If you’re a property manager or investor, then you probably know that there are a lot of changes coming for landlords. Not only do all landlords have to register themselves and their property by March of 2015, and possibly sooner depending on the size of the rental unit, but it also comes with inspections. If you’re
Upgrades and Non-Essential Maintenance
While it may hurt your pocketbook, taking the time to make non-essential upgrades, improve the home, and fix minor issues that you may have put off will improve tenant satisfaction, and raise the value of your area. Some examples include upgrading the heating, repainting the exterior, planting trees, or fixing a slightly bumpy pathway. These types of upgrades are not essential, but they do go a long way towards ensuring that your tenants are happy.
Reevaluate Your Rental Rates
If you’ve recently made improvements to your property, have a relatively new building, or haven’t increased your rent rate in a while, then you may want to re-evaluate them. Consider checking to see what similar sized rental units are going for in the neighborhood, and make sure that you compare accomodations and commodities. If your rent is lower than average, you will rent out your units more quickly, but you won’t make as much money as you could be.
Inspections
You will definitely have to get an inspection if you’re registering your rental property late, and if you got one late in 2014, then you probably don’t need one again. Otherwise, a quick inspection is a cost-effective way to ensure that your property is safe, that it meets city code, and that you can rest easy knowing that everything is okay and you won’t have to make rushed repairs after an inspection.
Go Online
Going online is something that many Issaquah landlords still have to do, but something that is important. Online payment options, maintenance requests, and other services are easy to set up if you have a property manager or a web developer on hand, although the developer will likely charge you more money. You can also consider moving your advertising online, where more people are beginning to search for property.
Hire an Accountant
If you don’t already have one, then an accountant is a must for most landlords. An accountant will not only ensure that you aren’t getting yourself in trouble with the IRS, they also ensure that you get the most in terms of deductibles and discounts. The more units that you have, the more important it is that you get an accountant.
Hire a Property Management Company
If you want to ensure that your tenants are happy, that maintenance issues are handled as quickly as possible no matter how busy you are, and that everything is handled smoothly. Many Issaquah property management companies also include an accountant, which means you can knock hiring one off of your list. If you have empty units, they also offer better advertising in the form of their own marketing networks, online marketing, and best of all, all you have to do is wait for them to put your check in the bank every month, rather than working hard to help tenants with emergencies, manage your investments, and so on. While most property management companies do cost you a small percentage of your rent income, they also save you time, and possibly money in the form of discounts on hiring maintenance and inspections.
There are plenty of things that you can choose to do for 2015, and the previous list are just some of your options. Others include starting a social media page, improving and adding on to your rental units, making sure that your regular maintenance team does their job, and so on.