Your game plan for success in real estate starts with being proactive. In this article, I share how to stay ahead of the game by being a proactive landlord and property manager.
Common Setbacks in Real Estate
When things get bad in real estate, it can mean one of the following:
- Tenants trying not to pay rent
- An impending vacancy
- Property values going down
These are all significant concerns that can negatively affect a landlord or anyone that purchased or owns a property to make a profit.
But by being proactive, you will be able to get ahead of potential issues before they arise and turn a failed situation around.
How to be Proactive
The rest of my team and I spend a lot of time thinking about what could go wrong. We think about these issues and what we can do to avoid them before they happen in the first place.
Here are some ways to be proactive in real estate.
Anticipate vacancies with 3D tours
A screenshot of a 3D tour of one of our properties
We ensure that we have 3D tour videos of every property even before we market it. If a vacancy is coming up, the 3D tour must be finished and prepared.
With the 3D tour videos, we have proper marketing materials that we can also use to make online ads in advance.
It gives us the time to make sure that if and when your vacancy does come up, our team will automatically be ready to have good descriptions and 3D tours of the property. It’s ready to go and up for new tenants with no delay.
Opt for early renewals
Sending out a renewal notice ahead of time has countless benefits. But a major plus side is you can already secure your leases for a more extended period.
If you give renewal notices to your tenants too late, many of them might leave because they have probably found a new place by that time. So my team to send out renewal notices nine months in advance for your property.
No more of those days of 30 or 60 days that might leave you with less time to prepare.
The Landlord Tutor Promise
Being proactive means solving problems by avoiding them in the first place. To know more about being proactive to ensure maximum returns in real estate, join the Landlord Tutor community and sign up here.
