They market, sell and invest - just like any other business. So why is it that we don't consider landlords small business owners?
When it comes to running a business, success and failure can often be attributed to a few fundamental factors. And when it boils down to it, profit is often the benchmark.
And whilst profit is also the end goal for many of the UK's 1.75 million landlords, that's not the only thing that landlords have in common with the self-employed.
From marketing to staying legal, property investors and business owners face many of the same hurdles.
And the way landlords tackle these obstacles prove they may be more akin to business owners than we think.
From the digitally-savvy startup to the tradesman swamped by word-of-mouth referrals, bringing in new custom is of utmost importance, no matter how it's achieved.
And it's no different for landlords. Just as any business would struggle without adequate marketing efforts, landlords who fail to advertise their property sufficiently will struggle to find tenants.
Tried and trusted listing sites like Zoopla and Rightmove are vitally important when it comes to advertising property. But like small businesses, landlords are now also using social media to fill their properties, and word-of-mouth referrals are crucial too.
An empty property doesn't make investors any money, and it inevitably costs more to acquire a new tenant than it does to renew the tenancy of an existing one.
And the same is true with small businesses. Making a new customer aware of your brand can be costly, be this through cost-per-click advertising, events or listing sites.
However, an existing customer is already aware of your brand, and - hopefully - a fan of your services.
Many landlords go the extra mile to ensure their tenants are happy - allowing them to decorate, making improvements to their fixtures and fittings etc - increasing the chance that they'll remain in the property for another rental period.
Both business owners and landlords have a tough time here, with a never-ending bundle of red tape and legislation often blocking progress.
And landlords have had an especially rough 2016, with a raft of changes. But buy-to-let investors are a clever bunch - it's estimated that over 75 per cent of borrowing for buy-to-let properties will be through limited companies next year to avoid punishing taxes.
Aside from keeping up to date with tax changes, landlords also need to consider insurance, legal obligations and legislation revisions. Sound familiar? Those in business will know more than most the challenges that this can bring.
If it's not your employees, it might be knowing the right suppliers, manufacturers or even bona-fide subcontractors.
And while we might often think of landlords as individuals or couples, their wider support network is crucial to prosperity. Managing and letting agents play an important role, while knowing proven, reliable contractors is essential in a sector that sees billions of pounds of property damage each year.
Consumers - whether they're buying a product, seeking a service or looking for their next rental accommodation - will always be after the best price.
Raising rent enough to maximise profits, but not too much to push tenants elsewhere, is a tricky one. However, landlords seem to get it spot on in the most part, raising rent most years whilst managing to fill vacant properties.
When it comes to running a business, success and failure can often be attributed to a few fundamental factors. And when it boils down to it, profit is often the benchmark.
And whilst profit is also the end goal for many of the UK's 1.75 million landlords, that's not the only thing that landlords have in common with the self-employed.
From marketing to staying legal, property investors and business owners face many of the same hurdles.
And the way landlords tackle these obstacles prove they may be more akin to business owners than we think.
1. Marketing
Marketing is essential for small business owners, and it comes in many forms.From the digitally-savvy startup to the tradesman swamped by word-of-mouth referrals, bringing in new custom is of utmost importance, no matter how it's achieved.
And it's no different for landlords. Just as any business would struggle without adequate marketing efforts, landlords who fail to advertise their property sufficiently will struggle to find tenants.
Tried and trusted listing sites like Zoopla and Rightmove are vitally important when it comes to advertising property. But like small businesses, landlords are now also using social media to fill their properties, and word-of-mouth referrals are crucial too.
2. Customer experience
Repeat custom is vital for small business success, and the same can be said for landlords.An empty property doesn't make investors any money, and it inevitably costs more to acquire a new tenant than it does to renew the tenancy of an existing one.
And the same is true with small businesses. Making a new customer aware of your brand can be costly, be this through cost-per-click advertising, events or listing sites.
However, an existing customer is already aware of your brand, and - hopefully - a fan of your services.
Many landlords go the extra mile to ensure their tenants are happy - allowing them to decorate, making improvements to their fixtures and fittings etc - increasing the chance that they'll remain in the property for another rental period.
3. Legalities
Staying legal - whether that means paying the right taxes or knowing your employer obligations - is a must.Both business owners and landlords have a tough time here, with a never-ending bundle of red tape and legislation often blocking progress.
And landlords have had an especially rough 2016, with a raft of changes. But buy-to-let investors are a clever bunch - it's estimated that over 75 per cent of borrowing for buy-to-let properties will be through limited companies next year to avoid punishing taxes.
Aside from keeping up to date with tax changes, landlords also need to consider insurance, legal obligations and legislation revisions. Sound familiar? Those in business will know more than most the challenges that this can bring.
4. Getting the right team in place
Whether you're a sole trader or a business with employees, having the right team around you is vital to success.If it's not your employees, it might be knowing the right suppliers, manufacturers or even bona-fide subcontractors.
And while we might often think of landlords as individuals or couples, their wider support network is crucial to prosperity. Managing and letting agents play an important role, while knowing proven, reliable contractors is essential in a sector that sees billions of pounds of property damage each year.
5. Optimising pricing
Optimising your prices can be tricky, especially as many markets are in a mad rush to the bottom.Consumers - whether they're buying a product, seeking a service or looking for their next rental accommodation - will always be after the best price.
Raising rent enough to maximise profits, but not too much to push tenants elsewhere, is a tricky one. However, landlords seem to get it spot on in the most part, raising rent most years whilst managing to fill vacant properties.
