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As we quickly turn the corner to 2023, there are many considerations on the minds of people in the real estate industry, including landlords. The past year has been one of change and experts predict more challenges in the overall property market and rental landscape. If you’ve been in the game for a while, you probably realize that what’s happening now is part of a cycle, and things will eventually level out and stabilize again. But if you’re like me, you want to experience more short-term success as a landlord today. Here are a few suggestions for resolutions to make 2023 a successful year.
Related: The 5 Types of Landlords Businesses Face
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Invest in technology to advance your business and assets
As a founder and owner of a business, I am well aware of how crucial it is to make investments to experience lasting success. As an investment property owner, upgrading technology devices in your rental properties is a great place to start. Whether it’s upgrading kitchen appliances, installing security systems such as a Ring doorbell, upgrading in-unit washing machines, providing a fiber optic internet connection (where available) or installing AI technology that will improve the lives of your tenants. can facilitate, current and future tenants will appreciate the investment in the property and will likely choose to stay with these upgraded amenities.
Also consider investing in a technology platform to help you manage your rental properties. This investment can make your life and work as a landlord or property manager easier and allows you to archive all documents electronically.
Depending on the technology platform you decide to invest in, additional benefits can include accepting online rental payments, scheduling property maintenance and inspections, marketing vacant properties with a single click, and streamlining bond or surcharge functions.
Your time is precious – invest in a platform that will make your life and that of your tenants easy and headache free. Do your research and find the best platform that fits your unique needs.
Related: 6 Tech Challenges for Third-Party Real Estate Companies
Offer tenants accessible information
Whether you’re considering investing in technology or upgrading your tenancy management system, it’s a goodwill gesture to have information readily available to your tenants. In general, if the technology route isn’t for you, it’s important to have a good filing system for important documents related to each tenant. If a tenant has questions about their lease or has a simple question, you can easily access that information.
Better yet, some systems offer tenant portals so they can access their own information at will. Over the course of my years as a landlord and owner of rental properties, I’ve found that the easier you can make it for your tenants, the more likely they are to continue renting from you. And revenue is one of the top expenses for rental properties, so it’s worth the investment.
Related: 5 key deal points to know before signing a lease
Prepare for continued increases in rents and real estate prices
The past year taught us that the housing market can be volatile. As a result of rising rental costs, mortgage rates and high home prices, many landlords and property managers across the country are struggling to keep their properties stocked and struggling to collect rent payments. As inflation rises, a plan must be implemented to avoid problems such as late or unpaid rent payments.
Get advice from industry veterans and explore ways you can improve your proactive business plan to best avoid hardship. Making a plan or improving an already existing one can be done over time and learned and improved through personal experience or the experience of others in the industry.
Retain employees in current economic conditions
At Rentec, we are fortunate to have high retention rates, even after 13 years of growth. I cannot emphasize enough how important it is to retain talent, especially in the current economic climate. Be sure to create a plan to retain employees and make sure they are happy with their jobs for the next year. Small gestures go a long way. A simple thank you card after a long week or a tough project is appreciated and appreciated by many.
If possible and within budget, set aside money to treat your employees. Offering a meal or a small work retreat in a local park strengthens the bond between employees and is a good way to create an environment that encourages people to work hard. Combining these types of gestures with fair compensation, including competitive pay and benefits, can contribute to higher retention and overall satisfaction rates. I’ve found that one of the most important actions on this front is to create open two-way communication channels between leadership and staff, creating an environment of collaboration and teamwork.
Related: 10 strategies for hiring and retaining new employees
While none of us can know what the coming year will bring, there are a few steps you can take to achieve all of your goals as a landlord, property manager, or any other businessroundups.org. Investing in technology, creating efficient processes, looking at market trends and focusing on employee satisfaction can help.
Remember that resolutions don’t always have to be immediate; instead, they can be implemented over time, on your best schedule. Even small improvements can make a big contribution to any business. I encourage you to create a plan and consider options best suited to your business and investment property to make the most of 2023.
