Landlords and property managers, like many business owners, seize upon the New Year’s tradition of establishing resolutions based on lessons learned from both the positive and negative experiences of the previous year that impacted their business’s growth. They plan and implement new strategies for the year ahead to fix mistakes and accelerate tactics that achieved their specific short- and long-term growth goals.
In the early days and weeks of 2019, landlords and PMs should make the additional effort to recognize the commitment required to take risks when establishing new strategies for cultivating growth. To achieve success, you need to be willing to take a risk and see it through to calculate the outcome of your decisions, which is the only way you’re going to recognize what works and what doesn’t to guide yourself and your investment on the right course.
Resist succumbing to the fear that a new approach might fail, a common response that can make it easy to hastily rationalize walking away from a great idea. Fear can undermine your opportunities for achieving your investment goals. If you make a decision that doesn’t go as planned, take advantage of the lesson learned and consider it a valuable indicator of which direction to head.
Investors and businesses who don’t take risks will never benefit from the value that learning from their mistakes provide when it comes to understanding what works and what doesn’t. This is how profitable strategies that lead you and your investment in the right direction translate into skills mastered and goals achieved.
With eyes wide open and a commitment to take risks in order to cultivate growth, check out these five New Year’s resolutions that every landlord and property manager should make for 2019:
Out with the paperwork, in with the digital
Landlords and property managers can eliminate piles of paperwork by utilizing the robust technology designed specifically for rental property management. Manage your accounting, keep track of regulatory updates, and offer superior tenant services by doing things digitally.
Today’s digital property management tools can save you money, especially by helping to greatly reduce or eliminate the human error factor that is unavoidable under manual systems.
Dealing with rent and other tenant payments as well as payables on a regular basis calls for accurate organization of your income and expenses if you’re going to achieve your financial goals. Start by carefully reviewing your financial history from 2018 to calculate and compare revenue against spending and use the information to plan a budget for 2019 with your financial expectations and objectives in mind.
Communicate with your tenants
Communicating routinely and effectively with tenants, and providing them with the opportunity to do likewise, is the crux of establishing a cooperative environment. Inadequate communications can lead to misunderstandings, which will snowball into problems and time wasted explaining policies and instructions. Make an effort to reach out to tenants on a regular basis to make sure they’re satisfied with conditions on the property, and ask if they have any suggestions to improve their rental experience. Happy tenants stay long-term, reducing vacancies and making your life easier.
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.
Never put off for tomorrow what needs to be done today
Resolving maintenance issues at your convenience does not make for good tenant-landlord relations, and it could cost you more in the long run. By attending to problems and fixing any damage as soon as they arise you’ll avoid the potential of more extensive damage occurring if a problem is left unattended for even a short period of time. Additionally, satisfied tenants will be motivated to leave positive feedback on your website, while the opposite is likely to occur if maintenance issues are not swiftly addressed. Negative feedback can prevent you from attracting new high-quality tenants when vacancies become available.
Don’t wait for tenants to complain about a problem. Instead, establish a maintenance schedule with a reputable service professional to make routine checks on common areas, washers and dryers, and other areas that tenants depend on for day-to-day convenience. Some issues can create a safety risk as well⸺ better to catch a problem early than to deal with the expense and inconvenience of a problem that could have been avoided.
Stay on top of property management trends
Trends in the rental market are ever-changing, and it makes sense to keep up with them especially if your competition is steep. Trends to follow include those that tell you what your target audiences are looking for in a rental, the latest property management technology available and property values in your area. Buy arming yourself with the latest trend data routinely throughout the year can reinforce your ability to achieve the best return on investment. Property managers who stay on top of trends are going to experience better results developing and growing their businesses.
Start by subscribing to property management-related publications and blogs. Social media sites like LinkedIn have property management groups that you can connect with to receive information updates on a variety of relevant topics. Utilize the trend information you receive to make decisions and incorporate changes that will help your business grow and establish your reputation as a smart and attentive landlord based on issues pertinent to the property management industry. It can also help you predict future trends to plan on implementing to grow your income and prevent losing tenants to your competitors.
RentVest Property Management offers customer-centric property management services to property owners in Atlanta, Dallas, Denver, Hawaii, Houston, Las Vegas, Phoenix, Portland, Tucson, Reno, San Antonio, and Vancouver. To learn more about our full-service property management benefits, visit the RentVest Property management website.