New Years Resolutions For Landlords
The new year is only a few days old and many of us are making resolutions to break bad habits or resolve an issue that we may have let linger in the previous year. If you own rental property the beginning of a new year is a great time to start fresh. Here are a few things to review and resolve to do better:
- Keep Better Records - January is the perfect time to revamp your record keeping. You should be keeping records of maintenance issues, capital improvements, tenant concerns and - perhaps most important - tenant payments. When a problem arises, these records will serve you well.
- Setup Regular Inspections- Many landlords take a break/fix approach when it comes to rental property. This can end up costing way more in delayed maintenance and unreported problems. Make sure that you have someone putting eyes on your rental property at least once every six months, perhaps once a quarter, to perform routine maintenance and address tenant concerns. You’ll keep costs down and have happier tenants. Routine inspections will also keep you aware of what’s going on in the property and will clue you in on potential lease violations.
- Get a Better Lease - If you’re using a lease you put together yourself or maybe something you “found on the Internet” chances are your lease is woefully out of date and inadequate to protect your interests. You can read about the dangers of a DIY lease and check your lease to see if it has these 10 key provisions. If your lease needs some revisions, I can help you create a custom lease that is up to date with current laws and protects your interest.
- Treat Your Rental Property Like A Business- Renting property is serious business and should be run like one. Most of us wouldn’t tolerate an employee who regularly showed up late and didn’t follow the rules. The new year is a good time to revisit the rules with your tenants. If you’ve let your tenants slide on making timely payments or haven’t been regularly enforcing late fees or other lease provisions, now’s the time to get back on track.
The above list is just a starting point for landlords looking to get things on the right track for the new year. If you need some help with any of the above or some of your own resolutions please contact my office and we’re happy to help you check a few items off your resolutions list.