Juliet Risdon
Juliet Risdon is a Director of JML Property and a property investor.
Having established the company in 1994, JML Property offers Investment Property & Homes. It specializes in managing properties for owners and investors, and providing attractive and comfortable homes for tenants.
The agreement between a landlord and a tenant is relatively straightforward. The landlord invests time and money in buying a property that a tenant can live in without the inconvenience or financial commitment of buying something themselves.
At the next level, the landlord is duty bound to provide an environment that is safe and has the basic functions, whilst a tenant is duty bound to pay the monthly rental amount in a timely fashion.
Each party needs the other, and in a good relationship there is the realization and mutual respect for this fact.
Whilst tenants may moan about ‘rich landlords’ and owners complain of ‘troublesome tenants,’ neither party could survive without the other.
So why do so many owner-tenant relationships turn sour?
The answer, in our experience, usually starts from two things; Expectations and rental payments.
The expectations of the owner are usually pretty clear; Pay the rent on time and don’t bother me with anything. The expectations of the tenant are usually pretty clear; Fix everything that goes wrong in the property immediately and at your cost.
Of course there is a middle ground, although this may not be found without a few heated discussions in the short term.
So why are rental payments so important?
In our experience, rental payments are the focal point of discussions between owners and tenants.
When a tenant feels unfairly treated, the conversation often starts with ‘I always pay my rent on time.’ On the other hand, when an owner faces a situation with their tenant, a late rental payment record is the first thing raised.
One suggestion to keep both parties satisfied is that the tenant always pays their rent on time in order to avoid any argument from the landlord to the contrary. At the same time, if the tenant must conduct work in the apartment, send a quote to the landlord and state that you will proceed with the work and withhold the amount of money from the next rental payment.
For clarification, many rents are due payable by the first day of the month. Once a rent is 9 days overdue, the landlord has the right to charge an additional 50 percent of the rental amount, and if this reaches 30 days overdue the landlord is entitled to a figure equal to an additional 100 percent of the rental amount.
Receiving rent on time and responding to tenant requests on time are the cornerstones of a good relationship. Once this starts to break down, the happiness and peace of mind of both parties is in danger.
We collect rent for many owners who live inside and outside Macau, and staying on top of the collection is the top priority for all the reasons given above. Owners often prefer someone to conduct the rental collection for them in order to keep the relationship professional and to ensure someone is paying attention to the cornerstone of the relationship.
www.JMLProperty.com
info@JMLProperty.com
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