Managing properties isn’t easy, but it can be easier. As you prepare for the new year, these tips will help you make renting your properties simpler.
Automate When Possible
If you send out rent reminders manually, now is the time to automate them. Email services can help you do this if you want to create fancy templates that get your tenants’ attention. You can also use an invoice software to autogenerate new invoice reminders each month on a specific date.
Invoice systems can also send invoices automatically. This will prevent you from having to worry about sending invoices every month to have your tenants pay.
If you haven’t been using invoices or reminders, you want to start because it greatly reduces the chances of not getting your rent on time. Most tenants appreciate it because life does get busy.
Use Bookkeeping Software
When tax time hits, you’ll be wishing you had kept better records. Instead of waiting until tax time hits again when it’s already 4 months into the new year, start using bookkeeping software now for next year.
With this software, you will be able to calculate all the income you’ve received, and then keep track of the expenses. When April comes around, all you must do is download the reports of your income and expenses and put in that data into your tax forms.
It’s always better to repair problems before they become too big. Usually, when problems are ignored, they end up costing more to repair. Do an inspection to ensure you don’t need to repair any minor issues.
It’s also good to do an inspection at least annually to ensure your tenants are treating your property well. If there is any damage, you can decide if your tenants need to move out, or if it’s a one-time thing.
Draft Leasing Agreements
Instead of waiting until the last minute when leasing agreements expire, do them the first part of the year. Put in an alert on your calendar, so you don’t miss the expiration date. When it’s time, all you have to do is grab the leasing agreement and have it signed.
Plan for Move Outs
For any tenants who have already said they are moving out at the end of their leasing agreement in the new year, you can start planning on how to advertise to fill that property as quickly as possible. You can look over your options and consider how much money you’d have to spend for them. For example, you may find advertising online is much cheaper than the local newspaper, or vice versa. Doing this research ahead of time will keep you from wasting time when your tenants leave.
Do More Now for an Easier Year
It may seem like you have to work really hard in the beginning of the year, but the reward is worth it. For the rest of the year, you’ll be much calmer and on top of things, which will in turn make managing properties so much easier.
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