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A property owner is someone who builds a home for another family. Your tenants want to be able to call your property their home for the duration of the lease. Providing a place where tenants can relax at the end of the day and feel safe is the responsibility of a property owner. Unfortunately, the popularity of buy-to-let properties has encouraged many investors to focus on the monetary side of the interaction.
In reality, making your rental as homely as possible is a smart move that can boost your investment strategy and build positive relationships with your tenants. A property owner who cares is, in the end, a property owner who can establish a profitable and sustainable business model. What do smart property owners and landladies have in common?
They recognize the common needs
Tenants and homeowners have the same requirements when it comes to finding a place they want to live in. The only difference is that a tenant doesn’t yet own their home. However, it doesn’t mean they will not consider the criteria of location, safety, and roominess. Consequently, a profitable rental will need to meet essential requirements. A buy-to-let in town, for instance, should be close to public transports, stores, and entertainment. Similarly, properties in safe neighborhoods are more likely to appeal to your tenants. As a rule of thumb, property owners who can’t meet essential expectations can find it hard to keep long-term tenants.
They take the guesswork out of comfort
Can you genuinely promote a property and describe it as a comfortable and welcoming place if you’ve never lived there? Issues regarding loud neighborhood, high humidity levels, or fluctuating temperatures can’t be spotted during a quick visit. But these are some of the recurring complaints that tenants can have about your buy-to-let. To avoid further risks, it can be a good idea for property owners to rely on a monitoring solution such as Minut that can record humidity, temperature, and noise levels. You can create notification alerts that keep you informed about sudden changes. For instance, if the people who live one floor above cause high noise pollution that can disrupt your tenants, you can use the noise level recordings to sort out the situation before it affects the lease agreement.
They spend time on decoration
Improving the interior mood of your buy-to-let can make it more appealing to tenants. While it might be tempting to pick cheap options for the property, you need to consider the long-term impacts of your choices. A quality paint job, for instance, can go a long way in keeping the interior clean and elegant. Additionally, you should also pay close attention to color arrangements, quality fittings, and furniture. You want to love your home interior, and so do your tenants.
They treat their tenants fairly
Your relationship with your tenants should be a mutually beneficial one. You provide a homely space for your tenants, and they pay the rent. However, when the relationship is imbalanced, everybody loses. In the current pandemic situation, for instance, property owners who are going above and beyond to protect their tenants are more likely to maintain the beneficial relationship in the long term.
As a property owner, your investment property is more than an income-generating strategy. It is a home to your tenants. As a result, creating the home for your tenants and the place where they feel safe and respected is detrimental to your rental profits.