With the cooler autumn months rapidly approaching, it is time to prepare your rentals for the fall. As a landlord, fall time is a great time of year to tackle some seasonal projects, prepare for the winter, and create the most profit you can from your rental.
Check out these fall time tips for landlords and step into the new season with purpose.
#1: Fill Vacancies As Soon As Possible
When summer draws to a close, the rental market tends to slow down. If you still have a vacancy heading into fall, you should focus your efforts on finding a qualified tenant. The winter months bring a near stop to the rental market, which makes filling your vacancies priority number one.
Having trouble filling your vacant unit? Review the 7 P’s of filling rental vacancies to ensure you are gaining the most traction possible. During the fall months, take the extra time to highlight your property’s best features. Respond in a timely manner to interested applicants and work towards securing a qualified tenant as soon as you can.
#2: Take Care Of Routine Maintenance
With summer ending and winter just around the corner, use the fall season to ensure your rental property receives the maintenance it needs. Check up on your property if you haven’t been there in a while. Schedule a maintenance inspection with current tenants if the unit is occupied. Use this time to replace air filters and smoke alarm batteries.
Make sure the property is ready for the upcoming seasons, especially in colder climates. Instruct your tenants to drain hoses, protect outdoor water faucets with appropriate covers, and schedule a professional to blow out any sprinkler systems.
If you notice any major damages to the property, use this inspection to address them with the tenants. Schedule any repairs needed and be sure to make a note of anything that might affect your tenant’s deposit at the time of move-out.
#3: Organize Your Process
If you just came out of a busy season of renting out units, be sure you take some time to reorganize and ensure your paperwork is all in order. Before you know it, tax season will be upon you and having your paperwork organized before then will be helpful.
Make sure all applications are organized, new leases are filed away, and move-in condition reports are not misplaced. If you are still using paper systems for all your applications, consider moving to an online rental application to help keep things more organized.
Sit down and assess how the busy summer season went. Write down any areas you think you need to improve upon and find new strategies to alleviate pain points.
#4: Get Ready For The Holidays
If you own a multi-unit property, start preparing for the busy holiday season ahead. If you know you will need to hire companies for snow removal or other maintenance tasks over the holidays, get everything lined up now. The more you can prepare for the busy holiday season now, the less you will need to worry about over your turkey dinner.
As an added touch, purchase some decorations or hire a company to add some festive lights for the holiday season. A little extra cheer can help your property stand out as inviting and friendly.