As this year is about to end, we reflect on things that we have accomplished and gear ourselves to better our best in the birth of a new year.
Staying on top of our game is crucial to give and receive excellence hence resolutions are made.
New Year’s resolutions apply to everyone so as to landlords. Yes, these business persons are also required to scheme ways on how to boost their rental properties. There are a lot of strategies that they apply to gain a sizeable income.
Some of the Best New Year Resolutions for Landlords
Use a Legal Lease and Understand It
The most basic resolution that any landlord should put into reality is understanding the lease agreement. Most of them end up not fully aware of the clauses of the lease contract as the legal document is usually written by lawyers.
That said, a conflict between landlord and tenant is likely to happen anytime.
A verbal lease is a big no-no as it will cause legal battles between the owner of the rental property and the tenant.
To protect the two from any hassle and inconvenience, a written lease must be approved by a lawyer and must be fully understood by the landlord so that he can explain it well to his tenant. This way, inking a deal will be accurate and smooth.
Have an Emergency Fund
Building an emergency fund is significant as this will help you in emergencies. Inevitable situations like hurricanes, tornadoes, and floods can cause damages to your property. When you have a savings account intended for your rental house, making necessary repairs and upgrades will not be a problem.
Aside from extra money allotted for renovations, you can also use your emergency fund to pay the mortgage. This applies when your unit is vacant. This way, you will not be stressed out in looking for funds should unlikely instances such as these happen.
Indeed, it is better to be prepared financially to protect yourself and your property during tough times. When used wisely, your emergency fund will go a long, long way and will reap you benefits in no time.
Be a Cooperative Landlord
A harmonious relationship between a landlord and a tenant is important. You have to keep your communication lines open so that you can respond to your tenant’s requests and needs in a fast and efficient manner. In doing so, you are acknowledging their concerns and they’ll feel special with what you did without waiting too long.
Note that if you are not approachable and uncooperative, payment transactions might be delayed. But if you have a good relationship with your tenant, all should go well. Steady income is not a problem plus he can refer you and your rental properties to his friends and colleagues.
Spend More Time with Yourself and Your Family
Being a landlord doesn’t mean that you’ll consume your time in looking for tenants and managing your rental properties full time. You have your property manager or caretaker to do other major tasks for you. If you spend more time with your loved ones, you’ll be more relaxed and less grumpy.
You’ll have a positive disposition in the things that you do and that include handling your tenants and their requests. See how the law of attraction works?