The Letting Ecosystem Explained

1. The Letting Ecosystem Explained Here at Domino Estates, we often refer to the relationship between landlords, tenants and letting agents as an ecosystem. Not only do we believe the 'ecosystem' term to be more accurate but we also believe that employing the ecosystem model is a better way to handle rental property. In this post, we will explain how the ecosystem model works and why it's so beneficial to everyone involved. The place to start is defining what an ecosystem is. In biology, an ecosystem is a group of living organisms that work together in conjunction with non-living resources to create a complete, interdependent system of survival. An ecosystem in a business setting is very similar. It consists of a number of partners that all work together with the resources they have to create an environment in which all parties thrive. The letting ecosystem involves three 'living organisms', so to speak: 1. Property owner 2. Letting agent 3. Tenant. There are some cases in which property owners and tenants work together without the services of a letting agent. That's fine. However, a scenario in which letting agents are involved is one in which all three stakeholders rely on one another for success. Consider this:

2. •the property owner relies on the tenant to pay rent and maintain the space, and the letting agent to manage the property; •the letting agent relies on the tenant to meet the obligations of the rental agreement, and the property owner to supply the resources needed to maintain and manage the property; and •the tenant relies on both the property owner and the letting agent to properly manage the property to a satisfactory standard. If anyone stakeholder in this ecosystem does not meet his or her obligations, problems begin to emerge. Failing to address those problems quickly can lead to the total collapse of the ecosystem. No one wants that. Why the Ecosystem Model Works Domino Estates employs the ecosystem model because we know it works. Approaching rental property from the ecosystem mindset makes it clear to all stakeholders that they have a role to play in the success of the business relationship. It also puts all three ecosystem members on the same relative footing. If they all depend on one another, no single stakeholder possesses a superior position. In the absence of the ecosystem model, landlords and tenants are left with the parent-child model. In this model, the landlord is the parent and the tenant is the child. The letting agent acts as the counsellor who tries to settle disputes between the two. This is no way to rent property, as either landlord or tenant. If you would like to learn more about the rental property ecosystem, please feel free to contact Domino Estates at any time. We are property experts in Glasgow, dealing in both commercial and residential properties for sale, rent, or as investments. We can help you make the most of your property goals in Scotland's most dynamic and exciting city.