With a new year rounding the bend, it’s time to prepare your rental property business for 2024! Begin by assessing what went well in 2023 and where there was room for improvement; then adjust your plans accordingly. Every landlord’s goals will vary based on his location, unit types, intended tenure at a given property, and tenant demographics. But whether you manage one unit or fifty, cater to young professionals or families, or own rural or urban property, monitoring market changes will directly impact your success.
The combination of high mortgage rates and promising job prospects has prompted many people to rent, strengthening the upcoming year’s rental market. On the other hand, utility costs, property taxes, and insurance premiums remain high. And competition will only increase as many new developments reach completion. In such a rapidly evolving rental market, landlords must be forward-thinking and flexible as they set goals for 2024 and beyond.
Here are a few key questions to ask yourself as you get started:
What skills could I improve in the coming year? Would better time management make you more efficient? Would mastering a new technology help you better serve your tenants? Or would increased networking keep you more informed about local trends and best practices? Courses, podcasts, and tutorials abound for real estate professionals seeking to up their game. Additionally, experienced landlords among your contacts would probably love to endow you with the sum of their collective wisdom.
How can I improve my tenants’ experience and keep my property competitive? If you own single-family homes, new appliances might make the properties more energy efficient. And installing new smart technology could add convenience for your tenants.
In a multi-unit property, renters might appreciate the health and community-building benefits of a gym or onsite garden. They might also appreciate the peace of mind from more secure package delivery options.
What new sources of revenue might help grow my business? Growth can come in many forms. Renovations may garner higher rent so that you can invest in a new location or property type. Maybe delving into a growing market like vacation rentals would fit the bill. Alternatively, adding meeting rooms or flexible floor plans to your units could make your property more appealing to work-from-home tenants. Who knows if these changes could be the next initiative to move your rental property endeavors forward?
Remember that every real estate venture requires an investment of time, work, and an extra dose of patience. Improvements may not show their entire worth until many years from now. But taking purposeful steps forward and learning from your mistakes will always bring you closer to your goals.
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.
