{"id":7220,"date":"2023-04-19T23:02:41","date_gmt":"2023-04-19T23:02:41","guid":{"rendered":"https:\/\/imsfund.com\/?p=7220"},"modified":"2023-04-19T23:02:41","modified_gmt":"2023-04-19T23:02:41","slug":"10-ways-to-spring-clean-to-your-real-estate-business","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/04\/19\/10-ways-to-spring-clean-to-your-real-estate-business\/","title":{"rendered":"10 Ways To Spring Clean To Your Real Estate Business"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">When the weather warms up, it\u2019s a good time to clean out the nooks and crannies and not just the ones in your closet. Every year, you should take a step back, evaluate your processes, take care of your business \u201chousekeeping,\u201d and set new goals.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">You\u2019ve just paid your taxes, so getting organized for next year is top-of-mind. If you want to take this opportunity to give your real estate business a refresh, we\u2019ve prepared a checklist of items to address in your spring cleaning efforts, with tips from two real estate investment advisors.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">10 Tips for Spring Cleaning Your Real Estate Business<\/span><\/h2>\n<h3><span data-preserver-spaces=\"true\">Organize and digitize your files<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">If you want tax season to go smoothly next year, you can\u2019t keep your business documents in a stack on your bedside table. Consider setting up a digital system to keep yourself organized. \u201cI would definitely use a cloud-based bookkeeping software with automatic expense categorization,\u201d says\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/realestatebees.com\/profile\/Flying-N-Group\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Riley Neilson<\/span><\/a><span data-preserver-spaces=\"true\">, Strategic Real Estate Investment Advisor at Real Estate Bees. At the very least, digitize your records and receipts with a mobile app like Genius Scan and separate documents into folders where they\u2019ll be easy to locate.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Declutter your office and email inbox<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Neilson says to consider using powerful spam-blocking software like Edison to clean up your email inbox. And give your physical space a little TLC as well. Too much clutter can increase anxiety, reduce focused attention and productivity, and even negatively impact your health,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/hbr.org\/2019\/03\/the-case-for-finally-cleaning-your-desk\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">research shows<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Schedule spring maintenance for your properties<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">\u201cSchedule a maintenance check-up on your properties to address any repairs or issues that may have arisen over the winter. This can help keep your properties in good condition and minimize future repair costs,\u201d says Armstead Jones, Strategic Real Estate Investment Advisor at\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/housecashin.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">HouseCashin<\/span><\/a><span data-preserver-spaces=\"true\">. For example, you should:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Inspects roofs, chimneys, foundations, and exteriors<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Inspect attics and basements<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Clean the gutters<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Clean and service A\/C units and furnaces<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Reseal exterior woodwork<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Wash windows and clean weep holes<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Trim landscaping overgrowth and rake lawns<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Change the batteries in smoke and carbon monoxide detectors<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Seal any leaks and clean clogged drains<\/span><\/li>\n<\/ul>\n<h3><span data-preserver-spaces=\"true\">Reevaluate your business expenses<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">It\u2019s a good time to think about your business expenses and see if there are ways you can cut costs. For example, you should:<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Get new landlord insurance quotes:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">It\u2019s a good idea to collect a few new landlord insurance quotes annually since premiums can change, and new companies may emerge that offer better options<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Look at where you\u2019re keeping your cash:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Make sure to take advantage of today\u2019s generous APY offers on high-yield savings accounts, so you can maintain a strong cash position while growing your money. Some online financial institutions are offering 4.00% APY or higher.\u00a0<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Consider a new business credit card:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">It\u2019s a good idea to evaluate new business credit cards every two years. See if you can earn a bonus or get better rewards or features than you\u2019re getting with your current business credit card. If you\u2019re working on remodeling, repairing, or furnishing a new property, take advantage of deferred interest offers on some business credit cards.\u00a0<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Look for ways to trim your expenses:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">These can include working with your CPA on a new tax strategy, refinancing mortgages with high interest rates, appealing your assessments when property taxes increase, or increasing the energy efficiency of your properties.\u00a0<\/span><\/li>\n<\/ul>\n<h3><span data-preserver-spaces=\"true\">Explore new revenue streams and maximize your income<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Take another look at rental comps for your area and consider increasing rents on lease renewals. Or, consider whether you might change your income strategy for your current properties.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For example, if there are more digital nomads coming to your city than ever before, would it be advantageous to switch from a long-term to a medium-term strategy after your current tenants move out? Similarly, if you\u2019re facing too much competition on Airbnb and high vacancy rates, might a long-term, furnished rental serve you better? If you added a kitchenette in a property with a separate basement entrance, could you rent it out as two units? Could you capitalize on the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/co-living-units-are-helping-investors-generate-higher-returns\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">co-living trend<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and rent out each bedroom of a single-family home separately?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Look at diversified ways to invest your profits and use your skills to create new revenue streams as well. If you\u2019re an experienced investor, can you take on consulting work or mentor others in the industry? Keep an eye out for possibilities.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Evaluate and check in with your business relationships<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Consider whether the people you work with are living up to your expectations. Look at whether you need new property managers, maintenance people, or cleaning crews. If you\u2019re not happy with your real estate agent, consider looking for a new,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/agent\/match\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">investor-friendly agent<\/span><\/a><span data-preserver-spaces=\"true\">. And check in with the business relationships you intend to keep.