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Owners
The toil and grind during peak rental season can overwhelm landlords and property managers. Summer months are the time of the year when people move into their rental properties of choice. Imagine the stress that landlords and property managers must face to get the job done during this season!
Unless they know how to make preparations and organize tasks, it is difficult to handle the stress and chaos during peak rental season. Follow these tips on managing your rental business during this time of the year.
Update Your Website and Listings in Advance
Prospective clients will visit your website for information, such as your contact details, available units, and services. Since your online presence contributes to your marketing success, the information you provide must be accurate and updated.
Your website design should also be attractive and mobile-friendly because many people nowadays use smartphones to search for rental properties online. These things should be featured on your website:
- Updated “About Us” Page
- Contact Details
- Available rental properties or rooms/units
- Testimonials
- Floor plan and square footage
- Bath and bed numbers
- In-unit amenities
- Parking and storage options
- Pet Policy
- Security features
- Photographs
- Rent price per unit
Understand Tenancy Cycle
Timing can prevent issues from happening or minimize their effects. It is true in property management, especially if the peak rental season is approaching. As a landlord or property manager, it is crucial to ensure you understand the tenancy cycle of rental properties.
Be aware of the order of operations when handling occupied and vacant units to prevent delays and other issues when turnover occurs. Here is the cycle of tenancy you need to be mindful of.
- Vacancy. This phase requires you to make the unit ready to be rented. You should advertise the rental unit as vacant and clean it for rental showings.
- Create Lease. Be sure to keep your lease agreement updated since tenancy laws may change. Hire a licensed attorney with a specialization in landlord-tenant law to assist you with all the legalities of creating a lease agreement.
- Move-In Process. Simplify the process of moving in for your new tenants. You can also make them feel welcome by giving them stuff, such as toiletries on their move-in day. Also, provide them with the house rules before new tenants move into the property.
- Occupancy Tasks. A landlord or property manager should handle tasks, such as property inspections, repairs, maintenance, rent collection, and lease violations.
- Rent Renewal or Termination. If the lease term of your tenant is at its end, you can discuss renewing the term or extending it on a monthly basis. If the tenant wants to end his tenancy, the only way you can do this is to terminate the lease agreement.
- Move-Out Process. Conduct a rental inspection before the tenant moves out of the rental unit. If you see no problem in the property, you can now assist the tenant in moving out.
Have a List of Reliable Real Estate Vendors
You will find your work as a property manager a lot easier if you have a list of trusted vendors. Even if you are handling only a few rental units, it is still wise to vet vendors to ensure you have someone to go to in case of emergencies or if you have major work that must be done on your rental property.
Pick vendors that have better pricing, the right skills, integrity, and availability. Assess their work to figure out if they suit your preferences before including them on your list.
Prioritize Renewals
You can minimize work or make your job less stressful during peak rental season if you do not have lots of tenant turnovers. How to make this happen? Well, capitalizing on lease renewals. This way, when a tenant renews his lease, you will not have to deal with the move-out process, marketing the rental unit anew, and making it ready for rent.
Prioritize keeping good tenants by offering rent concessions or renewal incentives. You can also allow them to personalize their rental units to encourage them to stay longer. Lastly, be a good landlord or property manager by addressing complaints and requests for repairs of your tenants.
Tenants always look for a place to live where they can enjoy some advantages. Make sure you have a harmonious relationship with your tenants. They will have an interest to extend their stay on the rental property if they have good reasons.
Final Thoughts
I hope the article gives you better ideas on how to deal with all the busyness and stress during peak rental season. Being organized and prepared for this time of the year when a high number of people relocate is crucial. You can also capitalize on renewing or extending the lease agreements with your current tenants to avoid the difficult landlord tasks during the peak rental season.
