Category Archives: moving

condo building

Filling Rental Vacancies Fast 

As a side effect of the pandemic, many rental properties have remained vacant for longer than usual. Whether it is due to college and universities going remote, so students no longer need their rental, or a major shift to suburban living overcrowded city life, apartments that are usually a hot commodity have slowed down in rental allure. Thus, filling rental vacancies has become a pivotal part of property management responsibilities. 

Here are a few ideas that may help landlords quickly fill vacancies that may occur over the course of the year. 

Keep Your Listings Current on Your Website

According to RentTec Direct, “72% of renters use the Internet when looking for a new apartment according to a study conducted by Apartments.com and Google which evaluated the top avenue renters use to find their next rental property.”

If you are not keeping your vacancies up-to-date on your site, you may be missing a large portion of renters that find their next apartment online. 

Evaluate Your Pricing 

Your future renters will be doing their homework and shopping around to see which spaces include utilities, which do not, and which ones may offer some sort of amenities such as a yard or outdoor entertaining space. 

Be sure to examine what the market is telling you your rent should be according to current situations. Once you have examined you can easily justify why the rent is set at a certain amount. 

condo pool

Utilize Professional Cleaners 

Apartments that have been professionally cleaned, including the kitchen and bathrooms, appear better to potential renters. If you hire a cleaning crew you will not only save yourself some time and elbow grease, but also make your property look more appealing to those hoping to rent. 

Keep in mind that renters check out every corner of the unit before they sign on the dotted line. By contracting this chore out, you will be maintaining your reputation for having spotless units as well as having renters find the unit above reproach. 

Consider Perks 

If you want to fill your rental quickly with quality renters, consider some perks. 

Offer your current renters (or outgoing renters) referral awards to entice word-of-mouth recommendations. There is nothing better than finding a renter through a referral from someone who has been a quality tenant for years! 

home or rental key

Advertise Immediately

If you do not have a referral program, you should try to advertise a vacancy immediately upon getting notice from the tenants. 

Most rental units come with a requirement of giving 30 days’ notice to the landlord before moving out. Act immediately upon getting the notice to advertise the unit so that there will not be a vacancy the next month. Every time that unit sits empty you are losing income from that space. 

Follow our blogs for more ideas on how to keep your properties well run and efficient now and going forward. 

 

Ready to Move into a Community with an HOA? 

Are you thinking about packing it all up and moving to a community that has an HOA? Communities that have a Homeowners Association have a ton of advantages including the amenities, freedom from landscaping the lawn every weekend, and being in a secure environment. If you are new to community living, you will want to be aware of some aspects that come with this type of community. Here are some of our tips for your move. 

Understand the Rules of Your Community 

Living in a community is different than owning your own property or home. It is important to note that there are rules and bylaws that govern each community. You will want to ask specific questions when considering a move to see if you and your lifestyle are a good fit. For example, ask about rules concerning pets, smoking, parking, guests in the amenities areas, noise restrictions, rules on renovations, and the list could go on and on. Carefully read all Governing Documents before you decide on purchasing in a community. 

Understand the Insurance Differences

You probably already know that there is a master insurance that covers all exterior aspects of your building and common areas in your community. But what you may not realize is that you must also have individual insurance to protect the items within your own unit. Be sure to talk to your agent so there are no gaps in coverage. 

View the HOA Budget

Where a community spends its money can tell you a lot about what is valued. Ask to see the budget, which should be available from any HOA Board members. Look to see how often maintenance is completed on common areas, amenities, the roof, exterior structures, painting, landscaping, and paving the parking areas. 

Engage with the Community 

Ask about community events, how the pool or gym works, and find out if there is an association email that you can get your name on so that once you move in you will begin feeling like you are a part of the community. 

Know Who to Contact 

Unlike owning your own home, when there is a problem you will need to know who to contact. Get a list of board members as well as a contact person who can tell you whether you are responsible for calling a repair person or whether the association will deal with it. Usually, if the problem occurs in your unit you are responsible, while outside it is the responsibility of the association. However, there are questionable times like if there is a roof leak, water pipe burst, electrical problem and so on. 

Are you preparing for a move to an association? Here are a few sites to examine when dealing with a move that can help you out. Good luck and welcome to your new community!