6) Record Keeping. How is your system for recording when rent is paid, providing receipts to tenants when requested, and tracking all the expenses related to your property for tax and legal purposes? What about keeping track of communication with the tenant? The new year is a great time to start or commit to using a new system and there are lots of things out there to make these jobs earlier now.
7. Delegation and/or Plans for Growth. This is a great time to decide if you want to hand things the financial management over to a CPA, the property management over to a firm, or keep doing everything yourself. Are your circumstances the same as they were a year ago or two years ago? Are you more or less able to handle the day to day? Are you considering buying more property and expanding your business this year and if so what considerations go into that?
Let us know if we can be of service during this process.
Just knowing where you want to be in a year and having a sense of your budget, your profits, and your goals, will let you sleep better at night.