It’s no secret that the spring and summer seasons tend to put pep in everyone’s step, and renters are no different. Living in Canada means dealing with the cold winter season, and that can have a dramatic effect on how landlords and property owners make money from their units. During the winter, folks are less likely to relocate to another city, or make a move to a new rental unit. That’s why it’s good to prepare for the spring and summer well in advance, to take advantage of demand.
At Royal York Property Management, we understand just how important this period is when it comes to renting out individual properties. Our expertise in the field is put to great use during this time, specifically to fill vacancies and generate rental revenue for our clients. Here’s a few tips for landlords looking to capitalize on the lucrative spring/summer season.
PREPARE IN ADVANCE
In truth, the prep time to set up your rental property should begin in January or February, depending on what needs to be done. The last thing any landlord wants is to wait until the 11th hour before preparing their property for showings. This is especially true for the Southern Ontario market, which tends to usher in the warm weather at the end of March. It’s also the right time to tack up anything that requires maintenance, be it electrical, insulation or individual amenities.
Typically, landlords prep their properties in time for the spring season in order to take advantage of the months leading up to fall. At the start of spring, supply is up, but that quickly changes as we slide into the summer months where demand takes precedence. Suddenly, a wealth of potential tenants have less choice when it comes to deciding where to relocate. By the time August has ended, the window of opportunity tends to shrink dramatically.
KEEP AN EYE OUT FOR A+ TENANTS
Some landlords may think that the increased demand for rental housing in the summer months gives them reason to relax and be more selective about their tenants. While it’s always a great idea to choose the tenant you feel most comfortable with (and who has passed all the necessary background checks), one shouldn’t look a gift horse in the mouth. If an A+ tenant arrives at a showing with impressive documentation and a stellar background check, move forward.
The mistake is thinking that increased demand and reduced supply will automatically equal a guaranteed rental by the end of the summer months. This comes with potential risks, and no concrete guarantee that your property will be rented out. To further reduce this risk, we suggest working with Royal York Property Management to make sure that your property is valued and marketed correctly, while being shown to as many potential tenants as possible. One thing out of place, and you may miss out.
PRESENTATION IS KEY
As mentioned in the last entry, it’s very important to market your property the right way, from day one. Otherwise, you may find you’re being passed up in favor of another property with a far more glamorous presentation, not to mention a wider audience. The best property with the most attractive deal attached means little if the presentation isn’t adequate.
That’s why it’s important to work with an established property management company that understands the importance of marketing a rental property. This includes professional photography, clear and attractive wording, and the casting of a wide net across multiple rental sources and social media avenues.
Remember that this window of opportunity in the rental business lasts just two seasons. Once the fall kicks in, kids are going back to school, people are settling into a routine, and preparing for the winter months. However, that shouldn’t deter you. Royal York Property Management excels at helping landlords fill their rental vacancies during any time of the year. We simply want you to take advantage of a highly lucrative period when tenants are hungry for a change.
For more information on how Royal York Property Management can attract enthusiastic A+ tenants towards your property, contact us today!