relationship a win-win.
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Attorney William ("Bill") Bronchick, host of Legalwiz.com, has authored six best-selling books and is sought nationwide for his 25+ years of real estate and legal knowledge. He has been interviewed by numerous media outlets, such as CNBC, TIME Magazine, USA Today, Investor Business Daily, Forbes, and the LA Times, to name a few. William Bronchick is the co-founder and past President of the Colorado Association of Real Estate Investors and the Executive Director and founder of the College of American Real Estate Investors. Click on the "About" link above for more information on William Bronchick. Frank Pulley is an experienced real estate investor and foreclosure specialist. He is the director of William Bronchick's Coaching and Mentoring Programs. For more info, contact [email protected]