Everyone wants to start the year off on a good foot and it helps to have goals in mind to help you do so. As one of the largest investments you’ll ever have, your rental property should be no different. So whether you’re just renting out your first home or you own multiple real estate investments, it helps to make a few New Year’s Resolutions that will help you manage and maintain your rental property. So here are a few New Year’s resolutions for landlords!
1) Set aside an emergency fund:
Murphy’s Law 101: Anything that can go wrong, will go wrong, and while it’s always good to hope for the best, it doesn’t hurt to plan for the worst. Make sure to set aside money as an emergency fund so that if the hot water heater breaks down or if your tenants miss a payment, it won’t put you in a precarious position trying to scrape together enough to cover your bills.
2) Have a solid tenant screening procedure:
While you can’t screen for life changing circumstances such as job loss, divorce, or critical illness, it certainly helps to take control of what you can screen for like past evictions, criminal convictions, or bad credit history. Having a solid tenant screening process can at least put you in the right direction to finding qualified renters.
3) Respond quickly to maintenance requests:
Many of the top tenant complaints revolve around property maintenance. It’s no secret that delayed responses and empty promises are frustrating, especially when something isn’t working right, so once you’re notified of a maintenance request, whether big or small, try and minimize the time it takes to get from start to finish. If something comes up to delay that repair, such as ordering parts, make sure the tenant is in the loop. Sometimes a quick and timely response acknowledging the request and mentioning why there’s a delay can be enough to help alleviate frustration.
4) Look into a few upgrades:
Property values may have increased quite a bit in 2016, but it never hurts to do a little extra to boost yours even further. Making a few upgrades such as redoing the bathroom or even just adding a fresh coat of paint can work wonders. It even adds extra selling points if you’re in search of a new tenant. So set aside a couple extra bucks to put towards making those upgrades.
5) Keep up with routine and preventative maintenance:
Being proactive with routine and preventative maintenance can make a world of difference when it comes to maintaining your rental property. Make sure to set aside funds or make a schedule for taking care of those routine items, such as having the carpets professionally cleaned, cleaning out the dryer vents, gutters, and replacing those old, out of date smoke and carbon monoxide detectors as well as the batteries. It’s also a good idea to check into furnace and AC tune-ups, which can help save you money in the long run. Don’t wait till something fails! Get ahead of it and be proactive. Your home and your tenants will thank you.
6) Hire a professional:
Managing a rental property isn’t a cake walk; it takes a lot of knowledge and experience, especially when things are taking a turn for the worst. Think about it: do you know what the first step is when your tenant skips out on their monthly payment or how long it can actually take to file an eviction? Why take the risk? Real Property Management Colorado is Denver and Colorado Springs’ largest property management company with years of experience. We know the ins and outs of managing everything from single-family homes to condos and townhomes and have a team of experts ready to help out with whatever challenges may arise. So don’t wait! Call us at 303-873-RENT (7368) and let us help with your property management needs in the New Year!