Today, we’re going to talk about some tips and some things that you can do to lessen the days on market during the winter months.
The winter months, especially here in Utah, is a time when sometimes you can have a rental unit that’s sitting longer on the market than during the summer months. A lot of people like to move when it’s warm and when it’s not snowy. And so there are some things that we do to ramp up the leasing activity. And I’ve got Colin here from our team who is going to share some tips, some of the things that we implement with our properties, and some things that a lot of the investors, landlords, real estate agents that are watching this can implement with their properties.
The first thing that we really try to do to kind of help properties get rented out faster is about the application fees: we waive those for people by giving them a credit back on an application fee to kind of help them not have that hurdle to get over to. People don’t want to pay an application fee if they’re going to get denied. So we start waving those during the winter months to help tenants, to encourage them to apply faster. That’s just to give your property a little bit of an edge over some of the others where if someone’s deciding
A second thing that we start doing is we actually will go and update the interior photos. If it’s been a couple of years since the properties that had new photos taken, getting new high-quality professional photos is one of the most important things to do for your property. This is just because so much traffic is online nowadays, like 90, 95% of everyone looking is looking online rather than in-person to start. So we try getting high definition photos so that it doesn’t look granular blurry and people can tell if it’s a granite countertop versus a speckled laminate countertop.
And when you can tell the difference, people really notice that online. Do you want it to pop right? You want it to stand out from the crowd?
Another thing you can do, especially during this time of year is to consider a different lease length. Renting is so cyclical, so having a lease that’s ending in the spring-summer months is highly valuable to you as an owner, to be able to get new tenants quicker and faster for the highest amount. Considering maybe a six or eight-month lease at this time of year could get you a tenant now, as well as putting you into that peak season so that you’re not sitting for the next two to three months waiting for rent. You’ve got something coming in and then you’ll get again, the same year, you’ll get higher, maybe a higher rent during the summer or a longer-term lease with a high-quality tenant. I think that’s critical to make sure because a lot of people are buying rentals now and in that December – January timeframe, it’s a little harder to get the tenant there, but then don’t shoot yourself in the foot by having an expired in the same time of year.
One of the last things we do we take from the apartment world is considering, rather than lowering your price is considering running a promo and, and putting up premium ads with the little banners or boosting your posts to the top and saying, “move-in special” by moving in the next two weeks or by the 15th of this month, you’ll get a 300, 500 or half a month free rent. When you do that and getting those promos to have somebody move in by a specific date helps encourage them to move quicker and come to your property faster.
When you’re running promotions like that, make sure those are in your lease agreement, there’s moving special sections of lease agreements where there are some terms for them to be able to actually have that in place and throughout the duration of the lease.
Another thing we love to do is making sure to boost those ads, those specials with premium ads. Premium ads really do affect when you’re the first person that pops up in the search box, online people click on your property before they scroll down to the bottom of the page.
One last thing, if you’re ahead of the game and your plan in your lease, if you know your lease is ending mid-winter, that’s actually a really great time to consider doing those updates that you’ve been thinking about for a long time and just haven’t had time to do it. You might plan a two-week period there to get some fresh paint, do some sort of updating so that it is high quality for those next tenants. Once again, you’re going to want to get those pictures and videos taken so that you can show off your new paint and your new floors or whatever you decided to do. Updating your property can have a big effect. It’s all about presentation, right? Making sure your property is presented in a way that people not only want to see it, but they want to live there.
The right type of tenant and a high-quality tenant will want a high-quality property. That’s just how it goes. We hope you guys are not having any issues renting your places, but hopefully, if you have one that just might be sitting on the market, you can feel free to call us as well. Talk to Collin, talk to our team about some other things. We can look at your specific property and how we would approach marketing it and filling it really quickly for you.