Whatever the issue – how you communicate and resolve problems with your tenants can make a big difference in your success as a landlord.
Conventional wisdom says that landlords hold most of the power in the landlord-tenant relationship. But if you’ve ever managed property, you know it often doesn’t feel that way. Not only do landlords need tenants: tenants can make landlords’ lives downright miserable. It’s not even difficult to do so.
Given this unavoidable truth, the question becomes: What is the best way to influence tenants to do the things we need them to do?
The Key: The key is to expand your definition of self-interest. When you meet the interests of your tenants as you meet your own, your self-interest expands. You meet the interests of others to enhance your own bottom line. You satisfy your “enlightened self-interests.”
When you meet the interests of your tenants, they respect your property and take good care of it. They don’t bother us with minor complaints but do tell us about repair issues which, if not handled now, will cost much more later. They make access easy, let us know their plans, and much more.
When you meet the interests of your tenant, you increase your profits while also improving the quality of life for your tenants.
You may be trying to:
• Secure a reasonable rent increase without a costly fight.
• Gain your tenant’s cooperation because the heating system broke over a cold winter weekend and you can’t get it repaired for three days.
• Reach agreement with your tenant on a date the tenant will move out that you can enforce in court.
Negotiations over these kinds of issues, if mishandled, can cost you time, money, and stress. Using the lessons available in: The Good Landlord: A Guide to Making a Profit While Making a Difference, however,
• Negotiate a payment plan for the back rent which will also make eviction easier if the plan isn’t followed.
• Make needed repairs before tenants request them that reduce overall costs.
• Secure a rent increase that meets your income needs and your tenant’s constraints while maintaining tenant cooperation ahead.
The stories and lessons in The Good Landlord: A Guide to Making a Profit While Making a Difference offer advice to make the road easier and your profits higher. Filled with real life stories, sample dialogues, checklists, cartoons and lessons learned, The Good Landlord will show you how to make your tenant relationships work so you can enhance your peace of mind, profits and positive impact.
For over 25 years, Peter Gilman Shapiro, a Landlord Coach, Trainer & Author, has been empowering landlords to make a profit while making a difference in their communities. He shows landlords how effective communication and relationship building can enhance their peace of mind, profits and positive impact. Peter’s innovative techniques led to the successful resolution of thousands of disputes over eviction, real estate, business, and family matters throughout Metropolitan Boston since 1990. For more information, please visit www.TheGoodlandlord.com
Peter’s new book: The Good Landlord: A Guide to Making a Profit While Making a Difference is available on Amazon.com.