Tips for Getting Through Leasing Season

Leasing season for residential property management spans from May to September, peaking in July and August when the highest number of transactions occur. To ensure maximum profits and achieve higher levels of success during this crucial period, property management teams must prepare well in advance of the season’s commencement. Moreover, it is vital to allocate and utilize resources effectively during peak times to meet the elevated demand and expectations from prospective tenants.

Continue reading to explore effective strategies for the leasing season that will empower your team with a competitive advantage and enhance efficiency both before and during this pivotal period.

Prepare Your Leasing Team

A well-prepared team can make a significant impact, particularly during the demanding months. To help them thrive amidst the challenges of leasing season, provide support before it commences.

Enhance training budgets and access: Instead of reducing training budgets, prioritize ensuring that all team members have access to technology and training well ahead of the surge in leasing season.

Efficiently onboard and cross-train team members: In the case of understaffing, invest in hiring new team members or cross-training existing ones. Allow ample time for everyone to become fully proficient and prepared.

Ensure availability and up-to-date readiness of high-demand teams: Review maintenance team procedures to ensure the availability of tools, supplies, and sufficient team members for prompt response. Consider extending leasing agents’ working hours during the peak rental season, as the additional investment can yield substantial leads.

Consider remote and off-site team members: Implement effective strategies to enhance engagement, productivity, and retention for team members working remotely or across large regions. Focus on fostering a supportive environment for these individuals.

Make the First Impression

Based on the 2022 NMHC/Grace Hill Renter Preference Report, 51% of renters emphasized the significant importance of the overall appearance of a property in their leasing decision-making process. As prospective resident traffic is likely to increase significantly, it is crucial to enhance the appeal of your property.

Implement a comprehensive property refresh: Take a walk around the property, viewing it from the perspective of a potential resident. Identify and address minor cosmetic improvements that can have a substantial impact on the community’s attractiveness.

Prioritize maintenance matters: Proactively handle all preventive maintenance tasks and inspect roofing, gutters, and downspouts. Ensure that common areas are clean and well-maintained.

Explore investments in new amenities or spaces that add value: Pay attention to the desirable upgrades that prospective tenants inquire about when considering your properties. For instance, the 2022 NMHC/Grace Hill Renter Preferences Report highlighted that 73% of renters are interested in 24/7 self-service package access, 69% desire a property-wide recycling program, and 58% are keen on having an outdoor communal barbeque space. Consider incorporating these value-added features.

Create Effective Listings

High-quality listings not only attract more prospects but also increase the likelihood of quickly filling your property vacancies. Here are effective ways to distinguish yourself in the competitive market.

Craft polished and comprehensive listings: Ensure that your unit descriptions, photos, and videos are detailed and captivating. Consider enlisting the services of professional writers and photographers to convey informative messages about your properties effectively.

Utilize your website and third-party listings: Make sure all listing information is readily accessible to potential renters on your own website, as well as on third-party listing sites. According to the 2022 NMHC/Grace Hill Renter Preferences Report, 83% of renters visit a property management’s website, while 73% visit rental listing sites when searching for their most recent rental home.

Embrace Technology

To meet the convenience and self-service expectations of prospective renters, incorporate technology that enables virtual leasing solutions like virtual showings and video walkthroughs. These options provide renters with the flexibility to view the unit at their convenience, saving time and minimizing inconveniences. Additionally, virtual tools streamline the leasing process, benefiting your team by increasing efficiency.

Another excellent option, specifically for qualified renters, is to offer self-guided tours facilitated through a lockbox system, granting them access to the property. This approach provides further convenience and flexibility while maintaining security measures.

If your current rental process lacks online application options, you may be overlooking significant benefits. Online leasing solutions not only provide convenience for prospective renters but also streamline the entire rental process, eliminating manual paperwork and reducing the risk of errors. By embracing online rental applications, you can enhance the overall experience for all parties involved and create a more efficient and seamless rental journey from start to finish.

If your current rental process lacks online application options, you may be overlooking significant benefits. Online leasing solutions not only provide convenience for prospective renters but also streamline the entire rental process, eliminating manual paperwork and reducing the risk of errors. By embracing online rental applications, you can enhance the overall experience for all parties involved and create a more efficient and seamless rental journey from start to finish.

Keep Screening Processes Up to Date

In order to adhere to fair housing laws, it is essential to establish a set of objective criteria to determine qualified applicants, such as credit score or rental payment history. It is important to note that this list should not include protected statuses, including race, gender, marital or familial status, sexual orientation, or religion, as mandated by legal requirements.

To expedite time-consuming screening procedures, consider leveraging technology that aids in accurate and unbiased tenant screening. This will enable you to make faster and well-informed decisions about applicants, particularly during the busy leasing season, thereby improving overall efficiency.

Housing regulations undergo annual revisions, necessitating potential adjustments to leasing agreements and addenda to align with new Fair Housing Laws and updated local or state requirements. Non-compliance with these regulations could lead to legal repercussions, making it crucial to stay informed. Regularly consult federal and state resources available online or seek guidance from legal professionals to ensure you are aware of necessary revisions and maintain compliance with the law.

Leasing season holds great significance for residential property management, and it is crucial to prepare your team well in advance and continuously optimize your processes. Whether it’s early planning or last-minute adjustments, these tips will ensure that your rental properties and team members are fully equipped for the peak leasing season, ready to respond promptly to the influx of prospective residents seeking your services.