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It is easy for landlords to become attached to their rental properties, after all, you invest much time, money and effort into making sure the property makes for a lovely home. It is less easy for some landlords to remember that this home is not theirs, but someone else’s.
Being able to distance yourself from your rental property is one of the main difficulties that many first time landlords encounter. When you devote so much time and energy into any project, it is common to have a personal and emotional connection, especially when that property was once your family home, or perhaps inherited from a loved one and you hold your own memories within this place. It is crucial to keep in mind that you are providing a home for someone else to enjoy and to create their own memories there.
For landlords owning a property is like running a business and your clients are the tenants. Letting agents can be especially useful in this situation as they provide an unbiased viewpoint when making judgements concerning the property. Letting agents and property managers can help remove the emotional attachment and help you think with a more business-like approach.
It is quite common for landlords to feel defensive or insulted by tenants’ requests for an alteration to a property or its decoration for example, and your letting agent can help you think in a pragmatic way about these requests and they can help you see more clearly to assist with your decision making. In addition, they can help you develop a marketing strategy that will attract an array of tenants and set a reasonable asking price.
Using a reputable agent also has the advantage of assisting you in establishing a friendly environment for your tenants. In addition to keeping a professional distance from your tenants it is critical to provide them a sense of comfort and quiet enjoyment of the property. A lettings agency may offer insightful advice on how to make your rental property cosy and welcoming for your tenants.
Understanding that your rental property is a business asset is the key to being a successful landlord and whist it is important to have pleasure in your property and for your tenants to have a comfortable and enjoyable place to live, it is imperative that you maintain your objectivity and make choices that will benefit your business, rather than personal decisions that may impact on your tenants’ experience, and therefore your own enjoyment in being a landlord.
Instructing a trusted and experienced letting agency takes the pressure off these difficult decisions and guides you on a more business-like approach to letting your property, because at the end of the day, your tenants are your customers, and your business aim is to provide them a secure and comfortable home which they can enjoy for as long as possible.
