Practical steps for multi-family owners to start strong in January
As the calendar flips to a new year, most people are thinking about resolutions, goals, and fresh starts. But for multi-family property owners, this time of year is more than symbolic—it’s an important operational checkpoint.
January is the reset button for your property business. What you do now can determine whether the next 12 months bring stability, profit, and peace of mind—or surprises, stress, and scrambling.
Whether you self-manage or work with a property manager, here are 10 smart steps to prepare your multi-family rental for a successful new year.
✅ 1. Review Your Rent Roll
Start with your rent roll—it’s the heartbeat of your property. Double-check that you know:
- Who’s paying what rent
- When each lease ends
- Who’s due for renewal in Q1
- Who has fallen behind or needs a payment plan
If you’re using property management software, generate a report and scan it for inconsistencies. This is also a great time to assess rent adjustments based on current market rates.
As Gus Grimstad puts it, “The rent roll isn’t just numbers—it’s a map of your next few months. Knowing it cold helps you plan ahead.”
✅ 2. Schedule Winter Walkthroughs
If your property is in a cold climate, early January is the perfect time for a mid-winter inspection. Walk the grounds, check the units (if allowed by lease terms), and look for:
- Frozen pipes
- Drafty windows
- Malfunctioning heaters
- Ice buildup on stairs or walkways
- Safety issues in common areas
Preventative checks now can stop mid-February headaches later.
✅ 3. Communicate Early with Tenants
Tenants appreciate clarity—especially after the busy holiday season. Send a short New Year’s message that includes:
- Contact information for maintenance/emergencies
- Any changes to office hours or policies
- Reminders about snow removal or parking
- Gratitude for a great year
This keeps your property running smoothly and sets a professional tone for the months ahead.
✅ 4. Update Emergency Contacts and Vendor Lists
Review your list of vendors and emergency contacts:
- Is your plumber still available?
- Is the snow removal company under contract?
- Do you have a backup electrician or HVAC tech?
Save updated numbers in your phone or property management software so you’re never scrambling during a late-night call.
Gus Grimstad emphasizes this point every January: “If your go-to guy is on vacation or booked, who’s your second call? Planning for Plan B makes you look like a pro.”
✅ 5. Review Your Insurance Coverage
Take 15 minutes to look over your landlord insurance policies. Have any of the following changed?
- Number of tenants or units
- Renovations completed in the past year
- Property value increases
- New equipment (e.g., HVAC, laundry machines)
If so, your coverage might need an update. Call your provider and check that you’re still protected—and paying the right premium.
✅ 6. Start a Capital Expense Plan
January is an ideal time to outline capital improvements for the year ahead. Ask yourself:
- What major repairs do I need to plan for?
- Are there upgrades I’ve been putting off?
- Can I schedule big jobs during slower seasons?
A capital expense plan helps you prioritize, budget, and avoid surprise costs.
✅ 7. Run a Year-to-Year Comparison
Compare this year’s numbers to last year’s:
- Income
- Operating expenses
- Vacancy rate
- Maintenance costs
Where did you improve? Where did costs rise?
Use this data to set realistic goals for the new year. If something changed for the better, replicate it. If something got worse, dig into why.
Property manager Gus Grimstad suggests making this a habit: “Year-over-year comparisons don’t lie. They show you where the business is trending—and where it needs a course correction.”
✅ 8. Refresh Your Online Listings
If you anticipate vacancies in the first quarter, take a moment to update your online rental listings. Freshen the photos, double-check the details, and consider rewriting the description to reflect seasonal appeal (e.g., “cozy heated unit for winter”).
Even if you’re not currently listing anything, it’s good to have marketing materials ready. When a tenant gives notice, you’re prepared.
✅ 9. Organize Lease and Legal Documents
Now is the time to make sure your:
- Leases are updated
- Digital files are backed up
- Templates (for late notices, renewals, etc.) are current
- Property registration or licensing is renewed (if required in your city)
January also offers a chance to consult an attorney about any legal changes coming to landlord-tenant law in your area.
✅ 10. Reset Your Mindset
This one’s personal, but important. Managing a multi-family property can be stressful, especially after the holidays. A new year is a good time to:
- Set healthy boundaries (especially if you self-manage)
- Decide what you’ll delegate or automate
- Revisit your long-term goals for the property
Professional property managers often take this time to reset their systems, staff schedules, and communication plans. Owners should do the same—even if it’s just adjusting how much time they want to spend on day-to-day tasks.
As Gus Grimstad puts it, “The property needs you to be steady, not scattered. January is the time to check in with yourself—not just your spreadsheets.”
Final Thoughts
The start of a new year is more than a calendar change—it’s a chance to get organized, re-energized, and refocused on what matters.
By reviewing your numbers, tightening up your systems, and planning ahead for maintenance and marketing, you set your multi-family investment up for another strong year.
And if this year’s goal is to step back and create more breathing room, it may be time to consider hiring a property manager.
Gus Grimstad often reminds owners: “Starting strong doesn’t mean doing it all yourself. It means setting the right systems in motion—so the property works even when you’re not watching every detail.”
Here’s to a steady, successful, and stress-free new year.