Nice can pay off in the end

NICE is not normal in the harsh world of investment and finance.

Put bluntly, making a profit involves the transfer of cash, wealth or future growth to you from somebody else. It’s usually the case that your gain is their loss, or vice versa.

Add to that the stereotype of the greedy landlord that real estate investors have battled for decades, and things are not always aswarmand fuzzy as they could be.

However, real estate investors can profit financially and emotionally by being nice to the right people. Wecan break those people down into three main groups.

Good tenantswhofeel positive about their home will stick around, saving investors the potentially painful costs of finding someone else while their property sits idle.

Being nice to tenants is not difficult. Be easily contactable, be open to requests for improvements or pets, and even think about giving small gifts at Christmas and Easter.

Terri Scheer Insurance manager Carolyn Majda says it’s vital to respond to maintenance issues quickly, and if you keep the property looking nice tenants are less likely to feel you’re taking them for granted.

‘‘A property that requires as little maintenance as possible will make life mucheasier for both tenants and landlords as it will minimise the effort and the cost involved in the upkeep,’’ she says.

These days most people aren’t as neighbourly as they used to be.

As a landlord you’re not strictly a neighbour, but it’s a good idea to introduce yourself to the people living next to your property. This can help prevent small issues between neighbours and tenants turning nasty.

However, you don’t have to go as far as me: Living next door to one ofmyproperties is a nosey old lady (who is alsomymotherin-law).

If you keep neighbours in the loop about what’s happening they’re more likely to let you know about any potential issues before they become big.

This is unlikely to be popular amongmanyborrowers, but having a go at your lender about financial matters will achieve nothing.

If you’re a member of a couple and one is prone to fly off the handle, make sure the other one does the talking with the bank.

If you are nice to your lender and build a good relationship, you’re more likely to be told about special deals and save on fees and charges when building your property portfolio.

Nice might not be normal, but being nice is not hard, and it can be well worth it inmanyways.