Top 10 Ways to Stay Ahead in the Rental Business

Posted in Blog  
  on May 12, 2016

The summer months tend to be busier in the rental business, so you will want to make sure that you're ready to keep turnovers tight this season so that you lose as little rent in between tenants as possible.

  1. Manage Outgoing Tenant's Expectations - An outgoing tenant should be well aware of what is expected from them before the move-out date. Keeping communication lines open between you and your tenant is one of the best ways to make sure that they have a smooth departure.
  2. Keep the Turnover Tight - There will always be some lag time between outgoing tenants and incoming ones, but there are certain things that you can do to keep that to a minimum. A quicker turnaround time means less rent lossed for you.
  3. Stand Out Against Competition - Competition increases during the summer with people moving before the school year starts, and with more competition it will be harder to rent your property out for the price that you want. Make sure to stand out above your competition.
  4. Convince Renters Yours is the Best - Part of standing out against your competition is making sure that your rental is not only seen, but preferred by a variety of potential tenants over your competitions' rentals. The more applicants that you have for your property, the better chance that you will find that amazing tenant that you're looking for.
  5. Application Requirements - You should have set policies in place before you begin to accept applications for your rental property. Make sure that you have any minimum requirements provided clearly to the potential applicant so that you do not waste their time or yours.
  6. Screen Your Tenants - One of the most important steps of the process of accepting a new tenant is to screen them. LandlordStation has put together a full guide on how to screen your tenants effectively so that you have the best chance of finding the right one.
  7. Best Deciding Factors - If things go well you may need to decide between several qualified applicants. These are the sort of problems that landlords always want, but you will be able to speed up this process if you have a general idea of what the best deciding factors should be between great potential tenants.
  8. Keeping Information Safe - The screening process will bring sensitive information across your desk, and in this digital age you will need to make sure that you take all the necessary precautions to keep that information safe.
  9. New Tenant Letters - Once you have found your new tenant, we're back to preparing for the first point in this list: managing expectations. It's often a good idea to provide a letter to your new tenant to make sure that everyone is on the same page about rules and expectations during their time in your rental.
  10. New Tenant Checklist - Something you may wish to include with the welcome letter is a new tenant checklist. This will be where you detail out a variety of things that your new tenant may need or may need to know while living in the unit.

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