The nature of doing business as a landlord often involves hours of idle time.
This is time created by tenants who, for a multiplicity of reasons, break their appointments without prior notice.
Too much idle time on your hands can hurt your bottom line.
Whether this role is your day job or not, it should be time well spent on income generating activities.
Here are four guidelines to help you keep your day in check and money in your pocket.
1. Plan a Tight Schedule
Assess how long it takes to show a potential tenant the full property.
Based on your estimate, schedule your appointments around this predetermined time frame, with 10-minutes wiggle room.
For example, it may take 15 to 30 minutes to showcase a small to medium-sized property, which includes greetings and filling out application forms.
The extra 10 minutes covers occasions when clients are running late or have gotten lost trying to locate your premises.
A tight schedule reduces the amount of idleness in your day when a client postpones.
The extra 30 minutes created from a no show client can be spent on administrative matters and preparing for the next appointment.
2. Follow Up On the Day’s Appointment
To fill time gaps and better manage your time, you need to be confident about your expectations for the day.
Take control by calling people on the day of their appointments to confirm their intention to show.
This step will allow you to gauge who will likely show up or cancel an appointment, giving you more certainty to structure your day.
A good habit to adopt when confirming appointments is to remind clients of the features of your property, including its floor plan and general property policies.
In this way, clients can utilize any new information to decide if they will honor their appointments or not.
3. Use the Extra Time for Repairs Around the Property
Use a day besieged with cancellations to have workmen attend to damages around your property.
A property recently made vacant often needs a maintenance checkup.
Address toilet leaks, faucet damage, and roofing problems during “down times.”
However, if repairs do not impede or present a hazard to visiting clients, these renovations can be done throughout the day.
Regular property upkeep sets the standard you want upheld by a newly selected tenant.
Note: have list of contacts on speed-dial for the workmen who will be repairing your property, or at least know which home repair specialist to call when your day opens up.
4. Immediately Resolve Bigger Issues with Property Marketing
If you commonly experience widespread cancellations with only a fraction of your clients showing up for appointments, it means you have bigger issues to resolve and quickly.
You may need to evaluate your advertising channels, the conditions of your property and its location to find the solution.
- There are two main reasons that your property marketing may not be working for you. The first is an error in the address or description of your rental home. The second is a lack of critical information, such as a contact number and sufficient directions to the premises. One way to resolve the issue is to create a website that lists the property information. Give prospective tenants the website address so that they have easy access to your property details.
- The condition of your property is its own advertisement. If it is seen as a dilapidated, unkempt structure, you will lose clients, money, and credibility. Regular face lifts and undertaking property management duties are necessary steps in maintaining your property value.
- A property in a hot-spot location can often attract the wrong type of clientele and lead to cancellations from clients you want to attract. When this is the case, changing your client profile or reinvesting in a property that shows more promise for long-term profitability must be considered.
Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More
When it comes to reviewing a rental application, all of it may seem daunting; you will find it overwhelming because there is so much information that you yourself have to go through before the tenant... More
Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More
Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More
Becoming a landlord is a major deal and no one can simply get up and think, “well, yes I think I should be a landlord and rent out my flat.” If you are thinking that you would like to be a landlord,... More
If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More
Landlords and aspiring landlords, do not become as such, without guidance and advice. There is a lot that goes into being a landlord nowadays; in fact, there is so much to learn that it often confuses... More
Renting out an apartment or a house can become a constant revenue source for landlords, but at the same time, it gives rise to several problems. It is a fact that high standards, a strict lease... More
If you are currently thinking of becoming a landlord only because it helps you have a constant stream of income, you should think twice. It’s not that you should not consider offering your property... More