Property Management
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1. Keep it clean and tidy.
Sounds easy but is often overlooked. Make sure common areas in the
building such as lobbies are neat and presentable. Make windows
sparkle and tiles gleam as first impressions for future tenants are
crucial.
2. Maintain the interior.
In between tenancies touch up paint to window ledges, banisters,
etc. to keep it looking fresh for new tenants. Invest in a neutral
colour scheme that both appeals to tenants and is easy to make
adjustments to.
3. Get personal.
Get to know your tenants on a personal level. Even if your
building is managed by a professional company or caretaker send out
Christmas cards, birthday wishes, and so on to let your tenants
know you appreciate them.
4. De-clutter.
Keep clutter to a minimum when showing a possible new home to a
prospective renter. Suites that are overcrowded make it difficult
for new tenants to assess the dimensions of their potential new
space.
5. Consider luxury utilities.
Does the suite have room for a dishwasher or a washer/dryer? Even
though these appliances are an expense they are a plus to future
renters and make your rental suite score higher with tenants.
6. Check in on tenants.
If something is not working or if they have a problem it's best to
know early on. A leaky tap that is fixed promptly results in a
grateful tenant and not a water damage problem in the future.
7. Secure your property.
Consider a thorough security system and make sure all other safety
and security devices are in working order. Offer your renters the
peace of mind that their homes and personal safety are your top
priorities.
8. Resolve disputes.
Quickly and effectively resolve any and all disputes between
tenants and other tenants or between landlord and tenant. Use an
impartial mediator and come to an agreeable solution that satisfies
both parties as no one wants to end up in arbitration.
9. Think about pets.
Most landlords are not friendly with the idea of pets but the
percentage of pet owners who are also renters is constantly
growing. Allowing pets, with extra damage deposit and other
securities such as a special section in the lease, will result in
expanding your budding rental pool.
10. Research local transportation.
Landlords who know their way around town and who can point
out transport links have an advantage. How close your building is
to local transport networks is a large selling point to potential
renters.
11. Make bill paying easy.
Consider offering consolidated bills by including utilities in the
monthly rent amount. This invites probable tenants to consider an
easy all inclusive option and may even be a cheaper option for
them.
12. Maximize minimal space.
Use open-plan spaces creatively as properties no longer feature
concrete uses for living space such as eating only in the kitchen.
Create a breakfast bar or nook, add in a small half-bathroom if
possible, or highlight the great social space of the living
room.
13. Offer incentives.
Most times in property rental tenants are only brought to
attention when a complaint has been made or their rent is late.
Instead, reward outstanding long-term tenants who consistently pay
their rent on time with a gift card for dinner, groceries, or a
movie and let them know that you appreciate their diligence.
14. Think about lowering rent.
Most property owners will be averse to this advice but an
extremely low vacancy rate will result in more rental revenue over
time. In slightly lowering the rent future renters may be more
inclined to choose your building to call home and in the long run
you will have less occasions of showing your suite to new
tenants.
15. Make them welcome.
Remember that when your new renters first move in they are excited
about their new home and it's important to make them feel welcome.
For just a few dollars you can offer a small fruit basket,
houseplant, or fresh baked muffins. The simplest gesture can go the
longest distance and conscientious long-term renters are every
landlord's dream.