As an investor in commercial property, we would assume that you have to manage tenants. We are sure that as a landlord, you have, or will have, many disputes with your tenants. At North Bay Property Advisors, we want to help you make the meetings with your tenants go as smoothly as possible so that problems don’t escalate to a point where lawyers are involved.
Know the law
Knowing your rights and the rights of the tenants is a great way to avoid conflict. Often times, conflicts come about because neither party knows what the law really is or knows that they have broken the lease agreement. Reading the details in the lease agreement and knowing everything you can about laws concerning renters is one of the smartest things you can do.
There is nothing worse than having a hot temper when trying to deal with a dispute. Both parties will only end up screaming and nothing will be resolved. Keep a cool head and stay calm even if the tenant is yelling. Staying calm will put you in a positive light and if things do end up in court, you will know that you did everything you could.
Talk it out
Talking might be old fashioned but you would be surprised at how much can be accomplished by having a face to face meeting with your tenant. Talking calmly will help both sides understand what the other is saying and almost guarantee that there will not be any miscommunication. Having a sit-down with your tenant is almost always cheaper and easier in the long term.
Get a mediator
Having a completely objective, third-party outsider can do wonders in property disputes because they can help redirect focus on the issue as opposed to name calling or anything else said in anger. Many states are now offering property dispute mediators to resolve issues before court papers are filed.
Seeing an arbitrator is similar to going to court and having a judge make a ruling without the fuss that it takes to get to court. They will hear both sides and make a decision that you must adhere to. This should not be a first, second or even third option. Only use this option as a last resort when you can not resolve an issue with your client.
Having an ongoing dispute can make you feel exhausted but if you remember to document everything that happens both good and bad, the dispute may end up in your favor. Document unreasonable demands, concessions you’ve made and arguments you have had with your tenant. They might be able to help you in court if it comes to that.
As a landlord for a commercial property, you want to make sure that you stay in the good graces of your tenants so that they continue to pay rent and treat your property with respect. If you need any help, North Bay Property Advisors has a team of expert property managers. Call us today, we would love to help.