A new year brings new opportunities. Those of us who make New Year’s resolutions tend to focus on personal goals, but professional goals are just as important, and that includes New Year’s resolutions for landlords.
For rental property owners, that means a chance to reflect, to do things better, and to improve your business. As we head into 2023, these are the top New Year’s resolutions for landlords.
Top 6 New Year’s Resolutions for Landlords
- Take your advertising to a new level
Advertising is one of the most challenging aspects of being a landlord, but it’s also a real opportunity for many property owners to level up. Take some time in the new year to strategize about how you can better reach potential tenants and fill more units. There are a lot of ways to do that, from crafting better listings to investing in virtual tours of your property. It’s also important to use all the platforms available to you, from social media and online real estate sites to good old-fashioned classified ads.
- Commit to preventative maintenance
If there’s one thing a landlord can’t avoid, it’s maintenance. There may not be a way to totally steer clear of maintenance, but there is a way to go about it better. Dealing with preventative maintenance in advance can help you avoid having to scramble to keep up with repairs later on, so start your year by making a complete preventative maintenance schedule for 2023.
- Make your property feel like a community
Renters tend to stay in the same place longer if they feel like they’re part of a community. If you own a rental property that has multiple units, helping the tenants feel more connected is a great way to reduce tenant turnover and maintain a happy and healthy ecosystem. And it doesn’t take a huge investment of time or money to do so! Hosting community events like movie nights or an annual picnic can help your tenants feel more invested. Simple upgrades like a children’s play area or a pet area can also help.
- Up your communications game
Effective and clear communication between landlords and tenants is crucial for a healthy landlord-tenant relationship. Communicating with tenants is a great area to make improvements in the new year but it’s also important to remember that communication is a two-way street. Provide a clear path for tenants to get in touch with you and respond to requests as promptly as possible.
- Take advantage of technology
2023 might just be the year you bring your rental property into the future. New technology can be both challenging and intimidating, but it can also improve your business and make it more competitive. Signing leases and submitting applications can all be done digitally these days, and as younger renters continue to enter the marketplace, more and more of them expect and prefer to do these things online. Online rent payment systems in particular have proven to be a game changer for landlords in recent years.
6. Hire a property manager
If one of your goals for 2023 is to make your life easier or to move your rental income to a more passive business, then we recommend hiring a property manager. Professional property managers handle an amazing range of responsibilities, from advertising your property and screening tenants to collecting rent and handling maintenance and repairs. In essence, they do pretty much everything in all the other resolutions on this list.
Contact us today to learn more about improving your property rental business in 2023. Our experts are excited to talk more about how professional property management can take the worry and stress out of being a landlord.