Running property investment business such as rental property is promising but challenging at the same time because it means you need to maintain good relationship with your tenants. It is not an easy thing to do. Some landlord were getting too carried away with building relationship agenda which disadvantaged them at some points. Some landlords were too ignorant to care about building relationship with tenants to the point they would even feel awkward to just say hi. The best thing to do is to maintain business relationship. It is also recommended to draw clear line if you rent your property to friends or families. Thus, business stays business.
Dispute between landlord and tenant
Maintaining good business relationship with tenants is not easy. Of course, you have the tenancy agreement and all to make it clearer about what yours and your tenant’s right as well as responsibilities. However, sometimes having dispute with your tenants is inevitable. The causes are varied. Sometimes, a dispute can start from small thing like harmful complaint from tenant whether it is about the maintenance or about other tenants. If you cannot deal with it very well form the start, it can build up until it create a dispute between you as the landlord and the tenant. That is the last thing you should wish for from running a rental property.
Basically, every problem has its solution. However, it also depend on the situation on what kind of solution is the best to solve the problem. If the problem is not too big, it is highly recommended to speak verbally by sitting in the same room and having peaceful conversation. It is important to talk through everything so it is clear where the root of the problem is. By identifying the real problem, you can find the right solution for both.
If the problem cannot be solved by sitting up together and talking, you may need third parties for mediation. This is important because you may need someone who is unbiased to see the problems clearly and find the best solution. Make sure to find the third party for mediation that you and your tenants agree to avoid another dispute.
It is also important to not give in your ego. If you are open to compromise, more solutions are possible to find. It is highly advised not to easily raise your voice no matter how right you think you are. If the dispute is caused by one tenants having arguments with other tenants, it might be more complex to resolve because then you need to be the mediator to solve the problems.
If the dispute that you have with your tenants cannot be solved by discussion or real talking, you or your tenants (whoever feels wronged) can submit a form to body corporate. Everything will be handled through legal courts. Remember that this should be the last option. This can be costly and takes time to solve. Therefore, make sure to deal with every complaint well to avoid any dispute between you and your tenants.