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Neilson says you should meet with your CPA a couple of times per year. \u201cThey can control the trajectory of your business so you don\u2019t have any surprises when tax season comes,\u201d he says. You\u2019ll also want to make sure your attorney and accountant are on the same page. He also recommends meeting with your board of advisors, even if you have an LLC. If you don\u2019t have other decision-makers in your business, \u201cit can put your assets at a pretty tremendous risk,\u201d says Neilson.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Set goals for the year<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Understand your\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/smarter\/strategy\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">strategy<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0so you can set (and crush) your goals. Jones recommends setting \u201cspecific, measurable, achievable, relevant, and time-bound (SMART) goals for the year.\u201d Then, break up your goals into more manageable chunks. \u201cI try to break up my goals 90 days at a time,\u201d says Neilson. \u201cIf you set smaller goals over shorter periods of time, that helps keep you motivated.\u201d\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Refresh your brand image and marketing tactics<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">\u201cReview your marketing strategies and brand image to ensure they align with your current business goals and target audience,\u201d says Jones. \u201cConsider updating your website, social media, and marketing materials to reflect any changes.\u201d In addition, update your blog content and optimize your website for search engines. And make sure your listings are still accurate and highlight the benefits of your properties. Neilson says it\u2019s a good time to scrub your email list of inactive and temporary emails as well, which can reduce your marketing costs.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Research new opportunities<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Jones recommends keeping an eye out for new investment opportunities in the market. \u201cThis could include attending\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/forums\/521\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">industry conferences<\/span><\/a><span data-preserver-spaces=\"true\">, networking with other professionals, and researching market trends and emerging neighborhoods.\u201d You might also look into\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/real-estate-investing-bootcamps\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">bootcamps<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/webinars\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">webinars<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to address gaps in knowledge that prevent you from maximizing your success. As you network with other professionals, keep track of your communications with Customer Relationship Management (CRM) software to help you stay organized and reduce your liabilities, Neilson suggests.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If you\u2019re evaluating new markets, especially as an out-of-state investor, just bear in mind that selling activity\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nar.realtor\/blogs\/economists-outlook\/seasonality-in-the-housing-market\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ramps up in the spring<\/span><\/a><span data-preserver-spaces=\"true\">, Neilson advises. Look at metrics over the past year when evaluating new opportunities rather than comparing a new spring market to your current winter market.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Refine your processes<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Evaluate your current processes, and look for areas where you could improve your efficiency, with automation or digital tools, for example. If you want to free up more time for yourself to take on new opportunities (or just enjoy the warmer days), consider hiring help or outsourcing some of your current tasks. Jones also suggests using project management software. This can be especially helpful if you manage several properties and want to track lease agreements or delegate responsibilities to team members and keep everyone on the same page.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bottom Line<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">We\u2019ve all seen what can happen to a physical space when you let things slide\u2014those dusty piles of clutter can get in the way of productive work. The same thing can happen with your mindset, processes, and goals.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Whether you set New Year\u2019s resolutions or wait until spring to deep clean your business practices, you should take some time each year to get organized, ensure your strategies align with your goals, eliminate unnecessary time and money costs, maintain your properties, and check in with other members of your team. Spring cleaning your real estate business now will allow you to enjoy uninhibited growth in the future.\u00a0\u00a0<\/span><\/p>\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block    has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n<div class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 lg:w-1\/2 \">\n<main class=\"py-4\"><\/p>\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find an Agent in Minutes<\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Match with an investor-friendly agent who can help you find, analyze, and close your next deal.<\/p>\n<p><\/main>\n<\/div>\n<div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n<picture decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block sp-no-webp\" title=\"It's Spring! Here Are 10 Ways To Apply Some Spring Cleaning To Your Business 2\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Agent-Finder-Block-2.webp \" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Agent-Finder-Block-2.png\" type=\"image\/png\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Agent-Finder-Block-2.png\" decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block sp-no-webp\" title=\"It's Spring! Here Are 10 Ways To Apply Some Spring Cleaning To Your Business 2\" alt=\"find an investment-friendly real estate agent\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Agent-Finder-Block-2.png\"\/><\/source><\/source><\/picture>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/spring-cleaning-for-your-real-estate-business\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article When the weather warms up, it\u2019s a good time to clean out the nooks and crannies and not just the ones in your closet. Every year, you should take a step back, evaluate your processes, take care of your business \u201chousekeeping,\u201d and set new goals.\u00a0 You\u2019ve just paid your taxes, so getting [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":7221,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/cleaning-window-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-7220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/7220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=7220"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/7220\/revisions"}],"predecessor-version":[{"id":7222,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/7220\/revisions\/7222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/7221"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=7220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=7220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=7220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}