Let's face it, renting population is increasing at a very rapid pace and so does the competition among the different property management companies in Calgary. However, there are some tenants who are just looking for a place to reside according to their life style. If you are new rental property owner looking for the best ways to boost tenant occupancy without poking hole in your pocket, here are 5 ways tips from our property management experts.
1. Increase Your Online Presence
Online is the new trend! The percentage of people searching for mobile devices or PCs has been growing more than ever before. So, when seeking to boost tenant occupancy, make sure your branding and marketing efforts are reaching an online market. Make sure the website of your property management in Calgary is modified to fit email browsers. Remember, if it’s hard for your targeted audience to connect with you, they will soon find others digital savvy landlords.
2. Be Careful On Late Fees
As a tenant or a rental management company, you should always be polite and kind to your tenants. But, when it comes to late fees or late rent collection, one should have a borderline. Although rent collection is not quite enjoyable for the landlord, it is essential for profitable business and for earning revenue. So, ensure your tenants understand this and sign a contract. The rental property management companies design comprehensive lease agreements covering all aspects of tenant-landlord relationship. If you have a transparent tenant/landlord relationship, odds are you can boost tenant occupancy easily. If you give freedom to your tenants to pay whenever they want without the late fees, you are actually leaving money on the side table and they will pay late rent always.
3. Increase Rent Strategically
Another way to boost tenant occupancy is increasing rent strategically for long-term tenants. Undoubtedly, lower rents attract potential tenants, but it doesn't mean that you should never increase it. Make sure you have all the valid reasons to justify rent increase.
4. Reduce Turnovers
Turnover costs include advertising costs, painting walls, floor replacement and the vacancy. Your main goals should be – finding quality tenants who take care of your property and pay rent on time. When you find such tenants you can put all your efforts to keep them for the long run. However, long-term tenants only leave when they are moving to some another country or bought a new home. The rent amount is not the only reason for tenant retention, but customer service is equally important. Whether you are managing your property personally or hired one of the rental property management companies in Calgary, make sure your tenants are treated with respect. A good landlord/tenant relationship can boost the occupancy in a significant way.
5. Hire a Professional Property Management Company If Required
Hiring a local rental property management company is important if you want to manage your rental property well and turn it into a profitable venture. Local property management companies in Calgary or other cities understand that getting a reliable and qualified tenant is not easy for new landlords or property owners specially when there is excess supply in the market such as Calgary where tenants are spoilt for options and rental bonuses. However they are best equipped to take care of the tenant's needs in order to best meet both landlords and tenants needs. They know how to reach out to target tenant segment you are looking for as well as professionally present the property to potential tenants highlighting best features while also ensure to screen 360 view of tenant background if you need. So you can find a reliable and qualified renter to enhance your tenant occupancy.
Whether you are looking for free rental estimates of your property in Calgary or better ways to boost tenant occupancy, you should look at a trustworthy rental management company in Calgary to take care of your needs.
LEASEWELL is a premier property services company in Calgary. We help landlords with all aspects of their rental property so you can focus on things that matter most for you. while we do the heavy lifting for you. Let us help you find great tenants and keep your rental in top shape to maximize return on your property investment.
For more please visit our website www.leasewell.ca or contact us at firstname.lastname@example.org