The start of spring and the approach of summer means peak rental season. Some of your current tenants will leave for other cities while potential tenants call about housing availability. All of this movement can be hard to manage without proper preparation and organization.
Fortunately, you can get your business processes and practices in tip-top shape prior to the summer rental rush. Use the six tips and tricks listed below to make your daily workload easier and more efficient. If you do, you could benefit from reduced stress, lower tenant churn, and a healthier bottom line.
1. Upgrade Your Internet
Some property management duties, such as a broken water heater or faulty sprinkler system, become extra frustrating during this busy time. And while you can’t always know when a maintenance emergency will strike, you can make sure you have reliable internet for daily office needs and any emergency situations. Purchasing your internet from a business Internet Service Provider (ISP) ensures a fast, reliable connection so that you spend more time finishing tasks rather than waiting for the internet to catch up. It keeps both you and your tenants happy when you aren’t slowed down by poor internet.
2. Invest in Quality Business Software
Besides purchasing better internet service, you should invest in quality business software. It helps you stay on top of details, which include not only your properties but also the people who live at them. While you could attempt to manage those two pieces on your own, you should let business software bear the burden. These tools span practically everything from customer relationship management (CRM) and rental property management to social media management.
3. Declutter Your Files
Next, declutter. If you still have many paper files, now’s the time to digitize them. You’ll prevent paperwork from getting lost by storing it in your new management programs. You can also apply a process to any remaining physical paperwork. Some property managers, for example, create a physical or digital file for each of their properties and add rental applications, lease agreements, and other documentation to the file as the items are received. This process can work well, but you should find one that works for you. Organization should always make your workload easier and more efficient, not more difficult and aggravating.
4. Update Your Rental Listings
Once you finish addressing your paperwork processes, move on to your rental listings. A Rent.com survey reports renters usually take almost a month, sometimes longer, before finding an apartment to rent. This means your listings need to be the crème de la crème now, not when summer begins. You should check your listings’ accuracy and update information about amenities, schools, utilities, and more. You should also invest in quality photos and maybe even virtual tours. These two visual items can convince future tenants to click and schedule an appointment to view your available properties.
5. Develop Long- and Short-Term Marketing Strategies
Rental listings often dovetail with your marketing strategy. It’s a smart move because you want to attract future tenants several months before peak rental season. Some of the work occurs through organic marketing efforts, such as hosting open houses, employing social media networks, and attending community events.
The other part frequently involves money. You want to place strategic advertisements, online and off. For online advertising, consider paid options on social media and Google ads. Both allow you to define the target audience so that you draw in your ideal tenant. For offline advertisements, think through where your preferred tenant spends the most time, such as a local gym, coffee shop, or restaurant.
6. Recognize Your Limitations
You likely have a unique set of capabilities and personality traits. While your qualities may make you a lovely landlord, you may still struggle when tracking down a leasing agreement or confronting a tenant about a delinquent rental payment.
To better prepare yourself for any event, learn to recognize what your strengths and weaknesses are. Then, outsource what you struggle with to people and businesses best able to handle them. Doing so will make your landlord experience that much more efficient and enjoyable.
You can do plenty of worthwhile endeavors to get ready for peak rental season. Start with the six tips shared here to stay organized all year long as well as prepare your properties for the newest influx of tenants.
About the Author: Emily Long is a freelance writer based in Salt Lake City, Utah. She writes about tech, home automation, and safety. When she’s not living out of a suitcase, you can find her practicing yoga, running Utah’s best trails, or attempting to perfect her coffee brewing skills.
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