Real estate is one of the most profitable investments one can make. If you have several properties, you can convert them into apartments that would allow you to have a passive source of income.
However, this business venture comes with its fair share of challenges, especially if you have tenants that lodge complaints about your properties. As a responsible landlord, you have to make sure that your property is as liveable as possible for your tenants to live comfortably. If you plan to rent out your property, here are some of the most common tenant complaints you should keep in mind.
Leaking pipes or inefficient heating may be a complaint you hear from tenants every so often. When such problems occur, they must be addressed immediately to make sure they will not become major concerns later. This is why it's important to have a professional service provider like 888 Heating perform any necessary check-ups and repairs for your property. You can even set up a bi-annual schedule for these check-ups to keep your property in an optimal state and help the tenants feel at home.
Noisy neighbors are another common complaint that you may hear from your tenants. This concern may sometimes be beyond your control if your property is detached. For such a case, it would be best to address the issue through the proper authorities.
While this is not really a landlord's concern, you can take the extra step for your tenants and add some soundproofing by installing carpets and doubling up the walls. For detached properties, planting shrubs can also somehow help in increasing privacy and dampen the noise from the neighbors.
Another common complaint that landlords receive from their tenants would be pest infestations, particularly for an older home that may have existing pest problems. Resolve this quickly by hiring a professional exterminator as soon as the tenant complains. Doing so will also help prevent rapid decline of your property. It's also critical in ensuring that no other issues will appear later.
It would also be wise to educate your tenant on how they can prevent pest infestations from happening again. Treating the tenanted home periodically will also help.
While the home is technically your property, it's important to make sure that you refrain from making unannounced visits. Ideally, you should give your tenants a 24-hour notice that you're coming for a visit. Make sure that you're also doing so within reasonable hours. You should only enter the property unannounced if you believe there's an emergency that you need to address the soonest time possible.
Other than that, always inform your tenants. Keep your communication lines open so your tenants can truly call their temporary home as their own. Don't forget that it can be a criminal offense to frequently show up at your tenanted property.
No matter how many complaints you may receive from your tenants, you must always remember to be on top of the situation. Make sure that you communicate with your tenants, listen to their concerns, and try to understand if it's within your control. Never try to dismiss the complaint, as it may have legal repercussions in the end.
Whenever possible, you should respond to the complaint properly. Remember, it's still your property, and maintenance should be part of your responsibility in protecting your assets. The key to successfully earning a passive income in your apartment business is when you can keep your tenants happy while making sure that your home is in its best shape.