Fort Worth rental properties keep investment property owners busy all year round; however, you may see yourself a little less busy during the rental market’s slow season. While it may be appealing to put everything on autopilot for a short period, it may not be the best use of your time. The slow season presents a chance to manage a handful of important but often overlooked tasks. By taking full advantage of the slow season, you can be better prepared for the busy seasons and optimize the potential of your investment property.
Develop a Marketing Plan
If you don’t currently have one, the slow season is good for establishing a great marketing strategy. With more effective marketing, you can easily attract good tenants and keep your rental property occupied year-round. At the very least, your marketing strategy should include things like a great newspaper or classified ad for each property you own, identifying all the ideal places to post your ad online, and how to deal with social media to attract applicants. With your marketing prepared and ready to go, it’s one less thing you’ll have to bother when things get busy.
Ask for Online Reviews
On top of effective marketing, it is imperative to have a positive online presence. In today’s digital world, prospective renters will explore to see what past tenants have said about their experience with you and your rental home. You can ensure that what they discover is positive by asking your tenants to leave you reviews on the web. You can encourage tenants to leave feedback by using platforms like Google, Yelp, and social media. Make it simple for them by sending them a link, and don’t let the fear of a bad review stop you. People who rely on reviews understand that the occasional harsh review exists and don’t let it dictate their final decision.
Re-Work Your Budget
If you haven’t updated your operating budget in a while, the slow season is a good time to do so. The rental market, just like your rental properties and tenants, is always moving, and your budget should be updated periodically to accommodate recent changes. At the start, you need to go through your expense items and update any out-of-date numbers. After that, recalculate things such as your vacancy rate and capital improvements, altering the numbers when needed. Having an accurate budget may help you make more informed decisions about your rental properties throughout the year.
Get Your Paperwork In Shape
The slow season is also an ideal time to get your paperwork in order – mostly if you’ve been postponing a few tasks, such as collecting all the invoices for replacements or upgrades to the property, tax records, reconciling accounts, or auditing your books. When your schedule is full, it can be difficult to keep up with smaller tasks like monthly bookkeeping and bank reconciliations. And then there are the important annual tasks, such as tax document preparation and auditing. Utilizing the slow season to do these things can streamline your schedule and ensure your priority is where it belongs.
Plan Your Next Investment
In conclusion, one of the wonderful times to evaluate your investment strategy and make plans to add your portfolio of rental homes is when circumstances 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, making preparations during the slow season is a great use of your time. Then when things escalate, you’ll be able to take your next moves confidently.
If you feel that your busy schedule is causing you to overlook these and other tasks, it may be advisable to employ professional property managers to help. At Real Property Management Trailhead, we conduct most of the day-to-day work of owning rental properties for you, freeing up your time for more important things. To learn more about the range of services we offer, contact us online.
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