Top Tips on Establishing a good landlord / tenant working relationship
Establishing and maintaining a good working relationship with your tenants is essential in ensuring efficient and profitable management of your estate, and will also help raise your profile as a landlord who is “good to rent from and good to deal with”. This may also help minimise vacant periods.
Follow our Top Tips to stay well positioned:
- Don’t cut corners - Ensure your documentation is up-to-date at the start of each tenancy and in line with current practice and regulations. Seeking legal advice at this stage will ensure compliance and help protect you and your property. Simply refreshing an old lease can be a costly mistake - the upfront expense of having a new lease prepared at the outset can pay dividends over the life of the tenancy.
- Consider employing a land agent - Having a land agent can take the strain off management and will ensure you have someone knowledgeable on the ground to work co-operatively with the tenant.
- Plan ahead - Schedule and hold annual reviews to ensure both parties are happy with the relationship. These meetings can provide an opportunity to address any issues and plan for the future. If these have the potential to be challenging, consider asking your land agent, solicitor, or a mediator to join the meeting.
- Stay informed - Stay in touch with best practice by following the trade press, signing up for relevant e-bulletins (you can access Morton Fraser’s e-bulletin sign-up page here), and making time to catch up on recent developments which could affect your business.
- Stay connected - Attend events with your peers and learn from other peoples’ mistakes in order to avoid making your own. You can also glean ideas from sharing stories and hearing case studies.
- Be organised - Establish an efficient and consistent method of managing your paperwork, including invoicing and billing. Ensure there are no unexpected surprises for you or your tenant.
- Be responsible - Establish a proactive approach to maintenance and repairs. If you are aware of and understand what is happening on the ground you will be able to address issues before they become problems.
- Be prepared - Know the terms and conditions of your tenancy documentation before entering discussions.
- Be respectful - Do not take the tenants for granted, show courtesy and have due regard for their rights under the lease.