Being an Ethical Landlord

Unlike most businesses, landlords only have one customer, and that is their tenant. Landlords don’t have the luxury of getting it wrong. If you get it wrong, you are left with limited options:

  • tenant packs up and leaves
  • communication between the tenant and landlord breaks down
  • the tenant takes the landlord to the tenancy tribunal

The best way to operate your rental properties is to treat it like a business. By acting ethically and in a professional manner, you can attempt to provide a hassle free tenancy for your tenant. This will result in rent being paid on time, the property being well maintained, and maintenance issues being reported as they occur.

Once communication is lost between the tenant and the landlord, it becomes difficult to re-establish that level of trust that was once there. The tenant needs to be made aware at the beginning that if they do have any issues they need to communicate them to the landlord. By having open two way dialogue, the tenant feels that the landlord is there to listen and provide guidance when needed.

If you use an independent property management firm, make sure they belong to IPMA (Independent property managers association). They follow a set code of conduct that they are bound to which ensures all property managers under the IPMA umbrella are acting in an ethical and professional manner.

Without your tenants, you have no income. They can always pack up and leave and go elsewhere, where as you will be left with a vacant property that you will now need to advertise and get tenanted which will cost you money.