Tenants in Common, or otherwise known as TIC, commonly involves two or more people who share the same ownership interests in a certain property. It’s an ideal type of investment that provides investors with the security it needs through the diversification of properties. This lets them invest their finances through various properties at different geographical locations.
Although asking assistance from experts who work at 1031 Exchange Place is an ideal move to ensure your investment’s success, you need to work on handling property management to keep your tenants satisfied. Here are some ways to handle the most common tenant complaints:
Always be in constant communication
One of the things that most tenants find troublesome is the lack of communication. Tenants feel that they are valued if the landlord gives them enough time to accept their phone calls or even respond to their e-mail. Keep in mind that good tenants are difficult to find these days. Always do your best to respond in a timely manner or you might lose them to another landlord who values them as customers.
Practice property maintenance
It’s always ideal to learn how to maintain your rental property at all times. According to The Balance, simple tasks such as cutting the grass, shoveling the snow, and even sweeping dried leaves can do wonders in making your property look clean. You should also ensure that tenants have running water at all times and appropriate heat during winter. You may also want to do inspections to ensure that your property is still aligned to the safety codes.
Investing in real estate properties is a great way to manage your finances. That’s why it’s essential to learn as much as you can about investments such as TICs. You may want to work with companies who can help you manage your investments and make the most out of it.