It’s A Landlord’s Business

When it comes to starting a business, many people think they need to wait for a big idea. But, while there’s no denying the ‘lightbulb moment’ has led to many a business, this is by no means essential. In truth, people build businesses with all manner of origins, and not all of them have to be unique or original.

landlord business
Shutterstock Licensed Photo – By beeboys

Take, for instance, property investment. There can’t exactly be a ‘big idea’ here. People have been buying and selling houses for decades. But, that doesn’t negate the fact that property can make you money, either through sales or rentals. And, you don’t need anything more than money to get started.

But, that’s not to say this is an easy mission. Selling houses can be difficult at times. And, renting them out is even harder. Yet, many of us make the mistake of thinking that being a landlord is an easy job. Some even consider it a route for passive income. In truth, though, success relies on your treating this as a business. With that in mind, you could say your tenants are clients. And, so, you need to treat them as such. To help you do that, we’re going to look at how you can apply basic customer service principles to your rental enterprise.

Care about your product

This sentiment starts from the very moment you buy your property. If you were producing a product, you wouldn’t purchase substandard materials. So, don’t make that mistake here. Take time to find a suitable property. Even when you do find the right house, you should invest in a home inspection to ensure there are no underlying issues. You should also update things like appliances and decor. In short; the better condition the house is in, the better position you’ll be in moving forward.

Practice prompt response times

A shocking number of landlords take a long time to get back to tenants. Yet, in any other business setting, you’d deal with a complaint as soon as possible. After all, failure to do so could lead to lost custom. And, the same thing can be said for your rental efforts. Don’t think that, just because they live in your house, your tenants are at your mercy. They have the money, and they’ll take it elsewhere if you aren’t careful. As such, aim to respond to any contact within no longer than a few hours.

Follow up your sale

In business, it’s typical to follow up sales with either an email or a text message. This is a simple way to show customers you care, and also to keep your services fresh in their mind. Doing this with tenants is a little different, as the sale is ongoing. But, you can still apply this by making an effort to pop by for regular property inspections. Aside from allowing you to check the property condition, this is a fantastic way to keep yourself present and available. And, that’ll go further than you know towards keeping tenants happy.