Sunday, April 14, 2024

How to maximize occupation in your rental property

In the rental market (residential or short-term) as in most areas of life, preparation is key. Accepting the fact that tenants will eventually move on is the first step in thinking about what you can do to prepare for this and hence maximise occupation in your rental.

Be prepared to market effectively

Before
your first set of tenants moves in, thoroughly photograph your property and, if
possible, record a video tour of it. That way, you can showcase the property in
its absolute best condition any time you like, including while your tenants are
still in it.

In
the residential market, this can help to speed up and smooth over that
potentially-awkward time when one set of tenants is moving out and you want to
view and re-let the property as quickly as possible, but you still have to
respect the fact that your current tenants are still paying their rent.

In
the short-term rental market, this means that you can basically market your
property on an ongoing basis.

Be a good landlord

In
the residential rental market, the easiest way to keep your property occupied
for as long as possible is to keep your tenants happy.

This
motivates them to stay put for as long as their circumstances remain the same
and it also encourages them to refer you to alternative tenants when they are
ready to leave.

If
you’re using a letting agent, then make
sure you choose one which has a good track-record with tenants as well as with
landlords and consider giving your tenants an email address to contact you
directly if they are unhappy with the agency.

In
the short-term rental market, go that extra mile, for example, by leaving
welcome packs, and actively reach out to tenants and ask them to spread the
word about how much they enjoyed their stay. As a minimum, leave some business
cards; ideally get them to connect with you on social media.

Be ready to take action quickly
when tenants give notice

The
better a job you have done of taking care of your property, the easier it will
be for you to turn it over in readiness for the next set of tenants. At most,
it should need minor repairs and cosmetic updates.

Similarly,
the better a job you have done of being a good landlord, the more cooperative
your tenants are likely to be when it comes to their time to move on. In fact,
they may even refer you to their friends and/or leave a positive review of you
as a landlord.

If
you want to show the property when your current tenants are still in it, then,
as a minimum, you need to do so respectfully.

Ideally,
you want to incentivize them to cooperate by keeping the place clean and tidy
and if necessary clearing out (or at least clearing out children or pets) when
tenants come to view the place.

If
you feel like this could hit you in the wallet, and then remember that your
current tenants are the people who are filling your wallet – and legally they
don’t actually have to let you conduct viewings at all. The moral of the story,
therefore, is to pre-qualify potential tenants thoroughly, so you keep viewings
to a minimum.

Claire James
Claire Jameshttp://www.firedigitaluk.com
Claire is an accounts manager at Fire Digital UK, an online publishing and content marketing company based in the North West.

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