The new year is the perfect time to make resolutions and turn them into specific long-term goals. Landlords and property managers tend to set New Year’s resolutions to grow their business and implement new strategies. But the property management world requires commitment and clear priorities set prior to taking actions.
With that in mind, we’ve collected six resolutions landlords should make for the year ahead:
1. Plan and organize your budget
Being in control of your finances means having your business in order. If you’re regularly dealing with rent and other payments, you’re more likely to suffer from financial headaches. Learning how to accurately organize your income and expenses will contribute to your career and financial stability, while preventing money loss in the long run. To get started, analyze your financial history for the previous year. Calculate your spending and annual revenue to determine how much you could have saved. These are crucial steps in planning a budget for the upcoming year. Organize your budget in accordance with your financial expectations and goals. Keep in mind Benjamin Franklin’s words that “If you fail to plan, you plan to fail,” and begin planning your 2019 budget right away.
2. Less paperwork, more digital
In the digital world, creating less paperwork can boost your productivity and contribute to business success. It will also free up time and reduce negative impacts on the environment. Cutting down on paperwork means taking advantage of digital solutions—for instance, receiving online rent payments instead of paper checks and/or keeping track of the accounting right in the property management software profile instead of writing down each transaction in notebooks and planners.
3. More communication with tenants
Effective and clear communication is the key to successful cooperation between landlords and tenants. Most landlords reach out to their renters once a month when it comes to rent payments or late payment fees. Remember that poor communication leads to misunderstandings. As a result, you’ll spend even more time on explanations and additional instructions. Try to regularly communicate with your tenants to be sure they are satisfied with their living conditions and current rental price.
4. Resolving maintenance issues instantly
Even if your mode of operation has been to solve maintenance issues at a time convenient for you, consider a new method—try your best to fix any damages immediately. You’ll be surprised how much time you save. In addition, happy tenants are likely to give positive feedback and references that might be helpful in attracting prospective renters. Rather than wait for tenants to complain about a broken washing machine or a leaky bathtub, get in touch with your service professional and assign a maintenance request to them. Keep in mind that maintenance problem-solving is critical and important for both landlords and tenants.
5. Keeping up with the latest property management trends
Rental market trends change every year, and some can be pretty surprising. As a landlord, you’ll probably want to be on top of these changes. Following trends with regard to home values and your target audience can strengthen your professional confidence and help you to achieve the best possible results in developing your property management business. Subscribe to email publications related to the property management and real estate spheres, and check out blog posts and newsletters you might have previously ignored. It won’t take much time to skim an article or a piece of news, and the information may come in handy. A win-win, right? However, being aware of trends isn’t enough. You need to run a competitive business and establish a good landlord reputation based on what is relevant to the property management industry at this moment, especially when it comes to property management software systems and solutions to optimize your work. Additionally, making predictions about what the future holds for the landlording business will help you to grow your income and prevent you from losing great tenants.
6. Smart consumption tendencies
No matter what 2019 has in store, you should never neglect the environment, as global environmental issues concern every business, including property management. You may not understand what environmental problems and property management have in common, but if you make it a priority while taking care of your rental properties, you’ll soon see the benefits it can bring. Another idea is to encourage your tenants to sort their waste and use eco-friendly products to stop plastic pollution. Being environmentally friendly is a great New Year’s resolution both for landlords and renters.
What are your New Year’s resolutions? Share your thoughts by leaving a comment below. :)