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Importance of tenants for property landlords

May 28, 2009 in Property management by Kez

I have mentioned in another article how easy it is to be successful in property. If we break it all down, it boils down to 2 main factors; 1.  knowledge and 2. having the drive to be able to put the knowledge into practice to achieve the rewards. We are not talking rocket science here, but just the application of the right knowledge correctly with determination and drive. If you can do that, then the system of property investment becomes pretty straight forward.

In the case of buy to let property investment, a straight forward system in a nutshell means buying the right property at the right price and renting it to the right tenant. Here I want to mention the importance of looking after your tenants, as the tenant who occupies your property is the single most important relationship that you will have to develop a successful buy to let property investment system. It is the tenant who forms the cogs of the wheel.

When you go and buy an investment property, you can borrow hundreds of thousands of pounds to acquire a deal and it is our tenant who is actually going to pay that money back, not you, not your mortgage broker, not your solicitor or any one else for that matter. You tenant is the one person who will give you money, no one else will. Your tenants are your clients and they are ones who deserve the most respect out of anyone else you deal with. The rental properties that you buy are their homes. Tenants are great people who give you money month after month so you can keep the bank happy by repaying your buy to let mortgage. Aren’t they good? Yes indeed so give them respect for what they do for you. If they are not there, then your buy to let system isn’t going to work. It is your tenants responsible for your success so respect them as much as you can.

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