The more things change, the more they stay the same.
I’d like to say that “the volcano has erupted,” but I can’t, as it is sure to spew again in January when legislators return to Olympia.
Remember the “cup half full” theory? There is a lot we can do as rental property owners to prepare for what’s coming. The following is what C.U.P. means to me.
C – Clean Your House
- Take time and money to invest in your property: Fix the safety and drainage issues and update the mechanicals.
- Have a third party do your inspections and seek independent feedback.
- Clean up your finances:
- Be sure to account for your security deposits.
- Increase your maintenance reserves for future repairs.
U – Update Your Tenancies
- Toss old forms and eliminate old clauses and outdated policies.
- Create a communication plan with tenants.
- Don’t use your personal 24-hour cell number. Set aside a private line for your tenants to use and create an email address just for your tenants.
- Document repairs and inspections.
- Stop having “relationships” with your tenants: This a business not a neighborhood block party. Respect their privacy and individuality, and don’t do lingering drive-bys. Use your “Intent to Enter” properly (see article on p. 10 of newsletter).
P – Participate in Your Organization
- Attend the Zoom meetings and provide conversation points and chat with other people.
- Recruit your team of professionals: CPA, financial consultant, insurance agent, and vendors (see CCRA advertising directory on p. 25 of newsletter).
- Join the CCRA Board or a committee and be involved in our industry.
- Contact your representatives and share with them your point of view and how their decisions affect you. Their information is on page 27 of the CCRA Newsletter.
We all can do what we can to improve our industry by improving processes and procedures and representing ourselves as GOOD Landlords.
Stay Safe and Healthy!