Managing Tenants, an evolving dicipline

managing tenantsOver the years laws, societal norms, and even the expectations of property owners and prospective tenants have changed. In the professional property management trade the way one deals with people on all sides of the fence is not a static thing. Managing tenants is an evolving discipline that needs to take into account changes the real estate landscape as well as changing and evolving laws that affect tenant-landlord relationships directly and indirectly. As is usually the case, not much needs to be considered with managing tenants when everything is going well. Interviews are done, first and last months rent is collected and the properties are generally well respected and kept up. If only we could live in those environments all the time. However some of the issues that often arise is from the interactions from one tenant to another in multiple unit properties. Some of these can be as simple as loud music or as complicated as issues with pets and allergies.

An article by the National Association of Realtors (U.S.) in Market Wired posed an interesting take on the effect that legalization of Marijuana has had on the residential real estate market.  :
“While the legalization of marijuana has more obvious implications for residential and commercial property managers who have to deal with a variety of landlord-tenant issues, it’s also creating challenges for community and condominium associations and federally assisted rental housing,….as laws change, multifamily properties and condos may be required to add lease addendums or modify their association rules to clarify policies on marijuana cultivation, distribution and use.”

For those of us in the GTA, this issue has not yet become a real problem, but based on which way the federal election goes, it may become an issue we have to deal with in the future. Food for thought, not only about this particular issue, but an example to professional property managers how the evolving nature of managing tenants is a discipline that needs to be constantly updated and improved on.

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