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Needless to say, becoming a landlord comes with its share of challenges, and often, the toughest ones are ethical dilemmas. Now, a lot of people are under the idea that it’s not possible to be ethical and save money as a landlord, and instead, you should just be greedy and only think of profit (and cutting corners).
But honestly, yes, you can be ethical, and in every business, you should be ethical, too. Now, as a landlord, you’re going to get yourself in a lot of uncomfortable (and very difficult) situations, and honestly, with all of them, you need to handle them with grace.
Besides, the decisions you make can significantly impact your reputation and success as a landlord. So, with all of that said, here’s what every landlord should know about staying ethical when situations get uncomfortable.
Navigating Tenant Financial Struggles
One of the most common uncomfortable situations landlords face is when tenants struggle to pay rent. It can feel like a personal loss when the income you rely on is suddenly in jeopardy, but it’s important to remember that your tenants may be facing difficult life circumstances.
It doesn’t matter whether they’ve lost their job, experienced a medical emergency, or faced an unexpected financial burden; it’s essential to approach the situation with empathy. Take the COVID-19 pandemic for example. So many people were out of a job, and all around the world, in mere days, people lost their income.
But the world kept turning, and there were still expectations; sadly, some people were evicted, while others were blessed with ethical landlords and new laws and policies. So, this was just an example of a recent event.
Now, ethically, you should work with your tenant to find a solution. This might involve setting up a payment plan, temporarily reducing rent, or offering to terminate the lease early without penalty. While eviction may seem like the quickest solution, considering alternatives that don’t immediately remove tenants from their homes may be the more ethical route.
Besides, at the end of the day, showing understanding in tough financial situations can foster goodwill and reduce long-term stress. Being flexible may also save you the time and cost of dealing with eviction proceedings, which can be taxing for both sides.
Handling Property Maintenance Responsibly
Most of the costs of being a landlord tend to be involved in the maintenance itself. As you already know, keeping your property well-maintained is not just a matter of aesthetics—it’s a legal and ethical responsibility. Needless to say, tenants deserve to live in safe, comfortable conditions, and as a landlord, it’s your job to ensure that your property meets these standards. But what happens when tenants start making constant demands for repairs or, worse, accuse you of neglecting maintenance?
In these uncomfortable situations, it’s crucial to be proactive and responsive. If tenants raise valid concerns, address them quickly, and if a problem arises that requires professional intervention, don’t hesitate to contact property maintenance services (or select a natural alternative).
You’ll want to look into this because it keeps your tenants happy, and your investment will be just fine in the long run. Seriosuly, the last thing you want is any sort of legal action against you. So, to be an ethical landlord, you need to be responsible for all the maintenance.
There Needs to be a Balance Between Compassion and Boundaries
Now, this is probably the hardest part of them all. But how? Well, as a landlord, you’ll likely form relationships with your tenants over time, especially in residential properties. While it’s essential to be approachable and compassionate, it’s equally important to establish and maintain professional boundaries. Sometimes, tenants might share personal issues or expect special treatment, but there shouldn’t be any sort of favoritism.
For example, if you reduce rent for one tenant, other tenants may expect the same, which could put you in an uncomfortable position. Basically, you’re going to have to draw a line and maintain it.
Resolving Disputes Fairly
No matter how carefully you screen tenants, conflicts will arise. You can be the best landlord in the world, and issues may still happen. So, whether it’s a disagreement over rent increases, security deposits, or even noise complaints, knowing how to handle disputes ethically is super important, and sometimes legal meditation may need to get involved too (but you’ll still need to respect their legal rights).
Sometimes, Eviction Becomes Necessary
Circling back to the first one in the blog post, eviction is often the last resort when dealing with a tenant who has breached their lease or failed to pay rent despite repeated warnings. It’s never an easy decision, but sometimes, it’s necessary to protect your property and your financial interests. But where does ethics even come in?
Well, you want to offer your tenant a dignified exit if possible. This might include helping them find new housing or giving them a reasonable timeline to vacate the property. While eviction is never a pleasant experience, handling it ethically can preserve your reputation and minimize conflict.
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