A tenant-landlord relationship is much like a business relationship. Advised, good tenants will come to the table knowing what they want and they’ll be equipped to ask you questions. As a good landlord, it’s important that you’re capable of answering these questions in a way that promotes your brand, or rather your product/unit, and remains honest and with their expectations appropriately managed. They’ll be looking to compare apartments and you’ll need to be able to make yours look the most attractive based off of your fair market-rate pricing and the amenities you’re prepared to provide. How should you field their questions? DNS specializes in rental property management and we can help you navigate those questions while still making your property look like the best option for a well-prepared tenant.
If you’ve prepared your market-rate fairly and have a well-researched price tag on your unit, you won’t have to blink when telling them your expected rate. (If you have questions about setting a fair market-rate price, refer to our last article.) A good tenant will have researched their options already, and they’ll know that they need you to confirm the price that they found online. This will also clear up any confusion on whether or not the rate they found is the rate for the unit they’re being shown which can change for a number of reasons. They may inquire as to how much you expect to increase the rent if they seek to renew their lease at the end of this period. While it’s a great idea to have a varied market analysis already drawn up for this occasion, if you don’t want to lock yourself down to a price that’s fine. Tell them you don’t know how the market will have changed by that time and you don’t feel comfortable quoting them that price yet. In light of the new tax bill that will have very measurable effect on the renter’s market, this is completely reasonable. The rental property management climate now could be completely different at this same time next year.
Terms of the Lease
Be sure to decide if you’re more interested in a longer lease with a tenant or if you’re just interested in a month-to-month sort of lease. Based off of the current market conditions, it’s recommended that you aim for a longer lease. Be prepared for a tenant to inquire if you’d be willing to take less in rent if they signed a longer lease. DNS Property Management recommends starting with a year lease only and then pursuing a longer lease if you’re interested in keeping the tenant, as it might save you eviction costs later and the potential vacancy is less of a risk.
Most rental units include the standard stove, fridge and dishwasher. Your potential tenants will ask what appliances are included, such as a laundry machine and dryer, microwave, etc. It would probably be in your interest to provide more amenities and make your units more attractive in that way. Higher end apartments tend to include appliances like that, and those simple comforts of home puts your rental property above others without much expense for you.
If you’re interested in forming rounded property management strategies for your Broward County rental property, reach out ot DNS Property Management. We’ve been helping landlords and real estate investment properties prosper for years. We’re completely prepared for whatever curveballs the tenants or the market throws, and with us by your side, you will be too. Browse our articles on our blog that feature ways to screen tenants intelligently and improve your properties overall operations. Contact us to start renting out your properties faster and smarter.