2020 New Year’s Resolutions for Landlords
Updated: Sep 27, 2020
We all know that with the new year comes change, and as a landlord managing a property or several, it’s imperative to keep up with the times. If you’re a landlord seeking to enhance the rental experience for your tenants, it’s best to adapt to the changes in the market, as well as the evolving needs of your renters. Below are a few 2020 New Year’s resolutions for landlords that will help you shape your business and personal goals for the new year ahead. As you focus and reflect on 2019, set goals you can stick to in 2020.
Reflect on your tenant-to-owner communication. Implement a way your tenants can contact you more easily or create a place where someone can manage questions and concerns after hours. Reach out to your tenants more often, especially if you haven’t heard from them in a while. Poor communication leads to misunderstandings, so as one of your very first New Year’s resolutions for 2020, try to communicate regularly with your tenants and make sure they’re satisfied with their living arrangements.
Ditch the paperwork and take advantage of digital solutions to manage your properties. Create a tenant portal that allows tenants to pay their bills, acquire information about their property, and access their account at a time that’s most convenient for them. Streamline the process for both you and your tenants.
Quickly Respond to and Resolve Maintenance Issues
Countless tenant complaints revolve around maintenance issues. If you don’t have a list of vendors for property maintenance requests, try your best to respond to your renters as soon as possible. Even if there is a delay in repair, a quick response is enough to alleviate the frustration your tenant may have. Give yourself a time limit of 24 hours to respond to maintenance requests.
Hire a Professional Property Management Team
Managing rental properties take plenty of knowledge and experience. If you’re even the slightest bit unsure about what to do if a tenant fails to pay rent or if there’s a major leak in the plumbing, it’s time to hire a professional. One of the best resolutions for landlords in 2020 is to hire a property management company with experience. A property manager can take care of the applications, rental payments, maintenance, compliance, and much more.
Tverdov Housing is a Central New Jersey real estate company specializing in property management, brokerage, and construction project management for residential properties in Middlesex, Somerset, and Union County. For more information on property management and property maintenance services in New Jersey, contact our professionals today.