#Collaborative post
Landlords have many responsibilities. Not all of these individuals can meet the baseline requirements of what is expected of them, either.
However, a few distinct advantages may present themselves to landlords of a certain ilk. For example, those typically more family-oriented may find some parts of the process easier. But where can these advantages be dutifully seized? Here are some ways being family-oriented could possibly make you a better landlord.
Handling Sensitive Discussions
Family-oriented individuals can be more empathetic to other people’s plights. Such emotions can be helpful when dealing with struggling renters.
During 2020, many renters called for more support, with fees hoped to be reduced or waived completely. There are other circumstances where tenants may be unable to make payments on time, especially as the economy continues to be somewhat unstable and unpredictable.
Many problem landlords would choose to evict the tenant heartlessly in these situations. As a family-oriented individual, you may be able to find a situation that instead works for everybody. For instance, you could suggest that the tenant pays you only part of their rent while they’re struggling, pay back what they owe later.
Even if difficult discussions do need to be had, you’ll at least be able to navigate them more sensitively and tactfully. Not every landlord can say the same, often coming across as cruel individuals and giving the rest a bad name in the process.
Having Greater Care
Of course, the best landlords do everything they can for the tenant, whether it’s hard times or not. As a family-oriented person, you may be more inclined to go the extra mile to care for another.
For example, you’d likely feel more compelled to work with high-quality service professionals if any work needs to be done on the property. If you live in the southerly regions, you can find an electrician in Kent, London, Essex, and more of a higher calibre through Trade Facilities Services who can help to ensure both the property and tenants are well looked after.
It’s easier to be a landlord when there are no tensions and optimum care and respect are readily paid to others. If you work with professionals who harbour similar values, the entire process of renting can be easier for all parties.
Working for Your Kids
Many parents hope to leave something for their kids one day. If your money is in property, you stand a much better chance of doing this.
Few things are as good to inherit as property. That said, the home needs to be sold and the money passed on before your demise. This enables you to dodge the increasingly fraught rules around inheritance tax, unjustly forcing offspring to lose a sizeable chunk of their inheritance if plans such as these are left too late.
Landlords are often stereotyped as being affluent individuals with numerous sources of income. However, many of them are simply regular income mums and dads attempting to leave some extra money behind for their children. It can be an investment for the family, and if that’s fuelling your efforts, you may find yourself going the extra mile in maintaining and renting the property. It can also bring a more fitting end to your landlord’s journey.