By Katie Poole–Hussa, Acorn Property Management
• Get organized.
You’ll be amazed at how much more smoothly your rentals are managed when you can locate everything quickly and easily. If you’ve not yet reached your goal to get organized, take the time to do it now. The increase in efficiency is more than worth the time you spend now to get your tenant and owner files in order.
And while you’re at it, now is the perfect time to audit your tenant files and make sure that you have all of the required addendums signed and in place.
• Do those interior fixes that have been put off (painting, cabinets, etc.)
Delayed maintenance does not benefit your business. Take special care to stay on top of those little fixes that are easy to put off, but can mean damage to your property over the long term if not repaired.
• Don’t forget your property inspections.
Because of the weather this time of the year, it’s a good time to make sure that roof or window leaks aren’t going unaddressed.
Any inspection is a good time to check that your smoke & CO2 detectors are in good working order, too.
• Trim the fat and reduce expenses.
Think your business is as lean as it can be? There are many ways to control your costs.
Get competitive landscape bids, get a free energy audit, get rid of a phone line or two (ready to let go of that landline if you’re using your cell phone almost exclusively?), find a less expensive tax preparer or do them yourself, etc.
• Hire a property manager!
Is it time to reduce the work and stress you put into your rental business? A professional property manager is one expenditure that may pay for itself with cost savings and higher rent income. Maybe it’s time to let a professional manage your property for you. Check with your local Rental Housing Association to find a reputable licensed property manager in your area.
Katie Poole–Hussa is a Licensed Property Manager, Continuing Education Provider, Chair of the Education Committee for the RHA Oregon, and General Manager of the Portland Oregon branch of Acorn Property Management, LLC. She can be reached with questions or comments at 971-352-6760 or email Katie@AcornPM.net.