Summer is in its peak – but it feels slightly different. Instead of gathering in community pools, we are getting used to Zoom camp for kids or socially distanced picnics with neighbors. Needless to say, property management has changed. Although summer has always been a stressful time for property owners because of a common turnover time for leases, here are some tips for ensuring that summer 2020 is a success.
Many tenants may be looking for new opportunities and may be moving out because of the current pandemic. Some may be thinking the grass is greener on the other side and are exploring other renting options for the time being as long as they are working from home. As a landlord, it goes without saying that it is in your best interest to make sure that your tenant does not get to the end of their lease and decide not to renew, leaving you stressed and scrambling to fill the vacancy. There are many things you can do to prevent this from happening ahead of time, so that you can relax and enjoy the long days and nice weather.
Here are some essential tips for a unique summer renting market:
Keep up the communication!
During this particular time, communicating with your tenant can go a long way in reducing any confusion or surprises that may pop up. In the end, this could mean the difference between a profitable relationship and having to quickly scramble to fill vacancies. This starts at the most basic level. Generally being open, responsive, and friendly with your tenants will make them feel heard and happy, especially during these times. Following up with your tenants on how they are doing throughout the pandemic and if their needs have changed will allow them to feel respected by you, which will make them want to keep their relationship with you for longer.
One big thing you can do is invite your tenants to renew their lease three months before the end of their lease, since you know that will be coming up. However, you should make sure you are honest and open about any rent increases to give them adequate time to plan. Do not be afraid to be transparent about why rent may be increasing if it is. This will allow your tenant to feel that they are in control of the situation since they understand it better.
Know what is going on in your tenant’s head ad stay flexible
If your tenant has been working from home and is looking to relocate to a cheaper or more flexible place, it is in your best interest to know ahead of time. Perhaps you can offer flexible sublet options for the summer. Not only will your tenant be able to stay in their lease because of its flexibility, they will also feel like their needs are being heard and you are sympathetic to them. They will likely feel more respected as a tenant if you anticipate their needs ahead of time. By keeping up to date with them and checking in to see what has changed due to the pandemic, you will be one step ahead in anticipating what your tenants need from you. In turn, they will know that whatever life throws at them, they will have you to support them through it, and will never want to give that up.
Now more than ever, find ways to save your tenant money
Keep in mind that tenants are always looking to save money, but especially through economically uncertain times. Find small ways for them to save money so that your property continues to appeal to them. Find ways to make the home more energy-efficient so they have fewer bills during the hot summer months. You can even offer loyalty incentives such as free wifi, which will be a huge help with tenants spending increasingly more time online. Every home and tenant’s situation throughout the pandemic is unique, but by looking for ways for them to save money, you will be ahead of the curve of all other property owners who may not take such a personal approach. Whatever approach you deem to be best, make sure that you are being adaptable to their changing needs. By finding ways to meet their goals, you will eventually meet your goals, which is to have loyal, happy tenants, which means more profits on your investment throughout uncertain economic times.
For professional expertise on ways to weather this unique storm, call PMI Chevy Chase. We offer years of experience and a personal, hands-on approach to managing your property so that your tenants are happy and in turn, you are happy.