Kuna rental properties keep investment property owners active during the entire year; however, you may end up a little less busy during the rental market’s slow season. Even though it may be attractive to put everything on autopilot for some time, it may not be the best use of your time. The slow season grants an opportunity to work on a couple of important but often overlooked tasks. By managing your slow season strategically, you can be better prepared for the busy times and optimize the potential of your investment property.
Develop a Marketing Plan
The slow season is an excellent time to develop a good marketing strategy if you don’t already have one. With effective marketing, you can instantly attract great tenants and keep your rental property occupied year-round. At the minimum, your marketing strategy must consist of items like a great newspaper or classified ad for each property you own, determining all the best places to post your ad online, and how to utilize social media to attract applicants. With your marketing prepared and ready to go, it’s one less thing you’ll have to think about when things get busy.
Ask for Online Reviews
In addition to effective marketing, it is imperative to establish a positive online presence. In today’s digital world, prospective renters will explore to see what past tenants have said about their interaction with you and your rental home. You can assure that what they discover is positive by asking your tenants to leave you reviews online. Through platforms like Google, Yelp, and social media, you may invite tenants to leave feedback. Keep it simple for them by sending them a link, and don’t let the fear of a bad review discourage you. People who rely on reviews understand that an uncommon bad review exists and don’t let it influence their final decision.
Re-Work Your Budget
If it has been a long time since you updated your operating budget, the slow season is a perfect time to do so. The rental market, just like your rental properties and tenants, is continually in motion, and your budget should be updated regularly to incorporate recent changes. Initially, you need to go through your expense items and update any out-of-date numbers. Subsequently, compute things again like your vacancy rate and capital improvements, revising the numbers when needed. Having an accurate budget can help you make more sure decisions about your rental properties throughout the year.
Get Your Paperwork In Shape
The slow season is also a good time to get your paperwork in order – especially if you’ve been postponing some of the tasks, like collecting all the invoices for replacements or upgrades to the property, tax records, reconciling accounts or auditing your books. It can be difficult to keep up with smaller tasks like monthly bookkeeping and bank reconciliations when you’re occupied. And then there are the important annual tasks, such as tax document preparation and auditing. Utilizing the slow season to address activities like these can streamline your schedule and keep your attention where it should be.
Plan Your Next Investment
Ultimately, one of the greatest occasions to evaluate your investment strategy and create plans to add to your portfolio of rental homes is when things are a bit slow. Whether your objective is to hold and rent a single property for future use or to build a large, lucrative portfolio, utilizing the slow season to establish plans is a smart use of your time. After that, when things get heated, you will be ready to take those following acts with courage.
If you find that your busy schedule is causing you to overlook these and other tasks, it may be best to call in professional property managers to help. At Real Property Management Boise, we handle most of the day-to-day work of owning rental properties for you, freeing up your time for more essential activities. To learn more about the range of services we offer, contact us online.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
