Summer is approaching, and for rental owners, this may be the busiest time of year. Learn how landlords may prepare for the upcoming high rental season.
What you will discover:
What can I do to be ready for the rental season?
How can I make the rental application process better?
Why should I update my rental listing?
What can I change when I go through my contracts and lease agreements?
What should I do after signing a lease for the peak season?
Spring and summer are the busiest seasons in the rental market. This is the busiest time for tenants to apply and move in or out. Landlords have a lot on their plates. Whether they are preparing apartments, having showings, processing applications, or settling new renters, their daily duties to other tenants and their property do not stop. Despite the fact that it is hectic, landlords that take advantage of the high rental season might enjoy the benefits. This resource includes many checklists that landlords may follow to prepare for peak rental season.
Table of Contents
What can I do to be ready for the rental season?
You may wish to reconsider your company tactics before or during the high rental season. You could discover new methods to save (or generate) money, or discover a new way to perform something you learnt via hands-on experience. The following checklist comprises the elements of a rental company that an owner should keep up to date on a regular basis:
The procedure for applying.
Update the property as well as the listing or marketing.
Examine all Lease Agreements.
New Lease Agreements should be updated.
Update the move-in and move-out procedures.
How can I make the rental application process better?
Collecting and reviewing applications takes time, but it is an important aspect of the process for a landlord. You may utilize a preset Rental Application form if you do not wish to create one from scratch. You may adjust this form for your location and property data before sending it to prospective renters online or by email. You are more likely to obtain more applications if you make the application procedure easy for them.
Physically distributing software is time-consuming and gives a lot of chance for mistake. You may reduce the quantity of paper in your office and the time it takes to process applications by utilizing an application that potential tenants can download and email back to you.
Why should I update my rental listing?
As you prepare for the peak rental season, consider strategies to refresh your rental listing. It is simple to reuse the same list from year to year. However, updating it once a year provides prospective renters with a new, fresh look at any upgrades. You may also highlight any recently available or refurbished apartments.
If you use the same photographs or description year after year, some people may believe you are still attempting to rent the same apartment from the previous year. In the end, this might make your location appear terrible since tenants may believe that renters depart often or that you are unable to attract new renters.
How can I make changes to my rental listing?
One of the most effective strategies to update your rental listing is to detail any property changes or upgrades. You may also add up-to-date information on any new features or neighboring attractions. Do not forget to update your website, social media, and any other online listing to ensure that all sources have the same info.
How can I ensure that the correct individuals see my rental property?
To get your ad in front of the proper individuals, go to where your potential renter is. For others, this may imply keeping your website up to date. Others may use the services of a real estate agent or property management firm to assist with advertising. Some landlords depend on word of mouth, tenant recommendations, or even simple advertisements hanging up at the local laundry – wherever possible tenants in your neighborhood may be.
What do tenants expect to see in my rental listing?
Include basic information on the rental, such as its location and size. Include pictures, space footage info, parking choices, amenities nearby or on your home, and your pet policy.
You should also take notice of any “extras” that impact or are included in the rental price. Here are a few examples:
Utilities.
Fees for pets.
Insurance premiums.
Parking charges.
Laundry costs.
You are more likely to acquire eligible tenants who want to rent from you if you clarify most of the conditions up front.
What can I change when I go through my contracts and lease agreements?
Once a year, look through all of your contracts, lease agreements, and service agreements. Examining each contract might help you determine what has to be modified or updated.
Remember that if you have a legal dispute with your renters, courts frequently look first at the written agreements, so keep them up to date.
Here are a few things to think about as you prepare for the peak rental season:
The cost of renting. You should double-check that the rental price you used last year is still the price you wish to use this year. This is especially crucial this year, with significant rises in the cost of living. Keep in mind that depending on state and local legislation, you may be required to notify existing tenants of any rent increase within a specified length of time (typically between 30-90 days in a month-to-month Rental Agreement, but not always).
Policies concerning pets. If your pet rules have changed or need to be revised, your annual review is an excellent opportunity to do so.
Payment procedures. You should double-check that the method you use to take money is specified in your Rental Agreement. When you amend the agreements, you may go from taking solely ACH payments to allowing credit card payments, for example.
Rules for automatic renewal. Many leases have automatic renewal provisions, however they are not always needed. If you want to ensure that you may refuse renewal or transfer the whole lease to a shorter period, an annual review of your agreements is also a good opportunity to do so.
Rules or features that are new. You may have seen in the last year that you need particular guidelines to handle certain features or services. For example, maybe you just built a laundry room to your house or installed a new security system. If new regulations must be created, doing so ahead of high season might assist to prevent issues.
Tenant details and emergency contact information. When reviewing your present agreements, make sure you are aware of everyone who lives in a unit. You might also request that renters update their emergency contact information. This information will come in handy if there is an unexpected incident in the building, such as a busted pipe or a gas leak.
In brief, before your peak rental season begins, it is a good idea to check and update everything that has changed in the previous year. This is an excellent moment to develop new policies or revise policies that are no longer being utilized.
What should I do after signing a lease for the peak season?
Once the lease is signed and ready to go, you should work on making the rental property ready to sell. Consider going through the following checklist:
To allocate the apartment to the new renter, update your papers.
Ensure that the previous renter departs on schedule and collects their security deposit.
Remove any garbage, furniture, or other objects that were left behind.
Request that the unit be cleaned.
Touch up or repair any places that need attention.
Check that all safety features and equipment are in functioning order.
Set a date for your new renter to move in.
You should schedule a time and date for the new renter to pick up their keys. You should also plan a walk-through with the renter at that time to show them the amenities of the apartment and identify any damage before they move in. Many landlords like to utilize a Pre-Rental Inspection Checklist to document the condition of the property before the tenant comes in.
