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How to Prepare for the New Year as a Landlord

05 Jan

How to Prepare for the New Year as a Landlord

The New Year is almost here, which means it’s time for new goals, new growth, and new habits. As a landlord, you likely have many ideas about maximizing your business over the next twelve months. It’s essential to make clear goals and consider the steps it takes to accomplish them. 

This blog discusses how landlords should prepare for the New Year. Continue reading to discover what you should consider as the New Year approaches. 

1 | Spruce Up Your Leasing Agreements 

Prepare for the New Year by refreshing your leasing agreements. Even if you think your current documents are adequate, this is a perfect time to review them and make minor improvements. Overall, you want to ensure your leasing agreements have the following: 

  • Language that is easy to understand 
  • Legally-sound agreements and requirements 
  • All the essential terms are covered, including what the landlord and the tenant are responsible for 
  • Updated terms and agreements based on current laws 

2 | Stay on Top of Maintenance Requests 

Staying on top of maintenance requests strengthens the trust and respect between the tenant and landlord and promotes a good reputation as a landlord in the community. Furthermore, it is critical to address maintenance requests promptly to avoid risky situations and health concerns. Even if the timing is inconvenient, you’ll later thank yourself for preventing health and safety hazards that could have developed from not promptly taking care of the request. 

To establish the most trust with your tenant, aim to fix reported maintenance issues within 24 hours. Now, this isn’t always possible. But at the very least, you should communicate with your tenant within 24 hours and discuss your plan and timeline for addressing the request. 

3 | Check In with Your Contractors and Employees 

Most landlords don’t merely have tenants to consider. There are contractors and employees to think about as well. Prepare for the New Year by checking in with your contractors, employees, and other individuals or companies that make your land-lording possible. 

The New Year is an excellent time to get feedback from the people you work with. It’s also a perfect opportunity to update any policies or incentives that help your business run smoothly and successfully. 

4 | Consider All Your Current Tenants 

Welcome the New Year by considering your current tenants. If you have problematic tenants, it’s wise to think about how to address the issues at hand. Is it time to free yourself of these bad tenants? Or are there actions you can take to improve your relationship with them? 

On the other hand, think about what makes your star tenants so enjoyable to rent to. Consider what lead you to these tenants and apply the same principles to your future applicants. 

Furthermore, if you have not yet established regular property check-ins, the New Year is the perfect time to do so. Ideally, you’ll want to discuss a good time to visit your properties based on your and your tenant’s schedule. Some landlords prefer quarterly check-ins, while others like to stop in twice a year or annually. Your role in the check-ins may partially be to ensure your property is well taken care of. However, making this obvious to your tenants may cause them to feel judged or pressured. While you surely want them to care appropriately for your property, sometimes life happens. 

You should inspect the home and note the level of care your tenants are applying to the property. But, it is just as important to make it known that you want your tenants to be happy, healthy, and comfortable in the space. Approach the check-in in this way to encourage your tenants to give you the same respect in caring for your property. 

5 | Work Smarter, Not Harder 

Prepare for the New Year by assessing what essential parts of your role as a landlord can be improved, saving you time, energy, and money. Consider the more significant tasks, like applications, background checks, rent payments, and more. Is there a better way to streamline these tedious processes? 

In the modern world, there are so many different websites, apps, and other aids that make necessary tasks easier than ever before. Do some research to discover how you can work smarter and not harder as a landlord. 

6 | Take Care of Your Personal Needs 

Finally, don’t forget to take care of your personal needs as a human, not only as a landlord. Research has proven time and time again that when we address our unique needs, like sleep, healthy diet, and exercise, we perform better at our jobs. Not to mention, we enjoy life and our career more than if we neglect ourselves. 

So, celebrate the end of a successful year and the start of a fresh one by spending some time with your loved ones, getting better sleep, and enjoying the holiday festivities around you. 



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