5 New Year’s Resolution Ideas for Landlords

5 New Year’s Resolution Ideas for Landlords

The New Year is quickly approaching, so it’s time to create some New Year’s resolutions to create an even more prosperous and enjoyable year to come.

Whatever your personal goals may be for the new year, it’s important to set some professional goals for yourself as well so that you can level up in your career. As a landlord, there are a few ways to design your New Year’s resolutions to help you start off 2023 on the right foot.

Property Management in San Diego: Set Yourself Up for Success in 2023

Owning properties and property management in San Diego is no easy task, as this city contains a huge variety of individual real estate markets and plenty of competition in housing. The huge variety of lifestyles enjoyed by San Diego residents is one of the most exciting draws to the city, but it also means that working successfully as a landlord in San Diego can be a difficult job.

In order to stand out and make your property management career even more successful for yourself, try sticking to these five New Year’s resolutions this coming year and see how far you rise!

1. Determine What’s Lacking in Your Business

Before you can create new goals for yourself, it’s important to take some time to reflect on how your business has fared so far.

With some tangible records in hand, look back on how the last year has gone in terms of tenant relations, keeping tenants, maintaining the quality of your properties, and other important details of property management. Take note of practices you followed that didn’t work or areas where additional strategy and action might be needed. This information will help to guide you as you set goals for the new year.

2. Set Tangible Goals You Can Track

Now that you’ve determined the weak points in your property management business, it’s time to set some goals that can reasonably be reached within the next year. Make sure that your goals are tangible and quantifiable to keep accurate track of your progress as the year progresses.

Some great tangible goals for landlords include acquiring additional properties, improving relationships with tenants, and increasing advertising efforts when filling tenancy slots. Break your goals down into specific steps you can take and note when those steps are completed. Taking stock of the results of each step toward your goal can also be a great way to keep yourself on track and remain inspired to reach your ultimate goals.

3. Expand Your Network

Being a landlord and managing rental properties isn’t a subject you can learn about in school, which means most of the knowledge you gain in your field will come from other professionals doing the same things. Learning from other landlords and property managers in San Diego is especially useful as they will have specific experience working in the city’s unique real estate markets and housing landscapes.

Make it a priority this upcoming year to get to know more people working in property management in San Diego. You never know how much knowledge you could learn from others and vice versa!

4. Organize Your Management Tasks

Successfully managing a property takes a great deal of personal organization. If you feel that a lack of organization has been causing you problems in your professional life, a plan to get organized is a great New Year’s resolution.

Property managers have many different tasks to keep track of, including communicating with current and potential tenants, scheduling repairs and inspections, advertising properties, and more. Brainstorm some ways to keep yourself more on top of your tasks, such as using organization apps or prioritizing cleanliness in your workspace.

5. Create a Plan for Tenant Retention

When tenants respect the property, have a good relationship with their landlord, and continue to resign their lease year after year, it makes a landlord’s job easy. Reach out to your network for advice and draft up a list of things you could do to improve your relationship with your tenants and make them want to resign their leases. You could also reach out to your tenants for their input on the matter.

Here’s to a Great New Year for Property Management in San Diego

Remember not to beat yourself up if your resolutions aren’t executed perfectly. What matters is making an effort and trying again. With these New Year’s resolution ideas, 2023 is sure to be your best professional year yet.