Four Goals For Landlords And Property Managers In 2022


Founder and CEO of Rentec Direct, property management software for real estate professionals.

The new year has quickly come and gone, but it’s never too late to reflect on the past and set new goals for the future. 2021 was both the best and worst of times for landlords — while millions of tenants fell behind on their rent payments, growing property values made for good investments for those looking to stay in the rental game. 

All eyes are on the real estate market as we head into 2022 to see if trends will continue or if the bubble will start to burst. Now is the perfect time to consider your business goals for the year and refine your strategies — what has worked well for your business in the last year, and what needs to change? Here’s my advice for landlords and property managers in 2022.

1. Build a great team.

Owning a rental property is a great way to create passive income, but as you expand your portfolio, you might need an extra set of hands (or two). Many landlords choose to hire a property management company or build their own team to assist with managing multiple properties. You’ll want to look for individuals experienced in real estate and rental properties, but you should also prioritize skills like communication and attention to detail. Employees should be willing to continue educating themselves on both the legal and practical sides of ongoing property management.

Once you build a great team, focus on keeping them around for the long haul. Pre-pandemic, employee turnover in the apartment property management field was over 30%, and in the Great Resignation, millions of employees have been leaving their jobs. How can you reward your employees to boost morale and loyalty? Consider tactics like company parties, cash bonuses or extra vacation days to compensate employees for their hard work. 

2. Find — and keep — great tenants.

Make tenant screening your priority this year. Another landlord in my network recently shared about her experience trying to evict a tenant who has caused extensive damage to her property and has even used her debit card unauthorized. She’s been in court for more than 30 days fighting for her property. Almost 100 other landlords have responded to her story, and almost half of the advice to this poor woman is to up her tenant screening protocols. Your tenant screening process is one of the most valuable tools in your toolkit to find tenants who can pay rent on time and take care of your property.

When you find a really great tenant who treats your property as their own, think about strategies you can implement to keep them. Your retention plan is likely to change and evolve over time, but vacancies will always be your biggest cash flow killer as a landlord. 

3. Plan for the unexpected.

If the last few years have taught us anything, it’s that we always need to be prepared — even for the unexpected. Review your emergency preparedness and natural disaster plans, and make sure your tenants have all of the relevant information. If you don’t have one already, build an emergency fund and a strategy to allocate toward it throughout the year. If you can set aside an allotted amount of your income in a separate account for emergencies only, you’ll be covered no matter what the world throws your way.

4. Never stop networking.

Set a goal to join a new group or find a new mentor in 2022. Learning from other industry veterans is invaluable, as is having a network to bounce ideas off of and turn to for advice on business difficulties. Communicating with others who are involved in the real estate industry — especially your local market — can help you find new rental properties, investment partnerships and other business opportunities. Do your research to find conferences you can attend, local associations that are accepting members or just an online forum you can join to build relationships and promote your business. Networking may look different with Covid-19 present, but it certainly isn’t gone for good. 

Strive to improve your business year after year. Determine what your top objectives are to maximize success, and eliminate the lows. Set measurable, quantifiable goals and create manageable benchmarks to evaluate your progress. 


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