Chatham County rental properties keep investment property owners working all year long; however, you may see yourself less busy during the rental market’s slow season. Even though it may be enticing to put everything on autopilot for a bit, it may not be the best use of your time. The slow season gives an opportunity to tackle a few important but often overlooked tasks. By using your slow season efficiently, you can be better prepared for the busy months and optimize the potential of your investment property.
Develop a Marketing Plan
The slow season is perfect for creating a solid marketing strategy if you don’t already have one. With more effective marketing, you can rapidly attract great tenants and keep your rental property occupied year-round. At a minimum, your marketing strategy should include things like a newspaper or classified ad for each property you own, recognizing all the best places to post your ad online, and how to use social media to attract applicants. With your marketing prepared and ready to go, it’s one less thing you’ll have to dwell on when things get busy.
Ask for Online Reviews
In addition to effective marketing, having a positive online presence is important. In today’s digital world, prospective renters will research to review what past tenants have said about their experience with you and your rental home. You can guarantee that what they read is positive by asking your tenants to leave you reviews online. Via platforms like Google, Yelp, and social media, you can ask tenants to leave feedback. Make it effortless for them by sending them a link, and don’t let the fear of a bad review intimidate you. People who rely on reviews understand that the occasional unfavorable review exists and don’t allow it to affect their final decision.
Re-Work Your Budget
If it has been a length of time since you updated your operating budget, the slow season is the best time to do so. The rental market, just like your rental properties and tenants, is constantly running, and your budget should be updated often to match recent changes. At first, you should go through your expense items and update any out-of-date numbers. At that point, recompute items like your vacancy rate and capital improvements, amending the numbers when needed. Having an accurate budget can aid you in making more wise decisions about your rental properties throughout the year.
Get Your Paperwork In Shape
The slow season is also the greatest time to get your paperwork in order – mostly if you’ve been suspending some tasks, such as assembling all the invoices for replacements or upgrades to the property, tax records, reconciling accounts or auditing your books. It can be tough to keep up with smaller tasks like monthly bookkeeping and bank reconciliations when your calendar is full. And then there are the important annual tasks, including tax document preparation and auditing. By utilizing the slow season to focus on tasks like these, you can streamline your schedule and focus your attention where it should be.
Plan Your Next Investment
Finally, one of the greatest occasions to evaluate your investment strategy and make preparations to add to your portfolio of rental homes is when things are a little slow. Irrespective of whether your objective is to hold and rent a single property for future use or to build a large, lucrative portfolio, using the slow season to establish strategies is an excellent use of your time. Afterward, when things get heated, you will be able to take those subsequent steps without a doubt.
If you see that your busy schedule is causing you to overlook these and other tasks, it may be beneficial to get engaged with professional property managers to help. At Real Property Management Impact, we perform all of the day-to-day work of owning rental properties for you, freeing up your time for more critical responsibilities. To learn more about the range of services we offer, contact us online.
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