2023 is the perfect time for landlords to make a resolution to improve their rental business and property portfolio. After all, a new year is always a great opportunity for reflection and improvement! Here are nine New Year’s resolutions landlords should consider as they look ahead to 2023:
1. Be proactive with tenant maintenance requests.
Landlords should start to build a preventative maintenance schedule for their properties in 2023, and make sure all outstanding repairs are dealt with quickly and efficiently. This is an important part of being a responsible landlord and can help landlords keep tenants content while avoiding costly and time-consuming disputes in the future.
2. Keep up to date with legal requirements.
The law surrounding landlords and tenants is constantly changing, so landlords should ensure they are up to date with the latest regulations for their area in 2023. Landlords may want to consult with a qualified professional who understands the laws that landlords must abide by, ensuring compliance before any issues arise from non-compliance.
3. Make sure your rental property is secure.
Landlords should make sure that their rental properties are up to standard in terms of security. Check locks, install an alarm system if possible, and make sure there are no potential entry points into the property that could be exploited by thieves or vandals.
4. Improve tenant communication.
Communication between landlords and tenants is key to a successful tenancy. Make sure you provide clear information on issues like rent payments, maintenance requests, and other important topics so that tenants can understand what is expected of them during the course of the tenancy agreement.
5. Stay organized and on top of paperwork.
Make sure all documents relating to landlords’ rental agreements, such as leases, inventories, and rental agreements are stored securely and in an organized fashion. This will help landlords stay on top of their paperwork, ensuring that everything is up to date and filed correctly for any future reference.
6. Take advantage of new technology.
New technologies can simplify landlords’ lives significantly and landlords should take advantage of them where possible. For example, landlords can make use of online payments systems to ensure rent is paid on time and reduce the need for difficult conversations with tenants about late or missed payments; or consider using apps or websites to manage their property portfolio more effectively, providing landlords with a wealth of information at their fingertips.
7. Invest in upgrades.
Another important resolution landlords can make is to invest in upgrades and maintenance of their rental properties. This includes everything from simple fixes like painting and landscaping to more significant repairs like replacing an aging HVAC system or installing new windows.
8. Develop a solid financial plan.
Every landlord should have a solid financial plan in place. This includes setting up an emergency fund and budgeting for unexpected expenses such as major repairs and tenant turnover costs.
Another important consideration is future real estate investments. Building up a rental portfolio has allowed you to create a financial foundation that can kick-start new property investments, so it’s a good idea to start looking into new investment opportunities.
Even if you’re not ready to invest in 2023, you can make a plan for investments in 2024 by analyzing the market trends. You can also search for homes for sale across the United States here to gauge the pricing brackets in the US market, for example, and start creating a plan to apply for real estate loans and expand your portfolio in the near future.
9. Focus on long-term relationships with tenants.
Finally, landlords should strive to build long-term relationships with their tenants. By providing a safe and comfortable living environment landlords can ensure that good relationships are built, which in turn makes for better tenant retention and more profitable business for landlords.
These New Year’s resolutions could help landlords have a more successful businesses in 2023 and beyond. With careful attention to detail landlords should be able to increase the value of their properties while also creating great relationships with their tenants.
