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Conquer 2020: New Year’s Resolutions for Landlords

Landlord, are you ready to conquer 2020? The New Year is about to come and with that, it’s important to think about the ways you can take your landlording business to the next level.

You’ve got an opportunity to become a better landlord. Start by writing down your New Year’s resolutions. If you need ideas, I’ve created a list for you. Make it your goal to implement at least one!

1. Keep your best tenants.

Are you ensuring that people stick around and renew their lease? Don’t just focus on finding new tenants; identify good ones and keep them. There are many ways you can reduce turnover. Tackle property updates (you can afford) that make the rental more desirable. Maintain security. Remember special dates like your tenants’ birthdays and holidays!

2. Build an emergency fund.

One of the most powerful ways to reduce your stress this year is to have an emergency fund. Keep in mind that things deteriorate or break over time. You don’t want to be scrambling for funds when the AC unit or roof gets damaged.

3. Go green.

2020 is the year you make your rental environmentally-friendly. Going green doesn’t only help you contribute to a better environment, but it also lets you find favor in the eyes of millennials and Gen Z renters. Invest in LED light bulbs. Insulate your properties. Remind tenants to turn off the lights and disconnect equipment when not in use. Install a programmable thermostat.

4. Collect the security deposit first.

Some landlords are guilty of not collecting security deposits before the lease starts. The security deposit is the amount of money you require from a tenant in addition to the first month’s rent. It serves as an insurance for landlords in case tenants violate the lease. Once a tenant moves in, it can be difficult to collect the security deposit. Do it before the move-in.

Related: Top Reasons Not to Return a Tenant's Security Deposit

5. Maximize your rental property earnings.

You may be running a rental property business for years, but you’re not taking advantage of opportunities to increase profits. Consider offering valuable services and charging a little extra for them. Examples are house cleaning and laundry. Busy tenants will happily pay to save time and effort. Another way to earn more is to list one of your rental properties on vacation rental search engines like Airbnb and HomeAway.

6. Communicate better with tenants.

Good communication is the secret to a successful tenancy. Be clear about your expectations from the moment that tenants sign the lease. When it comes to legal matters, get it in writing, put all the necessary information, and deliver it personally to your tenant. Before maintenance and property showings, make sure to notify your tenant.

7. Set proper boundaries.

Setting clear boundaries is essential in every relationship, especially a business relationship. One of the ways to do this is to let your tenants understand that you aren’t on call 24/7. Another way is to set a firm rental payment procedure. Specify in detail when you collect payments and the types of payment you’ll only accept. Implement a late fee a late fee rule in the rental agreement.

Final Thoughts

Are you ready to improve your rental property business this year? Remember: Small changes can make a huge difference. Pick a few resolutions to focus on and act on them. If you need more landlording tips, be sure to check out Landlord Prep’s blog section. You might also be interested in our landlording resources!

If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!