If you’re a landlord, new year’s resolutions are the perfect opportunity to start making changes that will improve the management of your rentals. This will not only enhance your bottom line for the coming year, but will also improve your tenants’ quality of life. This is certain to be a win-win situation for both you and your renters.
Here are our top five landlord new year’s resolutions that will stand you in good stead for the coming year. Even if you’re successful at implementing just one of these, you’ll still be a more effective landlord or landlady than you were in 2019!
1. Get up to speed on the latest legislation.
Staying up-to-date with the latest landlord laws is probably one of the most important new year’s resolutions for landlords this year. New laws for 2020 aim to improve tenants’ living conditions, while empowering landlords to manage their properties effectively. Be sure to get up to speed on upcoming changes, such as the minimum standards for habitation, new mandatory set break fees for fixed term agreements, and water efficiency measures. For Sydney and NSW-based landlords, you can start reading up here.
2. Use a property management app to increase efficiency.
Utilising a property management app is another item you’ll want to include in your list of landlord new year’s resolutions for 2020. Property management apps are designed to help you stay on top of your rentals and keep in touch with your tenants. With such a tool, you can closely monitor your properties, making sure everything is in order, and that all tenant concerns are taken care of in a timely manner. If you’re not sure where to begin, you can download our free property management app or ring us now at 1800 568 000 (or 400 186 0061), and we’ll help you get started today.
3. Allocate an emergency fund for each rental property.
Having an emergency fund for your properties is one of the landlord new year’s resolutions that will future-proof your rentals. This includes reasonable wear and tear and unexpected expenses that might arise. With a well-funded emergency savings budget, you won’t be panic-stricken over leaking roofs or broken appliances. For each rental, we suggest you save up the equivalent of 3-6 months of expenses to make sure you’ll be adequately covered.
4. Organise your rental property documentation.
Admittedly, this isn’t one of the most exciting landlord new year’s resolutions on our list, but it is one one well worth investing time in. As there is quite a bit of documentation required for properties, it’s important to keep it organised and in a safe place. Try to organise your documents for easy access and store all original documents of the purchase, all receipts for property renovations and repairs, loan statements, and other costs. You can also cut down on your taxes if you’ve previously lived at one or more of your current rentals, so it would be prudent to keep documentation relating to the time you stayed there.
5. Streamline one or more of your rental processes.
Working on streamlining your rentals is another one of our landlord new year’s resolutions designed to help you enhance your efficiency in property management and free up time to focus on growing other aspects of your business. If you find yourself making multiple trips to your bank each month, it’s clear that you should start looking into a more efficient way to receive rental payments from your tenants. In such a scenario, we highly recommend that you make arrangements to allow your tenants to send their rental payments to you electronically. You can do this straightaway with our free property management app. We guarantee that it will save you a considerable amount of time each month.
We hope this list of landlord new year’s resolutions has been helpful to you and has provided you with inspiration for 2020!