As we flip the calendar to 2025, it’s a time to reflect on the prior year and look ahead to what’s coming next. A new year offers a fresh start that inspires many people to make resolutions about what they’ll do differently in the year ahead. These resolutions stereotypically involve personal goals, such as education or fitness, but it can be equally motivating to have new business goals to achieve in the coming year.
Here are four areas to focus on as you make New Year’s resolutions for your rental property business.
Improve Efficiency. Look at your rental property business and target areas where you can manage time, effort, or money more efficiently. Is it time to invest in a new technology to automate rental payments or maintenance requests? Does your tenant turnover process take too long, leaving your unit vacant longer than necessary? Would your documents benefit from a stronger organizational system? Even small efficiency improvements can free up time and benefit your cash flow.
Focus on Tenants. Finding and retaining quality tenants is critical to any rental property business. Your profits depend on regular rental payments coming in, and your stress level likely strongly correlates with factors like how often your tenants complain, how well they care for the property, and whether they comply with the lease terms. If your applicant screening process or tenant retention strategies could use some refurbishing, now is the time to make improvements. High-quality tenants and less turnover will make your business more successful in 2025.
Protect your Business. Make sure your rental property investment is secure heading into the new year. Think through your landlord’s insurance policy to ensure you have sufficient coverage. Check your budget and consider making changes if you don’t have funds set aside to weather a prolonged vacancy or unexpected repairs. And stay informed of any changes in laws or regulations that could impact your rental property. Adequate preparation is the best way to avoid legal or financial emergencies in the coming year.
Think Ahead. While New Year’s resolutions should be reasonably achievable within 12 months, a solid business plan will look even further into the future. What can you do this year to set yourself up for more long-term success? Consider what might need to change in your financial situation to pave the way for an additional rental property investment. Or research upgrades in amenities or technology you could make to your property to increase tenant appeal and monthly rent. Once your long-term goals are in place, break them into smaller increments to determine what you can realistically accomplish in 2025.
Remember that New Year’s resolutions are most likely to succeed when you can easily quantify the measure of success. And you’re likely to feel more motivated if you share your goals with a friend or colleague or put them in writing. Here’s to a 2025 filled with business growth, higher profits, and less stress!
About Rentals America
Rentals America provides full-service property management for residential rental properties. Our team is completely dedicated to property management, and we’re here to help landlords navigate the rental market.
