Owning a successful rental business requires an investor to wear several hats. It would help if you had some legal savviness to know how to write a solid contract and occasionally have handyman skills when something needs fixing. More importantly, you must be a good marketer to attract new tenants and keep your vacancies low. And while some marketing tips remain timeless, the best marketers adjust their strategies depending on the season.
Do you want to know why spring is a significant time in the rental industry for investors? Would you like some professional season-appropriate tips to boost your rental marketing preparation? We’ve got you covered; this article answers all these questions and more. So stick around till the end of the article if you want to take your real estate business to the next level.
Why is Spring a Significant Time in the Rental Industry?
- It’s the Perfect Time to Land New Tenants
There are several reasons savvy landlords watch out for spring, one being that it’s the perfect time to land new tenants. While summer might have the highest moving rate, most forward-thinking renters start house searching by mid-spring. That means you’re already too late if you put out a listing in August when your tenant’s lease ends. Most responsible and high-paying tenants would’ve signed a rental lease with landlords with more foresight.
If you want to avoid enduring months of vacancy, put yourselves in your prospective teats’ shoes and create an apartment search checklist. Ensure the rental meets all the requirements, then use intentional marketing strategies to put your listing at the forefront.
- It’s Ideal for Home Improvements and Repairs
Another reason spring is vital in every landlord’s seasonal cycle is that it’s ideal for making major repairs and embarking on home remodeling projects. With summer being too hot and temperatures dipping in winter, spring is perfect for maintenance and renovations.
It’s also an excellent time to inspect for any damage you might incur over winter due to snow. After all the ice has melted, you can call a professional to observe the roof and ensure all your gutters, shingles, and fittings remain intact. Other parts of the house that might take a beating include the basement, your windows, and the house’s exterior. After resolving any damage, you line up contractors to give the rental a much-needed lift in time to put it on the market.
- You Can Still Sway Your Renters to Stay
If you’ve dropped the ball regarding your maintenance and hospitality, you might have unsatisfied renters planning to move. As we highlighted earlier, summer is the busiest month for moving. So if your tenants plan to move, they’ll likely join the bandwagon and start house hunting in the spring.
However, spring is still early enough to convince them to stay. Get feedback from your tenants about why they’re unsatisfied with the current living arrangements. If you can quickly resolve these issues with some repairs and minor renovations, go ahead with the plans.
Rental Marketing Preparation Tips for Spring Season
- Do Some Spring Cleaning
Spring is a great time to maintain your property to ensure it’s in good condition or get it ready for new tenants. During this period, you should inspect vital systems like your smoke and carbon monoxide detectors, roof, drainage, and HVAC systems. It would also be a great time to do landscaping to increase your curb appeal for home viewings. Bay Property Management Group Northern Virginia understands the importance of preparing for leasing season and can assist you with spring cleaning.
- Research on Renovations
Renovations can go a long way in improving your home’s value and attracting new renters, but they can also cost a lot of money. So, irrespective of your budget, you should research which rental projects have the most ROI. You can then make a priority list with an estimation of how much each update will cost. This action will keep you on track and prevent you from overspending. More importantly, it’ll also ensure you get the best value for your money.
- Polish Your Listings
You shouldn’t limit your spring cleaning to only your physical space; you can also go virtual. For example, if you made some recent updates, take high-quality photos and videos to pique more interest in your listing. You can also update your copy to ensure it is SEO-friendly and that you have all the right keywords potential tenants are looking for.
- Give Your Residents an Incentive
Finally, remember to keep your current tenants happy. You can offer them an incentive in the form of a handy house tool like oven mitts or a gift card from a business in the neighborhood. Thoughtful gifts will make your renters think twice about leaving, especially if you stay on top of maintenance and make functional upgrades.
In summary, leveraging the different cycles in real estate can help you yield more profit. Spring is a crucial season to utilize as a landlord because it can set the pace for the rest of the year. Getting your rental in shape at the beginning of peak house hunting season can expand your reach, increasing your chances of finding well-paying and responsible tenants. Spring can also be your last shot at convincing existing renters to stay, which will trim your marketing budget by reducing vacancies.
If you need help getting your house rent-ready in time, hire a professional to help you. An expert property manager can oversee all the on-site inspections, repairs, and renovations you should undertake. They’re also marketing experts that can help you land the best tenants and keep your units profitable.