Marketing Your Property during the Winter

The winter haze makes property marketing difficult for many property managers. It takes a bit of ingenuity to show off the special features of the property you are managing during the winter season. But this mean does not mean that property marketing cannot be done effectively during the winter months. There are a couple of things you could try doing to generate customer interest during the winter.

Here are a few of them:

1. Showcase your winter wonderland

The winter season is a beautiful time of year. Use it to your advantage. If your property is meant for families to enjoy, make a snowman in the yard, put up a Christmas tree and sleighs. Ask around to know what winter activities are taking place near your property this winter. So when you market your property, use these activities as selling points. It will allow you to set your property apart from the rest without making your clients feel like you are over selling.

2. Keep the outdoor area clean

One of the biggest problems during the winter is the snow. It can be hazardous and a complete nuisance as well. So make sure the ice and snow from the driveways and walkways are cleared. Keep these entry ways clean and dry by using salt, it will make sure the property is safe and appealing as well. This will improve your chances of attracting renters because if the outsides are well maintained the insides should sparkle in proportion.

3. Take some suitable pictures

Make sure you have decent pictures of the property and its various features from the summer. It will show the renters what the property really looks like all year round. It is hard to know what’s hiding under the snow or behind the hazy cover of the winter time fog. Apart from the property you are managing, show your potential clients pictures of the amenities that surround the property, like the park, schools, hospital, or grocery store. They should be able to make quicker decisions once they know what the property looks like.

4. Who doesn’t like the holidays?

Create a warm fuzzy feeling inside and outside the property with holiday decorations. It is an astute way to let your clients know you are current and the property can satisfy their every need. Do not delve deep into religious themes because you are looking at a wide range of customers. So stick with neutral decorations. Stay away from over-the-top decorations and décor. The client should feel like the value of the house keeps appreciating with every detail they see.

With these tips in your marketing tool kit, you should get your property noticed this winter. If you cannot, no one can!

Minimizing the Risks of Renting to College Students

College students are in surplus now that summer is over and winter is beginning. This means new tenants, mainly close to a college campus. But this demography of renters can be a bit of an issue if you aren’t very careful. The benefits may be alluring. Like, most parents cover their children’s housing rent when they go off to college. College students are a lot less fussy compared to the regular kind off customers.

It is a lot easier to advertise to students because they understand the way the Internet works. So advertising and marketing will cost much less. Plus the rent they have to pay is much higher in a university town, for the most part.

So what are the risks, then?

The Risks of Renting to College Students

§  College kids usually have everything done for them at home. So being inexperienced in taking care of property can be a disadvantage, especially if your tenant turns out to be reckless.

§  Some college students are immature and out of control all together. This is a lethal combination that spells disaster and more expenses for you.

§  Most kids plan to party during their college years away from home so. This can result in a much higher risk of damage.

§  Since they will be staying for a short duration, they will care even less about maintaining the integrity of your property.

How do You Minimize the Risks?

Tenant Screening
Make sure you thoroughly screen your college student tenants. It may be difficult to do this because of their limited credit history. But either way it is necessary. Apart from the students also screen their parents or guardians. Also, find out if the student has ever been evicted from a university dorm.

Special Lease
Get our attorney to prepare a special lease when you plan on leasing to college students. There should be a clause requiring co-signers, specifying maximum occupancy, what will happen in the event of damages to the property and complaints against noise.

Explain the Rules
Make sure you read the rules to the tenant so that they are made thoroughly aware of what is and is not allowed. Like no use of fire on the property in the form of fireworks, charcoal grilling, or burning candles.

Charge for Utilities
To curb the unnecessary use of water and electricity, make sure you charge your clients. This way they will avoid leaving the water on and will learn to save power. And if they do not have pay their electric bill, there goes the TV and the computer!

Monitor the Property
Get the services of a third party monitor in the building. This way, you can receive immediate alerts if the tenants do not pay attention to the terms of the contract.

These simple rules will help you recover the money owed to you by your college student tenants and prevent them from damaging our property. Hiring a property management company to help you screen and maintain the property would help ease your burden if you are renting out your property to students.

How to Screen Tenants without getting into Legal Hassles

As a landlord, you want tenants who look after your property, pay rent on time, and stay till the end of their lease (or even renew it). Getting fantastic and affable tenants begins with the screening process and knowing how to do it without getting into trouble is an art that every landlord should learn.

Create a Screening Process

Don’t make your screening process ad hoc. Instead, create a step-by-step screening process. Make sure you have an application that asks them the following questions:

§  Reason for leaving this current home or apartment

§  Place of work

§  Information about their bank accounts

§  Personal habits, like smoking

§  Pet ownership

Create criteria for approving a prospective tenant’s application. This will help you select one who fulfills your requirements.

Educate Yourself about Federal Fair Housing Laws

There are federal laws that protect prospective tenants from being rejected for no reason by landlords. It is important you know the laws, so that your screening process conforms to them. Make sure you don’t select or reject prospective tenants based on their gender, sexual orientation, race or religion. In fact, you cannot question tenants about these things at all.

