Kick off 2017 right – here are 10 items landlords should review each year and evaluate.
1. Your leases and legal notices
When was the last time you downloaded updated forms?
Laws can change at any time so updating your documents at least twice a year should keep you in line.
2. Your insurance policy
Has your rental portfolio changed in the last year? Maybe you’ve added or sold some property or you have a vacancy. Review your coverage.
3. Your asset protection
Owning property increases your liability and adds some pretty significant financial risk. Review your asset protection and make sure your property, family and other assets are all protected.
4. Your books
Having a realistic understanding of your finances helps you plan long-term. Make sure you have an honest conversation with yourself (or your accountant) about what it takes to stay in the black.
5. Your process
Is it time to consider simplifying or maybe it’s time add some new technology to your wheelhouse? Spend some time thinking about what tasks hold you up and then begin to search for a solution.
6. Your tenants
Are you happy? Are they happy? Does it seem to be a good fit for both parties and the property? If so, think about how to replicate a similar situation in your other properties. If not, decide what it you need in the next tenant and how you can build a better relationship with your current tenant.
7. Your rental standards
Did you just wince? Rental standards are crucial to protecting yourself from FHA complaints and suits. If you don’t have them on paper, attached to every tenant app and hanging in your office, you need to get to it.
8. Your property
It’s time to schedule walk-thrus with tenants. Kindly ask them for some time in the property so you can evaluate the work you might need to do as the year progresses. This will not only help you plan your year but assure your tenants of your commitment to maintaining the property.
9. Your commitment
Being a landlord is a lot of work. In fact, it’s 24/7/365. If you feel overwhelmed or don’t have the time to care for the property and tenants, it might be time to hire some help, enlist a property manager or join ARPOLA.
10. Your ‘honey do’ list
We all have things we put off. But you can’t afford to put things off with a rental market this stiff. Competition is tough and you need to make sure your property and business are up to standard if you want to surpass your fellow landlords.