UK Business Property

Being a landlord should be treated as running a business.

Investment property buyers are renting out their buildings to people in order to make a tidy return, but have been warned that this is not necessarily an easy route to go down.

David Lawrenson, private rented sector expert at LettingFocus.com, said when it comes to taking on new tenants, paying close attention to the details is essential.

He advised investment property buyers that once they rent their homes, they effectively become a business and should treat tenants as customers.

"If you don't treat tenants like your customers, then they will soon leave and you will have to then be in the business of having to recruit new ones, which takes time and money," Mr Lawrenson stated.

The expert added that in an ideal world for landlords, tenants would remain in place for a long time, so offering a professional service is a must.

Earlier this week, mydeposits revealed that there was a 15 per cent increase in deposit protections in August, compared with the same month last year.

Posted by Suzannah Taylor