Here is a list of some landlord resolutions that you might consider in an effort to improve your property, your tenant’s experience, your pride of ownership, and your pocket book.
1. Make a commitment to inspect your rental both inside and out every year starting with this year. The purpose of this inspection is for the safety of your tenants and for the preservation of your property. An annual inspection is a real key to keeping on top of your investment and will directly affect the quality of life for your tenant.
2. Order a pest/structural inspection from a licensed inspection company. If you are holding for the long term, you should have a structural inspection every two years.
3. Commit to using the latest technologies to make life easier for your tenants. This includes making it possible for your tenants to pay rent online and communicate with you about repairs electronically. The repair issue can be as simple as using email, but you have to check it daily.
4. Determine annually what the actual market rent is for your rental(s). The reason to do this is to motivate you to keep the rent at or just below market so you can afford to keep your property in good condition, pay the ever increasing utility bills, and make a reasonable return on your investment. This will pay dividends over time for your tenant as well as for you.
5. Assemble a list of vendors that you trust. You should have a trusted plumber, painter, electrician, heating and air conditioning company, and a handyperson.