The holidays are upon us! We are all feeling merry and bright and getting into our true holiday spirits!
However, when you are a property owner, you understand that there are slow times and unfortunately, the holiday season, is that time. We have a few ideas and/or tips for our homeowners who are experiencing the off-season blues.
- Host an Open House – Yes, you can do this with rental properties as well! Tenant’s love when they can go view the property prior to leasing it, and this is even more valuable during the slow season. Everyone is busier this time of year, so prospects do not always have the time to schedule a private, individual viewing of a property they may be interested in. Bake up some cookies, make it feel like ‘home’ and hold an open house to assist with finding your perfect tenant.
- Upgrade/Renovate – Use this time to your advantage. We understand it can be frustrating as you wait to find a tenant to occupy your vacant rental, however you can use the down time to make some upgrades or renovations that may have postponed while it was occupied or that will improve the property’s value.
- Try Incentives or Concessions – Whether it be a gift card for your new tenant’s for signing the lease or a discount on their rent (Running Holiday rent specials are great too!), incentives during a slow time can go a long way.
- Non-Standard Leasing – Perhaps offer a 6 or 7 month lease opposed to a full year for applicants applying during the off-season. If things do not work out and they do wish to vacate after the lease has expired, slow season will be soon (if not already) over by then!
- Broaden Horizons – Market the property differently. Update your listing. Use different listing host sites to list your property. Don’t leave out any core details regarding the property. Reach out to a different crowd of prospects. Perhaps reevaluate prospective tenants that didn’t quite make the requirements the first time around.
Finally, our number one piece of advice for all of our homeowners is to be patient. It is usually best to wait out this slow time and not take a tenant out of desperation. You do not want to move someone into your rental property and potentially have issues arise, resulting in a possible eviction, a little while later. Evictions are costly, as are any repairs and property turns that may need to be done on the property after. The ‘right’ fit will eventually come along.
We wish each and every one of you a safe and happy holiday season!