Let Applicants Know the Terms of the Lease

Make sure you let applicants know about the terms of your lease from the very beginning. For instance, if you have a security deposit, let them know the amount. By letting them know the terms, you let prospective tenants also decide whether they want to rent your property. If they don’t want to, they walk away, ensuring you don’t waste time or effort trying to market your property to them. Write down the terms and give a copy to the prospective tenants, so that they can read and understand them.

Perform a Thorough Reference Check

Although time consuming, you will thank yourself later if you check the references the applicants provides. Get permission to call the workplace, existing landlord and other references that the applicant has provided. Be sure to question the prospective tenant’s character.

Refuse in Writing

If you refuse to rent out your property to a prospective tenant, always do so in writing and keep a copy in your file. Make sure you clearly highlight the reason for refusal, so that the applicant knows the exact reason.

Screening tenants and finding a dream tenant can be time consuming. However, if you hire a stellar and reliable property management company, every aspect of the screening process will be taken care of. You don’t even have to worry about legalities, as such, since a company has knowledgeable property managers who know federal laws and make sure it is a win-win process for the landlord and tenant.

Tips for Setting the Right Rent for Your Property

As a landlord, it is important that you set the rent of your property just right. It should be neither too high nor too low (many times the market will let you know if you are right or wrong in this endeavor). The key is setting rent that attracts tenants and still leaves you with money to pay for property-related expenses and earn you some profit. So, how do you set the rent and ensure it is just right?

The Desirability of Your Property

If you have multiple properties, it is easy to set one rent for similar properties. However, this will cause you more harm than good. You should set rent based on how desirable the property is. For instance, if you have two properties with two bedrooms each and one has additional storage space, it becomes more desirable. Hence, the one with extra storage should have a higher rent compared to the other one, since many people want adequate storage in their homes.

Some people do not though. Some people do not have that much stuff. Some people do not carry a lot of baggage and extra stuff around. They may want a lower rent for this very reason.

You can gauge the desirability of your property by taking into consideration the view from the property, upgrades that you have done, the size of the bedrooms, extra closets, window and/or balcony and floor level.

Rent Fixed by Your Competition

Check similar properties in the neighborhood and find out the rental of these properties. If possible, check out properties that are similar to yours and see what they offer that you don’t. This will give you a fair idea what to include in your property and the rent to charge.

What is the Market Demand?

Fixing the rent is not a one-time affair. You have to keep a close watch on the market to check the supply and demand. If the economy is faring poorly, people will not be able to afford their homes. This will cause the demand for rental properties to go up and in turn the rents will go up. Higher the demand, higher the rent. And, when the demand goes down, you will need to reduce the rent to ensure you don’t have to deal with a vacant rental property (certainly for not too long).

It is prudent to remember the right rent will attract tenants. If you don’t want the hassle to fix the right rent and then ensure you get the right tenants, collaborate with a salient property management company. Such a company has a wealth of knowledge and experience to set the rent based on market dynamics and ensure you still earn a profit at the end of it all. There is no doubt determining the right rent is tricky and it is best left to professionals who know the business inside out.

Three Ways to Attract the Best Tenants to Your Rental Property

As a landlord, you want to have fantastic tenants, who pay rent on time and respect your property. So, if you want reliable tenants, you will have to do some work. Of course, a part of your quest to get the best tenants involves pricing your property fairly, ensuring you maintain the property well and placing ads in multiple places to get your property noticed.

In addition, there are few more things that you should do to secure the tenants you desire.

1. Determine the Kind of Tenants You Want

One of the keys to obtaining the best tenants is first figuring out the kind of tenants you want to work with for a long time. Check with property managers to find out what features tenants are looking for in rental properties in your neighborhood. You can even call up realtors and check with them. Most tenants look for properties that offer easy access to the local school, public transportation, hospital, grocery stores, and so on.

But beyond this, tenants want homes with certain amenities and if your property can offer those amenities, you will be able to attract the right kind of tenants. Some of the amenities tenants look for are air conditioners, dishwasher, neat and safe surroundings, stellar plumbing fixtures, and modern appliances.

2. What is the USP of Your Rental Property?

Why should prospective tenants choose your rental property over others in the neighborhood? This is what will give you the unique selling proposition (USP). Rather than focusing on the number of bedrooms and bathrooms, focus on something that makes your property special and unique.

This could be a short drive from the best shopping area, located close to an award-winning restaurant that has affordable dishes, the best garden to bring the countryside to urban life or watch the most amazing and mesmerizing sunsets. You will want to include the USP in your advertisement to appeal to the right tenants.

3. Sell Your Property for its Benefits and not Features

When creating the advertisement for your rental property, focus on how tenants will benefit from renting your property. Usually, rental property ads are all about features – fresh paint, number of bedrooms and bathrooms, and the appliances. Remember, you don’t want just another tenant. You want the best tenant. So use the ad to demonstrate how the tenant will benefit from renting your property.

Finding the right tenant for your rental property can be tough. That’s why landlords collaborate with property management companies. These companies work on your behalf to get the ideal tenants, so that you can enjoy your life as a landlord. So, go ahead and forge a partnership with a reputable property management company and get the tenants you envisaged and covet. Forging the right relationship will make your life much more enjoyable in the months ahead.

Page 33 of 80