If you’re a landlord, then you’ve no doubt started this venture with the idea of earning more money. Whether you have one property or 20, this is your business and you want to make it profitable.
One of the most important things to learn as a landlord is how to manage your deadlines. Missing deadlines can cost you LOTS of money in late fees.
Did you see last week’s article about homeowners who missed the first time home buyer deadline and essentially lost their $8,000 tax credit?
Late mortgage payments will also cost you significant late fees just like late credit card payments. You don’t even want to know what kind of trouble you’ll incur if you’re late with your IRS tax returns!
There are many products available to help landlords stay organized:
1. You’ve got your old fashioned wall calendar or desk planner where you can write down everything that needs doing each month.
2. If you prefer electronic methods of date tracking, Google Calendar is free and easy to use. Enter a bill or deadline once and you can set it up as recurring each week or month. There are also paid time management software titles that offer more bells and whistles.
3. Some property management software have calendars and reminders so you know each morning when you log on what’s due.
4. Hiring a team – either office employees or an accountant – can help keep you on track. Of course, this means sharing business details with them but at least they can take on the deadline management aspects and just let you know what’s due and when.
Every business needs a plan in order to become successful. Without thinking about the future of your business, you’ll most likely spend your money haphazardly and make some investment mistakes. Instead of daydreaming about how you’ll spend your new-found riches, think about how to implement plans and processes so your business runs like a well-oiled machine.
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