How do you handle your tenants?

R

realdeals

Active Member
I would be interested to learn how landlords handle their tenants, do you take a hands-on approach or do you keep your distance? I have read a number of articles suggesting you should act in a business like manner, not becoming too friendly, but also take a softly softly approach to tenant short-term cash flow issues. Which is the best strategy?
 
A

Adrian Elford

New Member
Certainly never become too friendly as it can hinder your decision making process when they are behind on rent.
I only conduct rentals through a local agent so I only ever have to think about the tennants on renewal of some major drama.
 
P

PostBrexitInvestor

Member
Do you not feel as it you are giving money away in the shape of commission or is it worth paying to keep the tenant at arms length and not become too involved?
 
F

FWL

Member
The best bit of advice I ever received:-

NEVER HAVE FRIENDS/FAMILY AS TENANTS

Nothing else to add :)
 
L

Longterminvestor

Administrator
Some quick tips:-

Dont mix business and pleasure/family
Keep a safe distance and do not get too involved in your tenants lives
Keep it business like at all times - show no emotion

I know this all sounds cold but if you start to get emotionally attached that is when you make decisions you will regret.
 
J

Jules1970

New Member
I would be interested to learn how landlords handle their tenants, do you take a hands-on approach or do you keep your distance? I have read a number of articles suggesting you should act in a business like manner, not becoming too friendly, but also take a softly softly approach to tenant short-term cash flow issues. Which is the best strategy?
Hi

I have used letting agents and done it myself. Depends on if you can deal with problems yourself and have the time or let the agent deal with it as that is what you pay them for, to manage it.

I agree with the above too.

Thing is you can get great tenants and you can get extremely bad ones. I have a couple of bad ones and stories to tell but i wont say as it takes way to long! But luckily more good ones than bad. I have sold my let properties now and prefer to flip.

Kind regards
Julie
 
P

PostBrexitInvestor

Member
The truth is that some people are good at spotting deals, some at developing and some at being landlords. You cant be good at everything and if you have to then simply buy in skills you dont possess. Handing you property(s) over to a property management agent has benefits for many property investors (I would go as far as to say for the majority),just do the maths first.
 
J

Jules1970

New Member
The truth is that some people are good at spotting deals, some at developing and some at being landlords. You cant be good at everything and if you have to then simply buy in skills you dont possess. Handing you property(s) over to a property management agent has benefits for many property investors (I would go as far as to say for the majority),just do the maths first.
Have to say I do not agree that you can't be good at being a landlord and spotting land sites.

I have done both and just sold a big site in Kent to a football team looking for a home. Also sold other sites to private developers. Also to add flip properties too.

As with being a landlord and using agents, at first it is best until you learn the ropes, but after a couple of years I managed my properties, plus I'm not too bad at doing DIY but leave the harder stuff to the professionals.

Though can I just say I have made plenty mistakes in all but that just taught me not to do certain things again :)).

All best
Julie
 
M

Marinaki

New Member
This is a delicate situation, depends on many factors. For example, I have 3 properties rented for the past 4 years...to the same persons. From the first months of renting you understand what kind of people you have in your home. If they pay on time, each month, they are serious and need to invest in them. I am friend with all my tenants because they take care of my properties, pay all the time on time and there is no need to keep an eye on them. Last year I had a situation when one of them was out of a job for 3 months and delayed a bit with the rent, but after 3 years of being on time...I granted these 3 months (because this how much I can afford to stay with unpaid rent). He found a job and paid the whole 3 rents together. We are humans, we need to understand each other when is the case :)
 
P

PostBrexitInvestor

Member
I totally agree - there needs to be give and take and above all RESPECT on both sides. A little bit of respect can go a long long way to resolving any issues :)
 
M

Marinaki

New Member
I agree. Tenants are humans too, you can be lucky to have good ones...or not. For me is important to pay on time and not destroy my house. As long as you do this...you are my best friend! And as best friends do, sometimes they need help too :) As I told above, is a delicate situation :)
 
L

Longterminvestor

Administrator
Business is business :)

Your private life is for friends, business is for acquitanances.
 
F

FWL

Member
Keep business and your family/private life totally seperate. I dont understand people who want to mix the two. It just does not make sense in my book.
 
T

Trey C

New Member
I used to maximize my condo rental return by subleasing by room instead of the entire unit, you can easily earn 20%. There are many webs like Roomz that supports room for rent in Singapore, you may try, it will save you agent fee too but you need to arrange all viewing by your own.
 
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