As we head into another year, this is an ideal time to take stock of things and come up with some New Years Resolutions.
These promises for the year can help as a focus and goal for what you want to achieve, and although of course they work best for individuals and their personal goals, there’s no reason why you can’t in actual fact use then for your property interest, after all it’s probably a large part of your life and costs.
Four Example New Year Resolutions
So along these lines, here are ideas for property New Years resolutions, some more serious than others, some more applicable for your own property interest:
1. Make Sure You Learn This Year’s Winter Lessons For Next Winter
In the business of property management life it can be difficult to get really ready for the worst, but now it’s fresh in your memory from this current winter, you can get ready for when the weather turns for the worst later next year.
Make sure those roof leaks are repaired in the summer months, the grit provision is provided, and the landscapers carry out important pruning.
2. Keep the Communication Lines Open
Half the battle truly is the right communication with people, whether that’s regular client updates, helpful tenant replies or productive contractor discussions.
Make a resolution to get better at this next year, and give practical ways to do this, which in some cases might be more emails and actual talking.
3. Remember To Keep Your Eye On Your Own Property Interest & Not Just the General Market
Of course the market is what determines values and costs, but make sure you know how it affects you personally.
So for example, okay, the residential buy-to-let market is seeing harsh times at the moment, but if you have a great well-tenanted property and clear financial status then it might not actually effect you, in which case focus on the factors that make a difference to your own returns and property and don’t worry about things like Brexit as much.
4. Get Organised With What Needs to Happen in the Year Ahead
It sounds simple, and in actual fact it is, but get organised. Make sure your paperwork in up to date and to-hand, add important dates in your calendar like lease renewals and compliance works with lots of advance notice to prepare for them, and make sure you’re in a position to pro-actively respond to anything that next year throws at you.
Go For It
So there we go, four tips to get you going next year.
Now is the time while you’re relaxed and can take a fresh perspective, to get ahead of the game and make sure your own interests works out for the best next year.
Please leave comments below with any thoughts and queries.