Have you ever wondered why people dread moving especially if it’s a rental? The rental process is tiring, time taking and of course, costs you huge bucks. Not only this but tenants are always cautious about the landlords they may get to create a relationship with. What if they are rude and unflexible? Unfortunately, landlords carry a negative stereotype – well most of them. But you can break the popular conception by doing the exact opposite of such landlords.
It is possible to become an ethical landlord who takes on the responsibility of making a tenant feel welcome and comfortable at the rental property. They are aware of the dos and donts of being a landlord and therefore are able to retain a tenant for long period. As a potential landlord interested to use their property in Smart City in Lahore as a rental, this blog will help you become an ethical landlord.
We have identified easy but best practices to adopt for you.
When a problem arises, whether it’s a plumbing leak, noisy neighbors, or an emergency, your tenants will need to contact you. Even if you can’t address the problem right away, it’s critical to have a system in place for them to contact you.
Give your tenants a phone number and/or an email address where they can be reached. When they contact you, make it clear that you have heard their concerns and will respond as soon as possible. Some landlords will even provide their personal phone number, but this is not required, and you are not required to do so if you do not feel comfortable doing so. If you are unavailable or traveling, it is also a good idea to have another point of contact, such as a property manager.
Remember the maintenance
Nobody wants to live with a leaking faucet, mold, or other maintenance issues for an extended period of time. Regardless of the severity, your tenant’s life will be disrupted until the problem is resolved, so it’s critical to act quickly. Tenants, too, have the right to a habitable living space even if its a new house in Smart City in Lahore. Under the implied warranty of habitability, landlords must guarantee that a rental property is safe and in working order.
Some repairs can be handled by landlords on their own, but you should also build a network of electricians, plumbers, and other professional contractors who can fix any problems that arise.
Be flexible with rents
Although you want your tenants to enjoy living in your rental property, clear boundaries are required for the business to thrive. In the lease, state your expectations and house rules. Certain lease clauses will help protect you as a landlord, especially in small claims court. An ethical landlord, on the other hand, understands that life is unpredictable and that certain situations may necessitate a slight deviation from the rules.
Assume your lease requires tenants to pay rent by the first of the month, but you have a reliable tenant who was recently laid off and has informed you that they will be late on rent this month.
Negotiate the rent price
It will always be difficult to determine how much to charge for rent, but an ethical landlord will set a price based on the rental market. The rental price should cover their expenses while still making a profit, but it should also be affordable for potential tenants. If your rent is too high, you will most likely have more difficulty renting the property.
Although tenants will object to paying more rent, raising rent is a common industry practice. Instead of drastically raising the rent all at once, aim to gradually raise the rent by one to five percent each year. Check state laws before raising the rent, as some areas are rent-controlled or require a specific amount.
Manage the rental documents
Landlords have a lot of paperwork to deal with, and it’s critical to keep all rental documents organized in case of a dispute. Keep rental applications, lease agreements, and other documents in a secure file as a general rule.
Keep track of every administrative action you take, especially maintenance history. For example, if a tenant’s refrigerator breaks, save any emails, record the date the appliance was serviced or replaced, and keep any maintenance professional invoices.
Communicate with tenants
Be open and honest with your tenants about anything that may affect them while they live in the rental. Before entering the unit for routine inspections or necessary maintenance and repairs, always give proper notice.
If you must renovate while your property is occupied, consult with your tenant and consider offering a rent reduction. Tenants appreciate being informed about these issues ahead of time so that they can be prepared and know what to expect.