As a landlord, it is natural to keep an eye on your outgoings and your profits, after all, your property is an investment that has to make you money. Despite this, the last 12 months have taught us how challenging life can become in the blink of an eye. The pandemic has seen people lose their jobs, placed on furlough and change the way they have had to manage their expenditures.
As a landlord, it can help to take a considerate approach because your tenant might be a tenant that pays well and looking after them where possible can help to create a solid and respectful relationship. With this in mind, how can you become a good landlord at a time that is difficult for you and your tenant?
Talk With Your Tenant
Even if you use letting agents in Romford to manage your rental property, it can help to request to speak with your tenant. While you might have been a faceless landlord up to this point, meeting with your tenant can really help. It’s natural that your tenant has an array of concerns and speaking with them can help to alleviate these concerns. It will give you both an opportunity to speak about the problems but also identify any solutions. Are you able to help by offering reduced rental cost with the rest being paid at a later date? Can you talk with them about their options as that can at least ease their situation for a few months? Whatever it might be, communication is vital and that’s the reason why it helps to talk with them.
Carry Out Repairs Promptly
It might be a time whereby landlords are looking at ways in which they can save money but holding back on repairs is not the route to follow. To begin with, landlords have to follow the Landlord and Tenant Act 1985, so once a repair is reported, you should make sure that it is carried out.
Ultimately, by keeping your tenant waiting, you’re going to make matters potentially worse for them, especially if they are in financial difficulty. Consider your tenant as someone who is helping you to earn on your investment, so make sure that you invest in acting promptly instead of trying to cut corners and save money. In a recent article, it was reported that landlords can spend as much as £3,134 a year on repairs, decorating and maintenance, so make sure you continue to complete all necessary work.
A good landlord is considerate because they will do everything possible to allow their tenants to live hassle-free. During a pandemic, it is not the time to take a firm stance on those areas that you would otherwise deal with differently. These are unprecedented times and are proving challenging for everyone. Attempt to understand the situation of your tenant as much as possible because this will enable them to feel comfortable and at ease while living in your property.
While your property is an investment, your tenant should also be considered as an investment, especially if they have always been a good tenant and pays on time. Consider the current moment that we are living in to be exceptional. Understand that these times will pass and assume that your tenant will remain with you beyond that time. Therefore, taking a different approach and avoiding the temptation of greed will help you in the long term.