Most of the time when we put together our occupancy strategies, we look at the long term. We want to find renters who will renew and keep our rental spaces full. However, even though it is short term, corporate housing offers a lot of benefits. With the increase in business travel and relocation, there is a lot of opportunity in providing short-term corporate housing. Corporate housing can be very profitable if you manage it correctly. Here are some things to consider if you are thinking about offering corporate housing options:
Evictions are never fun. They are probably the most difficult part about being a property manager. However, when someone stops paying rent, becomes a troublesome neighbor, or disrespects the rental space, you need to take action. Losing a resident is hard enough, but having to evict one can be especially difficult because evictions are usually not planned. Fortunately though, an eviction doesn’t have to be all bad. Instead, you can use an eviction as an opportunity for growth.
One of the hardest things you will have to do as a property manager is manage renter complaints. You want to keep your occupants happy but sometimes things come up that need to be addresses. The best thing you can do is put a system in place so that you can easily manage and address any complaints and keep your residents happy. Here are some simple tips to manage resident complaints.
You have great amenities, great prices, and a great staff, but lately you’ve been losing occupants. There are many things that could be reducing your occupancy rates, but sometimes they are things that you haven’t even considered. Here are some small things that may be driving your residents out and how to fix them:
According to the ASPCA, 37-47% of all Americans have a dog and 30-37% have a cat. That is hundreds of millions of people. All of these people could be potential residents if you allow for pets. However, letting your residents have pets comes with a myriad of problems. So you may be left wondering if you should allow pets as residents. Here is a basic guide for some of the issues you will face if you allow pets so you can be informed before you make this difficult decision.
You can have the most desirable rentals in the world, but if you do not have a solid property management team, your occupancy rates are going to be low. Like any workplace, people determine the success of the company. So you want to make sure that your employees are skilled, work well as a team, and are enthusiastic about their jobs. Here are some tips to help you build the perfect property management team:
Managing a small business is a complex process. You take on multiple tasks to find the right professionals for your goals and get your business ready for your customers. A key challenge you may face is the human resources responsibilities. By hiring...
Nowadays most people look at rental spaces online before setting an appointment to see the available space in person. So it is more important than ever to utilize online marketing to increase your occupancy. However, with so many rental companies advertising on the Internet, it can be challenging to make your company stand out against all the competition. Here are three simple strategies you can use to engage potential renters and increase your occupancy rates.
Your resident rapport begins with that initial phone call, and we at OccupancySolutions.com know how much is riding on that first communication. You've done the marketing, calls are coming in, and you want to transform these callers into community members - so how do you go about getting it done? Well, there are some really simple techniques you can use to ensure you're making a positive and impactful impression on every caller.
Building community rapport is important for resident retention, and we at OccupancySolutions.com want to help you to improve these very important relationships. When community members feel appreciated, open, and secure in where they live, they're more like to stay, and more willing to open up about these positive experiences to others who may be looking for a new place to live. 5 simple ways you can improve your community rapport are:
Property managers often overlook the value of renter’s insurance for risk mitigation. It’s easy to discount renter’s insurance, because it is thought of as something that just protect your resident’s personal property. However, renter’s insurance not only protects your residents, but it also protects you and your property. Property managers make a lot of mistakes when it comes to renter’s insurance because they don’t understand the benefits. Here are some of the biggest renter’s insurance mistakes to avoid:
With so many people now looking online for their next home, you really need to make sure that you stand out from your competition. One of the best ways to garner interest and attract potential residents is with great listing photography. Here are five easy tips on how to make sure you take beautiful pictures that will grab the attention of potential residents.
When you run an older property, you may get stressed out when a new developer comes into your neighborhood and builds a brand new complex full of modern features. However, you can still stay competitive with newer properties by incorporating a few new tactics. Here are some great ways to ensure that your older property stands up to the new guys.
When a resident moves out, it can be pretty costly for a property manager. You have an empty space that costs you money every month, you have to invest in marketing and lead generation, and spend a lot of time trying to find a new resident. You are much better off if you can retain your residents. Here are four tips to increase lease renewals so you can avoid the costs and energy of finding new residents for your property.
Security deposits are a great system to ensure that your residents pay for any damage to your property. However, when you have to take out money from their security deposit to cover damage, it could lead to a dispute. These disputes can become such a headache that often times property managers would just rather take the financial hit of the damage rather than manage the security deposits. To avoid taking on extra costs and dealing with disputes, here is a guide on how to manage security deposits.
As property managers, we often overlook Baby Boomers because they’ve typically already settled into life and have their homes figured out. However, as baby boomers get older and their children move out of their houses, they often look to downside and make their lives a little easier by moving into a managed property. Baby Boomers are a great market because they are typically more financially reliable than younger generations and tend to have a higher resident retention. So when marketing your property, consider targeting part of your marketing plan to Baby Boomers. Here are five great ways to attract Baby Boomers to your property.
With the expansion of technology, there are so many new payment methods available to property managers and residents. When you are looking into giving your residents more payment flexibility, you may want to consider online payments in addition to your standard cash payments. Both payment systems offer pros and cons, so consider these before changing your payment system:
Once you’ve attracted residents with your great amenities, you need to keep those amenities up so that residents stay long after you’ve attracted them. With the new year approaching, now is a great time to go over your property and make sure everything is running great. Here is an easy checklist you can use to keep everything on your property in great condition:
As a real estate investor and landlord, doing your job can be cumbersome when the day-to-day details of managing your property are inundating. In fact, if you aren’t careful, managing these functions can inhibit the growth of your...
Having an online rental agreement can be a great thing for your business. There are a lot of ways that you can advertise your property to potential customers and clients, but the internet is becoming on of the biggest ways. A link to a rental agreement can be shared with almost anyone, making it that much easier to use. Let’s take a look at some of the ways that an online rental agreement can make the whole process a little bit safer and easier for everyone.