Sep 17, 2019
Are you a Landlord? If so, did you know that being a Landlord and owning Rental Properties is a business? If not - that's the problem I discuss in this episode of the [... and Landlord!] Rental Real Estate Investing Podcast.
You see, there are a lot of Landlords out there who SUCK at being a Landlord - often because they fail to treat their Rental Properties like a business. Your Rental Properties are both your product and your service, and your tenants are your customers. But this is one business in which the customer is certainly not always right (although I'd argue that may also be true of ALL businesses).
Landlords tend to have a bad reputation. This goes back hundreds of years, and in many cases, this reputation is well deserved. Much of the Landlord / Tenants Laws that exist throughout the world came into being to protect Tenants from abusive, dishonest and unethical Landlords. And in many cases, that pendulum has swung so far in the Tenant's favor, that well meaning Landlords cannot make a profitable endeavor out of owning Rental Properties in such locations.
Thankfully, that is not the case everywhere. Most places managed to strike a reasonably fare balance between the rights of the Landlord and those of the Tenant - as BOTH do have rights. But this does not relieve a Landlord of the responsibility to uphold certain standards. To know the law and uphold it in all dealings with Tenants, as well as, to maintain professional handling of all matters, communication, and on.
We as Landlords don't want to be doing anything TODAY, that further damages our reputation - that bad reputation obtained from past wrongdoing by others in our name. This stigma on the name "Landlord" is one of the reasons many have taken to calling themselves "Property Managers", which is something I'll speak more on in next week's Episode #27 - "Are You The Owner? No, I'm The Property Manager."
So in this episode of the... and Landlord Podcast, I speak about being a Professional Landlord running a Rental Property BUSINESS - and I go into some of the tools that I use to this end.
Businesses have documented policies, repeatable procedures, leveraged systems, tools, and a general consistency of professional high-level operation - from day to day; week to week; month to month and year to year... Always improving at each step along the way. This is exactly what the Landlord and Rental Property profession needs - to be operated as a business!