BOUNDARIES WITHIN A TENANCY AGREEMENT
It’s essential for tenants and landlords to adhere to clear boundaries during a tenancy.
As a landlord, it’s important to provide tenants with adequate notice for repairs and maintenance, in contrast to dropping in unannounced. Alongside this, when a tenant is in arrears with their rent they should be contacted as a matter of priority and should receive breach notices if they are not able to amend the issue. Often, these issues occur when an owner managing their own property becomes personal with the tenant. This invariably creates a challenging environment for the owner to enforce due process when required.
A property manager has little issue in this regard as they simply see process required and carry it out. Although personal rapport is still required for good relations, the boundaries are clearly set for things such as rent payments, repairs and maintenance notice periods.
Lease renewals and rent increases are a common area neglected by owners who become too familiar with their tenants. In some instances, privately managed properties can go years without a lease renewal or rent increase. It’s important to treat a property as an investment, rather than maintain a friendly tenancy relationship. This is a must to ensure higher returns with minimal losses over a short and long term period.
In saying that, it isn’t wrong to have a personal or friendly relationship with your tenant. However, it’s essential to maintain a clear line of separation so as to ensure the highest possible return on your investment property.