Turning a house you’ve lived in into a rental property can be an emotional and challenging ordeal for many property owners. That home is probably the biggest investment you ever made and you love your house. Maybe your kids grew up there and you have memories there – it’s important to you. But when your life changes and you turn your house into a rental property, your outlook has to change too. The property becomes a business, not something you care for yourself. This requires you to switch the way you look at it.
Customer Service Focus
This property is now a business, and in any business, customer service is the most important thing that you’ll have to provide. A lot of the customer service opportunities will be through repairs. Tenants will contact us to have something fixed, and we have to provide good service to keep that tenant happy. Happy tenants make everything a lot easier. You want them to renew their lease and take care of your house.
Make Responsive Repairs
A good example is on a regular week day; the water heater might break. Your tenant has no hot water in the house. That’s a large expense, probably over $1,000, to replace the water heater. You might want to spend some time looking for multiple estimates. If you take too long finding the best deal, you’re not providing a good customer experience to your tenant. Taking too much time just to save $100 means you’re extending the amount of time that your tenant is without hot water. It has to be more important that your tenant has hot water. This is a customer service opportunity.
Smaller expenses come along and catch you off guard, but it’s worth it for you to make minor repairs to keep your tenants happy. A $200 faucet should be taken care of immediately. Some things might lean towards cosmetic; if there’s a ding in the door before a customer moves in, fix it. Make the repairs because it’s more important to provide good customer service than to worry about the minor costs that come with being a landlord.
If you have any questions about maintenance or turning your home into a rental property, please contact us at McGrath Real Estate.