(time to be an) Ethical Landlord?

Hi PCs

what are your thoughts on being an Ethical Landlord?

Landlords get a bad rap, perhaps it's time to start the conversation and address the issue.

A google search - Ethical Landlord - delivered thin pickings.
Best summarised here www.losangelespropertymanagementgroup.com/7-ways-to-be-an-ethical-landlord/
accessible
responsive
fair
respect
communicate
written
privacy

While some English people have set up www.ethicallandlords.org.uk
which appears cumbersome, bureaucratic and leaning towards Marx.

If you are into long term buy and holds - what are your thoughts?

 

I think most people on this site fall into the category of ethical landlord.

If you want property to be an investment, then it makes sense of adopting a philosophy known as "dont be a a-hole"

 

I mean, from the brief scan of some of those links, being an "ethical landlord" is 95% just complying with your legal obligations anyway.

 

And the remaining 5% is just being a decent human being.

 

I've always seen investments/business as a projection of myself, and my values.

You have clients, and you provide a service. The biggest rewards I've had are:

- same tenants for years, super low turn-over;
- return tenants, those that have left for work calling after months or years to see if they can move back;
- having couple dates and BBQ's with tenants because you just get along so damn well;
- above average rents.

As my dad put it, be responsive to things that have to be fixed, and let people feel they have some ownership of the place. Stick a photograph where they wish, plant some veggies, paint their new-born's room bright pink. Renters just want the same thing as the rest of us, to feel they have a place they can call home.

 

Any lawyers, doctors or philosophers out there? Perhaps they can expand on the difference between what is legal and what is ethical.

 

It is in your best interests to treat your tenants well. Treat them with respect, maintain your property and attend to repairs promptly. A well maintained property will rent for more so you have a financial benefit from keeping the property maintained.

Changing tenants is expensive so it is in your interests to treat your tenants well.

There are limits though. I have had tenants make some ridiculous requests. Behaving ethically doesn't mean doing everything the tenant asks or not enforcing the tenancy agreement.

 

Treat them the way you will like to be treated!!...

Famous saying - if your only goal is to become rich, you will never achieve it..

Cheers,

 

Definitely treat tenants with respect and all that has been said above. They're ordinary people just like us at the end of the day

If it's long term tenant I would also show them some appreciation to stay on and look after the place for us - like sending them a box of chocolate for X'mas. One of my day one tenant has gone through a relationship issue lately and female tenant moved out but the male tenant decided to stay on, so I guess I knew who ate that box of chocolate of mine now

Cheers,
David

 

Some fantastic thoughts, thanks for sharing; David, Jazz, NHG, PerthGuy, Nek, thatbum.
I would agree good ethics is good business and fosters long term trusting relationships (landlord/agents/tenants/tradies).
Ethics leads to loyalty, leads to trust, leads to long lasting profitability.

I also read Sapiens by Yuval Noah Harari and he reminded me - trust is the foundation of credit, and therefore the foundation of capitalism.

My hope is there are more people acting as ethical landlords and as a whole we help change the perception of landlords.

 

The thinnest book on the shelf no doubt

 

My medium tenancy duration is > 8 years. Among the properties there is 1 family member for 23 years. There are various tenants I inherited or placed shortly after we first acquired properties who have been our tenants for 19+ years.

They must be happy and must be doing the right thing.

Even in the USA we have tenats who have now been in place for 7 years. (how time flies)

 

I've always believed in looking after your tenants as they are a big piece in the puzzle in helping you hold your assets and grow your wealth. I treat all my tenants with understanding and respect (through my PMs) and expect the same in return. If the day comes when tenants start to take the pi$$ then the stick will come out and they will be swiftly dealt with accordingly . I have never and will never let a tenant hold me hostage. They will be evicted faster than you can say snap if they play games with me. But my baseline is always to treat them in the same manner as I would like to be treated.