The new year brings a lot of goals to a lot of different people. If you own and personally manage a rental property then this may be a good time to make some personal resolutions for your rental home property management in 2018.
Forget about losing weight and get focused this year on making your property management a relatively stress-free area of your life. Here are five of our New Year’s resolutions for Dallas property managers in 2018.
5) Get Organized!
With the new year finally here, it is time to get your rental properties in order and get yourself organized. Whether you have one property or five, getting organized for a brand-new year is always a good idea. Remember, the more organized that you are, the more profitable you will be when the end of the year rolls around.
Some items that you will need to kick off your new year right include:
- File folders
- Filing boxes
- Hole punchers
- Pre-Move in documents for new tenants
4) Re-Examine All of Your Rental Property Contracts
Now is the time for you to pull out all of the contracts that you have signed in the last year and make sure that everything is up to snuff for 2018. It is easy to accept the status of your current contracts but you want to make sure that all of the people you are acquiring services from are getting you the best rate. The contracts you need to be looking over are your:
- Insurance company
- Repair and maintenance vendors
- Accountant
This is also a great time to review your lease agreement. How has your tenant been treating the property? Is your rate still something you are willing to charge them? Does it need to go up?
3) Get Your Tech Up to Speed
People don’t really work transactions in checks or cash anymore. The pen and paper letter are now a thing of the past that only relates to post-wedding “Thank-You” notes. Your property management is your business and you should conduct it as so. Pick up some software that can help with payment processing, tenant screening, document management, and communication, all on one platform.
2) Conduct a Competitive Analysis
Keeping your competition close is key to having a financially sound new year in the property management business. Yes, focusing on your own success is your number one priority, but knowing what other property managers are up to is a great way to find out what types of rates rentals are being used in your area and what types of contracts are working for these properties.
It never hurts to take a look at a play that has proven successful and use it towards your team’s success.
1) Hire a Property Manager Through HuntaHome
Finally, we say to spend more quality time with your family and friends and hire a property manager to deal with the unpleasantries of managing a rental property. At HuntaHome, we are a group of property managers that believe in letting you be the smiling face that greets them, while we do the contracting, tenant screening, evictions, and more in the background.
Start your new year off right and get in touch with us today to find out more about our services.