How to Keep Your Emotions in Check when Renting Your home

Feb 5, 2021Blog

Homes hold many memories and, subsequently, a lot of sentimentality. So, when you decide to rent out your home, the see-sawing emotions are perfectly understandable. But as any successful entrepreneur would tell you, emotions should have no impact on business decisions. So, if you are intending on dive into the investment property market, you may benefit from these tips on how to keep your emotions in check when renting your home.

Focus on the House as a Product not as a Sentimental Asset

Let’s start with the language you are using. The word ‘home’ holds a lot of emotional subtext. So, from the moment you decide to rent it, start referring to it as a ‘house’. It is a subtle change, but it can be a powerful one.

Make a Plan and Establish Your Goals

Your successful transition into the investment property market requires a clear understanding of your goals, and it definitely requires a plan. But, remember your goals also need to be realistic. Your emotions may impair your ability to see your property’s flaws, and thus they may inflate your expectations.

To help you get through the goal-setting process, we recommend you enlist the help of an unbiased third party. This may be your accountant, mortgage broker, or anyone else who can help you navigate and weigh the risks and expectations. And, yes, a property agent may help here as well.

Once your expectations are set, you can make a plan. A step-by-step list of tasks will help further your detachment as the process suddenly becomes clinical.

Prepare the House for Tenants not for your Ideals

Remember, your ideal family home (or house) is not necessarily the same as the tenants. For example, a lovely statement garden may seem welcoming to you, but to a renter, they will see the hours of maintenance when property inspection time comes around. So, keep the home as low maintenance, as possible.

Create a House the Tenants would be Proud of

There is a difference between low maintenance and detached. You want your house to have a certain appeal, to lure the right prospective tenant. But you also want it to be easy to maintain so that the tenants are encouraged to have some pride in their new home. To use the garden example again, an appealing, low-maintenance garden will have some established trees (but not too many) and possibly a small easy-to-maintain front garden.

Find the Right Agent

Finding an agent who understands your emotional needs, especially if you are a first-time property investor, is tricky. Fortunately, our team at Coral Tree Property takes a proactive approach to property management.

Our owner, Pam Baum, personally screens the tenants and does the initial inspections. She will then sit with the prospective landlords to discuss expectations. Pam also meets all the tenants herself to ensure both the landlord and tenants are happy with the property.

Take your Time

The adage of ‘sleep on it’ is especially true when diving into the investment property pool. Each of these decisions carry risks and rushing them can cost you time and money.

At Coral Tree Property, we care about our landlords and tenants like they are our own family. We love working with people to find the best property solutions for them and take pride in placing that perfect match. To experience this difference for yourself, contact us today.

Key Takeaways for Landlords

  • Separate emotions from business;
  • Set realistic expectations;
  • If necessary, enlist the help of an unbiased third-party;
  • Prepare your house for the tenant, not you;
  • But, ensure it is still a home you’d be proud to come to;
  • Find an agent who is willing to match the right tenant to your property.

Key Takeaways for Tenants

Most of this content is aimed at helping landlords. But there are still some learnings for tenants:

  • Not all rental properties are owned by unattached landlords;
  • You can ease the landlord’s anxiety by treating the property like you a home;
  • Take pride in the property by doing the little things like maintaining established gardens;
  • Find the right agent who cares enough to match you to the ideal property perfectly.

Contact Coral Tree Property