HOW TO PREPARE YOUR RENTAL ASSET FOR PEAK RENTAL SEASON

May through September is known as the leasing season, with July and August being the most popular months for signing leases.

Below are steps you can take as an asset owner to prepare your community for the peak rental season.

First Impressions

Traffic from potential renters should increase significantly and, as the famous adage goes, “You get one chance to make a good first impression”. This is the perfect time for repainting the building exteriors, freshen up the landscaping and signage throughout the community, and check off the to do list all pending maintenance issues.

Drive through and also walk around the entire property as if you are looking for a new place to live. Doing so will give you a different perspective and may alert you to items needing attention that may have been glanced over otherwise.

Along the same lines of looking at the community as a potential renter, think like one as well! Amenities such as gyms, pools, dog parks and lounges can be deciding factors when it comes to a renter choosing their next home. Navigate through each amenity you offer, noting any repairs or refreshing that needs to be completed.

Marketing

Make sure that your website, social media platforms and any third-party listings are up-to-date with attractive photography of the community, interiors and exteriors of the units and amenity areas.

Virtual video tours are perfect for situations like we are in today, as well as after conventional welcome center office hours. Popularity has grown tenfold for a potential client to have the flexibility to watch pre-recorded video tours of the different model units (or even the particular unit they are interested in renting) and are essential to establishing trust with renters. You can create these video tours using your smartphone or enlist a 3rd party company who will create a 3D virtual tour where the prospective tenant can do their own self-guided walk through.

Prepare the Team

Train and prepare your team for this busy and exciting season! Make sure they are well-polished in answering frequently asked questions and are adept at navigating through the agreement process both in-person and electronically, if applicable.

Take some time to review your standard leasing agreement to make sure that all current Fair Housing laws are reflected. Once approved, review each section with the leasing team to iron out any questions they may have.

Consider a virtual application (and rent payment) process if one is not already in place. The flexibility to view floor plans and the “at-your-fingertips” convenience of submitting an application from the comfort of your home or at the most convenient time for the renter speaks tenfold.

Responding to inquiries as soon as possible, both from potential new residents and current ones is also paramount and something that should be practiced and enforced. The speed and thoroughness with which you respond displays the importance of the inquirer.

Don’t Forget About Your Current Renters!

The leasing and management team works all year to ensure the satisfaction of the current residents. Happy residents are most likely to renew their lease. Keep on top of all maintenance requests, send out an quarterly survey to have a finger on the pulse of what the residents think about amenities, the landscaping, etc.

A very important way to reduce turnover rates is to keep all lines of communication open between the staff and residents.

Above are just a few steps that can aid in preparing your rental asset for peak rental season. What other steps do you take? We’d love to know!

HOW TO PREPARE YOUR RENTAL ASSET FOR PEAK RENTAL SEASON