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.
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.
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.
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.
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.
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