Rent roll growth:
Be proactive with your tenants

  • Who attends vacant properties? Prospective tenants.
  • Who are prospective tenants? Future & current landlords.
  • Who helps tenants find homes for the first time? Parents.
  • Do all landlords rent to their own kids & friends?

Some questions that you can ask people when they’re attending a property that’s for lease are:

  • How does this property compare to other properties you have viewed? If it was possible for us to arrange that for this property would you apply?
  • Will you be applying for the property? If they say “no’, ask them why, and see if you can work with them to help find a suitable property or even as mentioned above, find out if you can make it happen for the property they’re looking at now.
  • How much do you think the property is worth to rent?
  • What experience have you had with real estate?

Have a list of your vacant properties with you, so if this property isn’t suitable, you can offshoot them to another property you manage.

Applications are a great source for finding potential landlords. The tenant who created a relationship with the previous owner and their details can be put in the form as a reference.

At this point, you can then call the owners and thank them for the reference check, but then offer to help find them a new tenant as it’s now come available…unless they’re selling or moving in themselves.

When a property is vacant, it’s one of the most stressful times for an owner so they are now at a point where they need your help and you can offer some help when you’re making that call. Having a system like InspectRealEstate (IRE) in place within your office is having a service for
your potential tenants that are above and beyond your rival agents. They, as tenants, recognise this when they’re looking for a property with you as you’re making life easier for them and they get impressed with the notifications. They (If they’re a landlord) start to question “why isn’t my agent using this service?”, or “wow I manage my own properties and can’t offer this to my own tenants when looking”.

You are now offering service above and beyond your rivals……a point of difference (POD). Send tenants a PDF of your vacancy list once per week. Create a top 10 prospective tenants list. Follow them up when they have said they will apply……chase the application ….especially if you know they’ll be a great tenant.

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