How to Improve Your Rental Businesses in 2023

Top 9 Ways to Elevate Your Rental Property

1) Schedule and Perform Preventative Maintenance Tasks

Please don’t wait for your tenants to request maintenance work because you’ll be more inclined to delay it. Instead, create a schedule of preventative maintenance tasks to complete each month for your tenants. That way, it’ll reduce the likelihood of your tenants complaining and raising disputes against you, which can sometimes be costly.

If your tenants ever do ask you to repair something, try to fulfill their request as quickly as possible. 

2) Understand the Current Legal Regulations and Requirements

The local and state laws governing landlords and tenants are updated regularly. Therefore, you must review the latest laws and regulations to ensure you are complying with them. Contact a licensed legal professional specializing in real estate and rental laws if necessary. They can advise you further on this.

3) Upgrade the Security of Your Rental Property

Is your rental property secure enough? If not, consider adding an alarm system, new locks, CCTV surveillance, and whatever else is necessary to secure the points of entry on your property. Then you can deter burglars and thieves from wanting to break into your rental property.

4) Communicate with Your Tenants

It is crucial to stay in regular contact with your tenants to discuss any critical issues of importance, such as maintenance task requests, rental payment responsibilities, etc. Maintaining consistent communication helps avoid misunderstandings regarding each party’s responsibilities toward the other.

5) Improve Document Organization

Landlords must manage numerous documents, such as leases, rental agreements, inventory checklists, maintenance duty lists, etc. If you don’t already have a secure system for managing all these documents, make sure you create one in 2023. Then you can do a better job of organizing your paperwork and retrieving documents quickly in the future. 

If the amount of paperwork is daunting or if you wish to avoid any mistakes, hiring a rental property management company is your best solution. Not only will they help with paperwork, but also with finding tenants, responding to maintenance request, and monthly payments.

6) Use Technology to Make Things Easier

Several innovative technologies are available to help landlords manage their rental properties and payments. For instance, you can use an online payment system to check whether a tenant has submitted their rent payment on time. You can also use certain apps to manage your entire rental property portfolio in the palm of your hand. 

7) Upgrade Your Rental Property

Could your rental property use an upgrade? Don’t be afraid to invest in improvements to your rental property because it can give you an excuse to raise your rental price or make your tenants happier.

Some examples of standard upgrades to rental properties include replacing the air conditioning unit, replacing the windows, repainting the exterior, repairing appliances, and hiring landscapers to maintain the lawn. 

8) Organize Your Finances

Don’t just collect rent money and throw it into a bank account. Any responsible landlord needs to organize their finances by budgeting and preparing for unexpected costs and expenses in the future, such as repair costs.

In addition, you have to consider the possibility of your tenant moving out of your rental property and losing the rental income temporarily. So, ensure you have enough money saved to cover your overhead costs until you find a new tenant.

9) Build a Good and Trusting Relationship with Your Tenants

It’s always easier for landlords to work with tenants if they can establish a trusting relationship early on.

You can build a good relationship with your tenant by being honest and fair with them. Focus on creating a comfortable and affordable living environment for your tenants and make any repairs needed quickly. Your tenants will be more likely to pay their rent on time and not give you any problems if you treat them fairly. 

Good Luck!

2023 could be the year you grow your rental business and boost the value of your rental properties. Just remember to prioritize the needs of your tenants and that should help you achieve this goal.