5 New Year’s Resolutions for Landlords

By
Property Manager with Martin Presence Group Brok.0995682636-ASA

 

A new year is always a good time to take stock of where we are and where we want to be. We do this in our personal lives, and it’s a good idea to apply this concept to our businesses as well. You have invested in rental properties to increase your financial portfolio. Is it performing as well as you would like it to? If not, these resolutions might be a good place to start.

1. Decrease vacancies

The easiest way to do this is to find long-term tenant, but it’s not the only way. Advertise a vacancy as soon as you learn of it. That way you just might have a new tenant lined up before the old one moves out.

Make your property the most highly desired in the area. If the apartment itself doesn’t have a big draw like location or spacious closets, make it the best bargain in town. Do the math. If you are losing 8% yearly due to vacancies, drop the rent by 5%. You’ll still come out ahead.

2. Minimize turnovers

Whether you manage your properties yourself, or hire a property manager, it is your job to make sure your tenants feel respected, valued, and satisfied. Don’t give them a reason to want to move. One easy check-up is to send your tenants a postcard asking for feedback and reassuring them that they are a priority. Include a phone number that will give them quick access should they need it.

3. Increase rent strategically

This is a delicate balancing act. If you have established, long-term tenants, it’s time to take a look at your competition. If your rents are on the low side, a modest rent increase may be appropriate. Remember, it’s expensive to move, especially if the other rentals in the area are higher. Just make sure it’s cheaper for your tenant to stay with a modest rent increase than moving. If you can make the increase coincide with an update or blame it on increased HOA fees, all the better.

4. Be diligent on late fees

Showing kindness and respect to your tenants doesn’t mean being a pushover when it comes to collections and late fees. Collections are one of the unpleasant tasks of the job, but are essential to making money. This is, after all, a business. If you let the tenant pay late just once without the late fees added, you are just asking for headaches. If late fees are due, do not accept a payment that does not include the late fee. It has now become part of the rent according to your contract. Hold firm to the terms on the contract and they will learn quickly that they cannot take advantage of you.

5. Add services to increase income

This is such an easy way to increase income, but is often overlooked. In multi-family properties, add vending machines or a coin-operated laundry. Keep machines maintained so that tenants will use them. For single family homes, contract with house-cleaning or lawn services and offer these services to the tenants. If the lawn service charges you $50 per month, then you charge the tenants $60. It’s just good business.

As your property managers at Martin Presence, we know the area market. We keep up with current rental trends and profit-making ideas. For a small percentage of your collections, we will make sure that your property is realizing its full potential. Start 2018 right, and give us a call.

 

 

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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Hi Corey, We know minimizing turnovers saves time and money. I think all your tips are worthwhile for landlords.

Jan 08, 2018 05:37 PM #6
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Corey, you offer great advice for landlords. We are handling a year long rental for friends who moved to Hawaii. They will be listing next year, and we agreed to help them manage things from afar. Your list makes good sense and even though many of these don't apply in this circumstance, it's still important to give renters quick service and treat them fairly. Who knows, they might end up wanting to buy the house next year. D 

Jan 09, 2018 03:22 PM #7
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is excellent advice to share with landlords.

Have an outstanding year!

Jan 14, 2018 04:42 AM #8
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Corey.  Wise words of advice that should be followed by landlords.

Jan 19, 2018 04:20 AM #9
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Hey Corey, hope you're kicking off 2018 with lots of business. Thanks for visiting and commenting on our post today. Appreciated. D 

Jan 22, 2018 02:07 PM #10
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Corey - we hope that they are carrying through on those resolutions.

Feb 04, 2018 05:53 AM #11
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Hi, Corey... this is a great list for landlords. I personally don't deal with property management, but the agent in our office that does that has over 80 rentals. 

Feb 08, 2018 07:04 PM #12
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Corey  awesome advice to all landlords and Property Managers, Endre

Feb 20, 2018 11:18 PM #13
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1 ~Judi & Don Barrett & Chassy Eastep - Integrity
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
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Well written posts that all landlords need to read, love your attitude.

Mar 09, 2018 05:44 PM #14
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Corey, looks like you have been missing in the Rain for a while, and hope you write another post soon.  

Mar 10, 2018 06:46 AM #15
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Corey just wanted to stop in and check in hope all is well, we missed you here on the Rain, Endre

Mar 12, 2018 11:51 PM #16
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I was looking for your current posts. I hope all is going well for you.

Mar 20, 2018 05:50 AM #17
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Good tips for landlords for getting max success in 2018.

Mar 27, 2018 06:20 PM #18
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Corey, great advice for landlords to keep a solid business and keep landlords happy!  

Apr 11, 2018 07:01 AM #19
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Corey - great advice.  I hope you are having a productive Spring.

Apr 18, 2018 04:01 AM #20
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Corey, look forward to your next Blog post on this platform, Endre

Apr 24, 2018 09:47 PM #21
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Rebecca Gaujot, Realtor®
Vision Quest Realty, Martha Hilton, Broker - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Hi Corey, stopping by to say hello and thanks for stopping by my blog and leaving a comment, Happy Sunday.

Apr 29, 2018 09:22 AM #22
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Corey! Just stopping by to say HI and checking in to see if you've written a new post! Hope you're having a stellar weekend!

Apr 29, 2018 11:42 AM #23
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Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Corey,
Great tips for landlords.  I almost always had a new tenant lined up before move-out, so we only had a couple of days between move out and move in.  Doing all the right things to make tenants want to stay is another key to maximizing ROI for the real estate investment property.

Jan 07, 2019 11:13 AM #24
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Joyce Marsh, Daytona Ormond Beach Florida
THE JOYCE MARSH REAL ESTATE COMPANY - Daytona Beach, FL
The Finest in Coastal Luxury Living...

Great tips for landlords and very well written as well. Nice to see this featured in Carol’s lineup. 

Jan 12, 2019 10:56 AM #25
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