You get regular reminders in your mailbox or inbox from local professionals in your area you use to help with your real estate investment business. You of course do the same to make sure your marketing efforts keep your real estate investment business in the forefront of your neighbors, friends and colleagues.

review your tenants as well as lease agreements

Your insurance agent invites you to call to make sure your insurance is up to date. Your financial planner or CPA should be sending you a notice every six to twelve months for the very same purpose. Life events happen, some large and some small but we are always changing. You should also take the initiative and regularly review your lease agreements as well as your current tenants in the same manner.

Take a look at your lease agreements first. Do they need to be updated? Is the lease expiration date near and if so, you should contact your tenants to find out their intentions. If they’re excellent tenants, you want to extend their lease for yet another year. If the tenants have been a little slow on the rent each month, maybe it’s time to increase the rent or find other tenants.

And don’t just stop at a document review. Give your tenants a 24-hour heads up and stop by your property to make a physical inspection. You should think of a reason to visit but you need to drop by every now and then just to say “hello.”

 Take a look around, are your tenants taking care of your property? Does it look like they care where they live? Good tenants not only pay when they’re supposed to but take care of the property as if it were their own. Such care helps maintain your property’s physical condition as well as its value. Don’t just review your lease agreements, visit your property regularly.