Residents
Owners
The start of the New Year provides a key opportunity for property owners. It is time to take a closer look at how you are managing your investments and what steps you can take to make them even more successful. The good news is that there are property management companies that can help you to excel in this area. However, it all starts with you. To get your year off to the right start, consider these tips.
#1: Clearly define what you want in new tenants.
Now is a great time to step back and improve the parameters for what works for your location. You may need to consider the area's demographics a bit closer to ensure this represents your opportunities.
#2: Get your finances in order.
If you are not using software to track expenses and income, you need to. And, that means everything from security deposits to tracking property investments and renovation costs. Get a clear idea of the profitability of your property as a result.
#3: Ensure your contracts meet laws.
In Michigan, landlord laws do change from time to time. If you have not done so yet, ensure your contracts are read over by an attorney or a property management company to ensure they are the most current and up to date possible.
#4: Create a to-do list for the year.
When you start the year planning on what changes to make you have a better chance of getting those projects done. It pays to invest a bit of time into creating this list for each property you own by doing a complete walkthrough.
#5: Meet with and talk to your tenants.
Now is also a great time to walk around and chat with your tenants. Find out what their needs and desires are. Show you care about them.
By taking these steps now, you can create a clear plan for the future for your property.
