The 2010s were a time of growth, change, and opportunity. The 2020s, on the other hand, are a giant question mark. While it's impossible to know what the future has in store, property management resolutions can help set you up for the best possible 2020 and beyond. Scott Safadi of Cal Bay Property Management advises landlords to keep these resolutions in mind as they plan for the year ahead:
Build Your Emergency Fund
Do you have an emergency fund created for each unit you're renting out? If not, 2020 is the time to establish this habit. Save for three to six months worth of expenses for each rental property you oversee. Make sure to save enough to cover the mortgage for each unit!
Streamline Landlord Duties
Many landlords get into the real estate game with the hopes of earning some passive income each month. It isn't until they're knee-deep in maintenance requests and lease applications that they realize how much work landlording can truly be. In 2020, make plans to streamline your duties - or outsource them to a property management company entirely.
Find a Healthy Work/Life Balance
It's impossible to provide adequate service to tenants without first practicing a little self-care. Maintain regular business hours but find time to relax and hang out with friends and family, too. One way to do this? Work with a property management company with a reputation for success, like Cal Bay Property Management!
-- Scott Safadi, Cal Bay Property Management
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