Technology has touched every industry, and real estate is no different. Thanks to cloud service innovations, the 9-5 working day and out-of-office notices are gone. With the ability to work from a smartphone, you can allow tenants to manage their property and get in touch 24/7. This doesn’t mean you need to be available around the clock because you can set up chatbots and auto-replies.
This is partly linked to the above point. We live in a fast-paced world where everyone expects rapid responses, and that goes for both you as the landlord and your tenants. Make sure you facilitate speedy communication and keep all correspondence concise. Remember, 24/7 availability is a strong ingredient for success (it’s no longer a luxury).
Investing in property as a landlord comes with risks, so you need to learn how to reduce them. One of the most significant losses to a landlord is being taxed on profits, which can make the venture seem pointless at times. Fortunately, there’s a strategy called cost segregation, which allows landlords with US based properties to redirect liquid assets into IRS-approved categories.
The real estate landscape changes constantly, with new regulations and technologies to get to grips with. You can be the best landlord in the game for ten years, but if you fail to keep up with the quest for knowledge, you’ll soon fall behind the competition. A good way to keep updated is by attending real estate networking events and reading reputable blogs.
One of the most important aspects of property management is making sure tenants are catered for and happy, but you also have to remember that you’re running a business. In the name of transparency, accurate documentation is a good habit to get into. By recording every action you take, whether it’s maintenance tasks or communication with tenants, you’ll have evidence to call upon in the face of disputes. As well as this, the paper trail allows you to breeze through potential audits.
Maintenance requests and response times are a constant point of friction between tenants and landlords. When a tenant finds an issue and reports it, they expect to have it dealt with swiftly; it’s what they’re paying rent for. For urgent issues, be open with communication and aim to have it sorted within 7 days. If the issue is non-serious, relay your intentions but attempt to sort out the problem within 30 days.
Responding to maintenance requests is essential for improving tenant satisfaction, but it’d be better if you could address certain maintenance tasks before they become problematic. With this in mind, use a maintenance management system to track everything, and carry out regular routine repairs.
Without proptech (property technology), any landlord will feel like there’s not enough time to get everything done. In 2023, there’s an extensive catalog of proptech that can streamline pretty much any task. To find out which proptech will serve you best, read this Forbes article.
Being a successful landlord involves keeping up with industry changes and following best practices. If you want to get ready for a successful 2024, start by integrating the above practices into your business operation.
