How to Improve your Rental Business

How to Improve your Rental Business

Running a rental business is no walk in the park. Between past due rent collection and property damage, it’s easy to lose hope and become discouraged as a business owner. If you feel like you’re at the end of your wits, it might be time to reflect on your current practices and consider new ones. Here are several ways in which you can improve and replace your current ways of doing business as a landlord.

Modernize Your Marketing Strategies

If you aren’t currently using digital marketing strategies, you might as well be living in the stone-age. Social media and search engines have completely altered the way most businesses market their goods and services. If your website isn’t ranking on Google and your posts on social media aren’t being liked and shared, you could be hemorrhaging potential tenants to your competitors. If you don’t want to hire a digital marketing firm, there are some basic strategies you can use instead. Do some keyword research and create a blog on your website. Write a few blog posts that contain the important keywords and search terms related to rental properties so that your website ranks higher on Google.

Screen Your Applicants

Struggling with unreliable tenants? It’s time to take preventative measures so you don’t have to give out another eviction notice ever again. Request that all of your applicants agree to a pre-tenant screening so that you can see their rental history report. Pre-tenant screenings will reveal credit scores and criminal backgrounds in addition to their rental history. Consider requesting references from prior landlords and property managers in addition to permission for a tenant pre-screening report. Prior landlords can give you a better idea of the quality of your applicants than anything or anyone else.

Decrease Vacancy

An empty unit isn’t making any money. While turnover is unavoidable to a certain degree, finding long-term quality tenants is the easiest way to prevent vacancy. During the screening and interviewing process, try to find out why your applicants are moving what their plans are. Filling units with long-term tenants won’t be enough; making sure that your occupants stay happy is equally important. If a tenant makes a repair request that goes ignored or discovers a bug infestation, they likely won’t want to renew their lease.

Consider offering extended leases for a discounted rate to any tenants that have lived in your units for an extended period of time. You can’t put a price on a having a low-maintenance, friendly tenant who always pays their rent on time—it’s worth slightly reducing their rent in order to keep them.

Increase the Cost of Rent Strategically

Check with your local laws surrounding how much time is required to give someone a notice of rent increase. Raising your rent can keep you in competition with the current market rates, as well as weeding out tenants who struggle to pay rent on time. As a general rule of thumb, you should raise your rent slowly and in small increments. If you try to increase your prices too fast, you could end up losing tenants to competitors instead. When calculating your prices and increases, compare prices to rentals in your surrounding neighborhoods.

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Late Fees

You should always include late fees on all of your rental agreements and enforce them with an iron will. Don’t be a pushover when it comes to occupants failing to pay rent on time; you’re running a business, not a charity. Failing to collect late fees will only encourage more of the same behavior. While there’s nothing wrong with giving a loyal, long-term tenant a break when they have always paid you on time in the past, exceptions to enforcing late payments should be few and far between.

If a tenant sends you a check for the cost of rent but leaves out the late payment, kindly explain that rent will not be considered paid until the late payment is also included. If you stick to your guns and hold firm, your tenant will quickly learn that you won’t be taken advantage of.

Running a rental property business is challenging, but it doesn’t have to be. Use these tips to alter and improve the way you do business so you never have to stress about your business again!   

 

 

 

Renting in Ukraine

It is not a problem to rent apartments for any taste and wallet in Ukraine. As regards houses, the choice is narrower (especially on the eve of summer season, when demand on family cottages in big cities suburbs increases significantly). If you surf the Web, you may find hundreds of the Ukrainian sites which contain hundreds of real estate agencies and private brokers’ contacts. There are a few tips which may be of use for you while searching for accommodation here:

* While estimating the accommodation cost, keep in mind an intermediary’s fee: 50% of the first month rent charge. Besides, define the currency of monthly payment and if it is fixed in the contract. (It is common practice here to link charge in hryvnas to dollar exchange rate monthly).

* Public utilities payment is another issue to discuss while making an agreement. Sometimes it may be included into the monthly rent charge, sometimes – not. Anyway you should pay for such utilities as electricity, heating and water according with the counters, Internet and TV provider’s service complementary (plus additional options for houses – security, garden maintaince etc.).

* The first payment includes two-month charge. Half of this sum is considered as security deposit in case of damaging the landlord’s property or any other loss-making.

* It is possible to negotiate some discount if you can pay for more than 2-months period up front.

* It is common to show the lower charge in the contract due to the apartment owners will to pay less tax. The rest of sum may be paid by a tenant in cash - up to your unofficial agreement. (This is a distinct feature of Ukrainian style of doing business – to avoid or cut taxes wherever it is possible: either rent payment or job salary etc.).

* No payment to be done until the contract is signed. (Payment for viewing, any kind of deposit etc. is obviously to be fraud).

* If you need to have a correct contract or passport registration in the official institution (OVIR), be ready to compensate your landlord’s complementary expenses and inconvenience.

* Owners usually personally visit their tenants to get monthly payment (if the other way was not specified). Municipal services may be paid either by a landlord or by a tenant. Bills for utilities services are sent by post or you can adjust your on-line account.

* Landlords manage their apartments themselves so any problems as regards repairs and upgrade, municipal services drawbacks etc. to be discussed and agreed with the owner.

* Term of the rent contract is rather nominal and can be changed easily. If you want to move out you have just notice the owner one month beforehand. On the other side, the contract may be prolonged automatically, by agreement. Landlords usually use this case as a chance to revise monthly fee.

How to Improve your Rental Business

Running a rental business is no walk in the park. Between past due rent collection and property damage, it’s easy to lose hope and become discouraged as a business owner. If you feel like you’re at the end of your wits, it might be time to reflect on your current practices and consider new ones. Here are several ways in which you can improve and replace your current ways of doing business as a landlord.

Modernize Your Marketing Strategies

If you aren’t currently using digital marketing strategies, you might as well be living in the stone-age. Social media and search engines have completely altered the way most businesses market their goods and services. If your website isn’t ranking on Google and your posts on social media aren’t being liked and shared, you could be hemorrhaging potential tenants to your competitors. If you don’t want to hire a digital marketing firm, there are some basic strategies you can use instead. Do some keyword research and create a blog on your website. Write a few blog posts that contain the important keywords and search terms related to rental properties so that your website ranks higher on Google.

 

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