In the real estate investing world, there are about a hundred tasks we can do on a daily basis to keep our business running and growing. Scheduled maintenance, networking, financial analysis, acquisition, maintaining a team, and the list goes on.
Keeping all of this in your head is a sure way to miss and neglect different aspects of your real estate investing business. Recurring calendar reminders are a great way to keep track of all these ongoing tasks and will ultimately help you build your thriving investing business.
Here's an overview of why calendar reminders matter to real estate investors, the tools you can use to implement them, and specific examples of reminders you can set right now.
How to set reminders
There are many different calendar tools available. Although many prefer physical paper calendars, digital scheduling tools are a crucial component of any sophisticated real estate investing business. If you haven't already, use calendar software such as Google Calendar, Outlook, or Calendly.
Once you have your digital scheduling set up, download the mobile app so you always have your calendar at your fingertips. As you add new items to your calendar, you can make them recurring every day, week, month, or year. This allows you to set up a reminder once and then not have it occupy precious brainpower.
Reminders to add now
There are a number of reminders you can make as recurring events on your calendar. Here are a few to consider as you build out the digital component of your real estate investing business.
- Fire alarm and CO2: You should be inspecting these on a semi-annual or annual basis. Many jurisdictions require the signing of a one-page form by tenants to act as proof that this inspection has been completed.
- Birthdays: Remembering the birthdays of tenants is an easy way to build relationships and inject positive energy into your tenant management.
- Bi-annual inspections: You will want to get into your properties on a regular basis with bi-annual or annual inspections. Remember, tenants require notice, usually at least 24 hours, but several days is a good buffer.
- Lease renewal reminder: Prior to a lease ending, you'll want to begin the communication process with tenants to understand their intentions at lease end. Do they want to sign a new lease? Go month to month? Or begin the moving process?
- Anniversaries: Sending a quick anniversary note to tenants to let them know this has been X amount of years they've called your property home is a nice gesture. With a calendar reminder and standard language, this takes only a few minutes but shows tenants you care enough to communicate important dates with them.
- Team member check-ins: Whether or not you have specific tasks to discuss, it's a good idea to set a calendar reminder once per quarter, bi-annually, or yearly to meet up with the different members of your team. This can be a quick call or lunch to ensure you're up to date on all the happenings in the different aspects of your real estate investing business.
- Mortgage renewals: Set a reminder for a few months out before your mortgage requires a renewal. This will allow you to begin the discussion on next steps with your bank or broker.
- Drive-bys: Schedule regular monthly drive-bys of your property to ensure the exteriors are in good aesthetic order and nothing requires immediate attention.
- Physical maintenance: You may want to schedule at different intervals the big-ticket maintenance items preventatively. For instance, set a calendar reminder once every three years to do a roof or furnace inspection.
- Investor updates: If you have investors, you'll want to send them regular updates on the performance of their real estate assets.
- Email list updates: Building an email list is extremely important for investors who want to scale their business. Commenting on local news and discussing upcoming projects with your email list at regular intervals is a great marketing and branding strategy.
The bottom line
There's a little up-front work involved to schedule these recurring calendar reminders, but they will automate a lot of the brainpower you use to remember these critical tasks.
Scheduling reminders for inspections, key dates, preventative maintenance, and recurring tasks in your investing business will put you closer and closer to automation and running efficient operations.