With properties to-let, property managers will usually see certain times in the year when there is a surge and dip in renting. It’s always good to prep for these renting ‘seasons’ during the dips so you are prepared when the leasing activity picks up again!
- Spruce it up
Properties need to be in good condition for rental showings if you want there to be some good takers for it. This is the time you need to get around to fixing and repairing things around the place – broken fixtures, leaks, mends etc. Consider a few cosmetic improvements to the place as well. They could make the place look more appetising.
- Get the team in ship-shape
Your rental agents – both old and new – have to be prepped and ready for the peak seasons. Everyone has to be up to date with company policies while also being aware of the state laws. Review the best performers from the last year and get them to share their tips and tactics on making a sale. Reward them with a small bonus. Use incentives to encourage the team and make use of the healthy dose of competition to keep the team honed, equipped and ready.
- Keep your listings updated
You can’t have the same listings as you did for the last few years. The property definitely must have been improved since then, and it is only natural that you include any new information to the old listings. Take care to change the language appropriately to be reaching the right audience, and be certain to check for grammatical errors, spellings etc. While it may seem a little redundant to you, don’t forget to include details about heating, parking facilities, or any other amenities you are providing. This way you are reassuring people who are looking to rent whilst also avoiding having to repeat those details individually to all enquirers.
- Review and re-evaluate
All those contracts and lease agreements are not meant to be collecting dust. Take a look at them to make necessary tweaks or changes to include what you are representing now and to reflect the terms specific to each unit being rented. Consult a real estate attorney if you need to craft a more substantial lease form that protects your interests. On the other hand, review your vendor list to make sure you are getting the competitive rates as well as the performance.
- Technology for the times
Real estate has seen a healthy number of options in the technology sphere – both hardware and software. These are great to automate quotidian tasks and eliminate error, while you are juggling a busy season. If you can’t directly invest in the tools, a smart and popular alternative is to outsource the task to agencies who specifically deal in this. For instance, you can outsource either part or all of your accounting function to a company that is invested in outsourced accounting, and benefit from skill, scalability and state-of-the-art infrastructure at a competitive price.
Follow these 5 fortifying preparatory tips and brace for renting season!