7 Important Promises Landlords Can Make for 2010

Call them goals, call them promises–call them whatever you want! But jot these thoughts down and refer to them regularly. Here are a few ways landlords and material goods managers can make 2010 a extra successful year.

1. Don’t hesitate to start exile proceedings when necessary. We’ve covered those situations before. It’s unpleasant and can be expensive, but in nearly every case, the behavior that necessitates exile is not going to change.

2. Keep up with your local market to know whether you’re undercharging or overcharging rent. Do the former, and you’re losing money. With the end, you’ll lose tenants.

3. Properly prescreen tenants—every tenant, every time. Nothing will do extra to keep your business secure—and lead to extra concord of mind for you. Don’t reduction into the “desperate for a tenant” trap. Keep your standards high and you’ll have high-quality tenants.

4. Enforce the rules strictly. Don’t be frightened to let tenants know what you expect, and the consequences for contravention your rules. You’ll have fewer problems and headaches if you are clearly in charge in the landlord/tenant link.

5. Treat your income material goods business like a business. Keep brilliant records, regular business hours, and a separate telephone line with voice mail. Avoid being paid too private with your tenants/clients.

6. Establish goals, make a preparation and hold yourself accountable for reaching them. Whether it’s a higher cash flow, keeping expenses in line, or purchasing an additional income material goods, knowing what you’d like to achieve in your business is the first step in being paid there.

7. Watch your cash closely. If necessary, establish an emergency fund that you do not touch. Be prepared for foremost repairs—you never know when you’ll need to replace a roof or fix a flooded basement.

What are your thoughts for doing things differently in the new year?

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