The start of a new year is an ideal time for taking stock of how things are going and setting landlord New Year resolutions goals for the year ahead. Landlords can participate in New Year’s resolutions goal setting and reap both procedural and financial benefits for their business.
The following are seven New Year resolutions landlords should consider setting:
1. Targeted Updates
Properties that are kept updated have a fresh, appealing look that draws in quality renters. With more interested applicants, landlords will have a larger pool from which to choose the best candidates. Simple upgrades like fresh paint, new plumbing features and quality landscaping can give properties more appeal.
2. Better Time Management
Landlords who don’t use limits, structure and parameters in their procedures may find themselves feeling like they are being a landlord 24/7. New Year resolutions landlords should commit to are having better time management in the year ahead by prioritizing tasks as well as setting boundaries on tenant access.
3. More Preventive Maintenance
Property maintenance can help to prevent costly repairs down the road. For this New Year resolution landlords should ensure that things like HVAC system tune ups, plumbing checks and roof inspections are done every year.
4. Improved Communication with Renters
Renters who feel respected and treated well are more likely to pay their rent on time and stay on as long-term tenants. A concise lease along with professional, friendly communication can help cultivate positive landlord-tenant relations.
5. Check Neighborhood Stats
Landlords should also take the time to evaluate rental prices for similar properties in their area to determine if they are currently charging a fair rental rate. An optimal rent amount is one of the keys to success as a landlord.
6. Revisit Landlord-Tenant Laws
Another New Year’s resolution that landlords should consider is to periodically brush up on national landlord-tenant laws as well as rules for their specific state and local jurisdiction. The lease and policies should be adjusted accordingly to stay in compliance.
7. Make a Commitment to Tenant Screening
One of the best ways to get quality renters is to screen every applicant that’s being seriously considered. Professional tenant screening and background checks can determine credit history and check court records to see if an applicant has a criminal past.
The new year is the ideal time for taking stock and setting goals for the upcoming months. Landlords should consider these seven New Year resolutions for landlords to set the stage for increased success and prosperity in the year ahead.