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Be Proactive to Prevent Winter Vacancies

Nov 27, 2018

It’s that time of year again. The time when you don’t want tenants to even think about moving for the next 6 months. Yet, looking over your lease agreements and occupancy dates, you know tenants are going to want to move out during these frigid months.

However, if you make a plan for winter vacancies, they will become easier when they do happen. But they will also become a thing of the past.

Here are some ways to skip those winter vacancies.

Extend your occupancy dates

This is the easiest one to have control over. When a tenant moves into your unit from November to March, consider offering an 18-month lease instead of 12. This puts a November tenant on a moving schedule of June 1, if they don’t renew. Could you offer a small discount for them choosing an extended lease? It may seem silly to lose money on a monthly basis. But a discount is cheaper than having to turn over a unit in the winter. A discount is also cheaper than heating an empty apartment for months.

Shorten your lease period

This might be a little riskier as you’ll have more turnover, but you’re more likely to be full during the winter. Weigh the pros and cons before you decide to go to 6 month lease periods. If you choose to offer 6 months, try to only do so for leases starting between November and March. Keep the traditional 12 months or extended 18-month options for all other new tenants.

Offer renewal incentives

Is there something low cost to you, but would increase value for your tenant? Maybe it’s winter equipment or weatherproofing materials for inside the unit. Maybe you could offer a gas or grocery gift card for renewing with you. These small tokens might be the right incentive necessary to keep your tenant renting from you. You should start these conversations a few months in advance. This keeps the tenants happy and you aware of their plans.

Talk to your tenants

Ask your tenants what would help them. Having a conversation with your tenants about what they’d like to see, would help you and build trust. Treating your tenants with respect will show them you care and they’ll be respectful in return.

Start new leasing policies with any new tenants from November to March. This can help keep your rentals full during the winter months. If you have a question or would like to implement an alternative lease agreement fill out our contact form at contact us or call Day Property Management at 920-968-0626 to start today.

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SHOULD I RENT TO FRIENDS AND FAMILY?

19 Feb, 2019

As a landlord or property manager, you often get friends who think the available property you have would be perfect for them, or for their family members. This sounds like an ideal situation, you get someone you know you can trust who would never do anything to mess up your relationship. Until they do. Here at Day Property Management LLC, we have seen some great situations with renting to friends. However, the scales definitely tilt in the direction of disaster. Here are some of the top reasons to avoid renting to friends or family! BLURRED LINES When you’re someone’s friend, their problems are things that you care about. Their child is sick, or they lose their job, you want to support them. When you’re someone’s landlord, you are depending on the income from the rental property to support yourself and your own bills. If you rent to a friend or family member, you create blurred lines that can be devastating. In the above-mentioned situation, as their friend you could offer them your support, emotionally, physically and monetarily. When you become their landlord, you have the option of still offering the same support, but you do so knowing that you’re affecting your income as well. You could offer them a break on the rent or let them pay late, but that means you have to try and get the money to cover your costs in addition to helping them out. This can also lead into our second reason to avoid renting to friends and family, Entitlement and Expectations. Another aspect of the blurred lines are that the family/friends may not want to be a bother to you. They might have maintenance issues or problems at the property that they don’t want to bother you with. Things that could negatively affect the property in the long term. ENTITLEMENT AND EXPECTATIONS “Expectation is the root of all heartache” -Shakespeare When you’ve been friends with someone for a long time, there are certain things people come to expect.

Keep Your Home Safe While on Vacation

23 Jan, 2019

Throughout this article we’re going to go over some of the best tips we’ve found on how to keep your home safe when on vacation. The last thing you want to worry about while sitting on a beach is weather (haha) or not your belongings are safe.

Winterizing How tenants and landlords need to work together

21 Dec, 2018

When winter arrives, there isn’t much you can do outside. You’ve finished all the yard work and winterizing of the yard equipment If property owners and tenants work together, winterizing the inside of the property can be a breeze. First of all, tenants need to know what they need to do and what tasks are on the landlord’s list. According to the Wisconsin way, a landlord is responsible to keep a property temperature above 67 degrees. This means the furnace needs to be in working order. Depending on your lease, a landlord may provide salt for the sidewalks and driveways and possibly provide snow removal equipment, such as a shovel. However, a property owner must maintain the safety of the rental unit. Keeping sidewalks and driveways clear from ice is a safety issue. Insulating any outside pipes can keep them from bursting when the temperature gets below 20 degrees. Making sure smoke alarms and carbon monoxide detectors are working is always a concern for property owners. With less traffic in an out of a house during the winter, and adding weatherproofing to windows and doors, air does not circulate as much as it does during other seasons. The law does not require landlords to winterize the inside of the home. Some things tenants can do to make the inside comfortable and safe during the winter. Put plastic on the windows This adds a barrier against heat loss, keeping the cold air out and warm air in. There are many kinds available at home improvement stores.