The winter months most times seem like a period of slowness. In reality, though, landlords can take advantage of the colder months. While fewer people may be out looking for new places to live there are always opportunities to focus on how to improve internally. That way come spring and summer, you’ll be able to hit the ground running with your property.
Attracts More Long-Term Tenants
In the winter months, there is less of a demand for rentals meaning many property owners and landlords may decide to wait to put their spaces up for rent. With fewer rentals available, there will be more of an opportunity for landlords who do put their apartments up for rent to attract tenants. And these tenants could be people who are planning to live in a place long-term. From here, landlords can negotiate rent prices, helping with stability and reducing the risk of turnover.
Offers Time For Tax and Financial Prep
By February, tax season is already ramping up and many landlords have received tax documents. As the winter time can be slow, having this downtime can help you focus on putting your finances in order. While filing deadlines are in April, working on them in February gives you ample time to get clarity on things you aren’t 100% confident with while avoiding the stress of last-minute work. Double-check rental property income and expenses from the previous year, and make sure that all receipts, invoices, and statements are organized and categorized.
Simultaneously, if you are looking to invest in more than one property, February is a great time to do so. You’ll be able to find new properties at great prices while having the chance to deduct expenses related to the new property from your tax-related expenses.
Ability to Focus on Property Maintenance
Oftentimes, the colder months are a slow period for all kinds of maintenance technicians. Take advantage of this downtime and schedule your routine inspections from building foundation checks, plumbing checks, HVAC system checks, and pest checks among others. This way you can prevent the risk of overlooking issues, which can lead to detrimental effects. Plus, it even gives you time to focus on the curb appeal of your property. What new elements can you add to entice the potential of more renters?
Winter doesn’t have to be your slow season. It can be a time of working on property maintenance, checking financials, and maybe even scoring some long-term tenants. Let these colder months inspire you to learn new strategies for navigating the property owner landscape so you can stand out from the competition. Check our blog for more tips on how to set yourself apart as a landlord.