We’re already halfway through the first month of 2018! This is the point where a lot of people fall off the wagon with all of those lofty New Year’s resolutions they made only a few weeks ago, so there’s no better time to decide what you really want out of this year and stick to your guns to make it happen. Being a landlord can be a tough business, but there’s no reason why you shouldn’t find success. The trick to finding resolutions you can stick with is to make sure you set intentions that are reasonable and within your budget, time, and personal restraints. Here are a few of our suggestions — feel free to borrow and modify them to suit your needs in the coming year!
Resolution #1: Up Your Advertising Game
Our last post went over ways to write better rental ads, so why not give it a read and figure out how you’re going to up your game in the coming year? There are a variety of ways to improve the quality of the tenants applying for your property, as well as the number of applicants, and quality advertising is a major one.
Resolution #2: Build Your Community
If you’re renting out several units in the same building, such as apartments or condos, take extra steps this year to improve the community through events or improvements. You don’t have to break the bank and put in any major upgrades, but something small like the addition of a children’s play area or special pet waste receptacles can go a long way toward making residents feel more invested in their community. Try to plan one or two events, such as a BBQ or movie night, or a holiday party.
Resolution #3: Improve Your Screening Process
Finding qualified tenants isn’t easy, so improve your odds by going over your current process and figuring out how to improve the quality of your applicants. One of the best ways to do this is by doing a background and credit check with the fee paid by the applicant. This not only saves you time and money, it saves you the headaches that come from offering a lease to a renter who turns out to be a bad egg… one you could have seen red flags for with a proper screening.
Resolution #4: Bring Your Business to the Modern Age
This year might be the year to consider becoming a landlord of the future! There are tons of ways to improve your business and your life with technology these days. Consider incorporating an online rent payment system or sending tenants reminders via text. Install some central free wi-fi for the common areas. Consider installing security cameras to make your tenants feel safer. There are so many ways to give your property something a little extra, and it goes a long way toward making current tenants happy and appealing to prospective ones!
We recommend our RentalConnect program as an added tool for selection the right tenants for your property. RentalConnect offers property owners and landlords a great alternative to the expense of full tenant screening. This service requires no on-site visit, sign-up, or membership fees, making it extra convenient. The service fee is paid by the applicant. Available 24/7, RentalConnect is fast, easy, secure, and delivers reports needed to make an informed decision, including a credit report, a national criminal search, and a national eviction search.
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