At the turn of a New Year it’s traditional to plan ahead for the next 12 months and decide what you want to achieve. As a landlord it’s well worth taking some time to set your goals and begin a plan to accomplish them. Here’s our guide to getting 2019 off to a great start!
The purpose of setting goals is to motivate yourself. The objective is to have some targets to aim for and get a good sense of achievement as you tick them off. So, the goals need to be a bit of a stretch but, at the same time, completely achievable.
What they are depends on the point you’re at in your property career, but they will broadly fall into some key areas:
A sensible goal is to attract and keep reliable tenants throughout the year. Achieving this is largely a case of sticking to process. Always check tenants’ references before accepting them, carry out inspections and make sure you act on anything they highlight to you.
If you have some great tenants, it can pay to make sure they know that you value them. Check in with them on a regular basis. If they’ve been in place for some time, investing in a few property improvements – from new blinds right through to an upgrade to the bathroom or kitchen – could enhance your relationship and tempt them to stay even longer.
Many of us start the New Year with good intentions to be more organised and on top of everything. In property management this is really important. Make sure you know where all your contract information is kept, and that your financial records are up to date every month. This will vastly simplify tax calculations and give you a clear picture of how your business is doing.
If you have a number of rental properties, it can make sense to invest in property management software.
If you have ambitions to expand your property business this year, or find other ways to expand, talking to others can be extremely valuable. Chat to other reputable, trustworthy property investors and landlords about where they’re focusing and how they’ve grown in the past - they’re likely to have some good advice for you.
Creating a professional network can create so many opportunities you might not have previously considered. So, attend business meetings in your local area, book in a coffee with a few contacts and see what comes out of it.
Is your buy-to-let mortgage up for renewal this year? Do you know when your insurance policies are due to run out? Spend some time getting to grips with this kind of information and give yourself time to shop around.
Talking to a mortgage specialist could save you thousands on mortgage payments and increase the profit you make from your rent. Is there an option to release some of your equity and put a deposit down on a new property?
Get on top of your financial situation and you could find yourself in a stronger position than you previously imagined.
Whatever your property goals are for 2019, we wish you a very happy and prosperous New Year.