Minimizing vacancy time is a priority for rental property owners trying to maximize their return.
The key to reducing the time between a renter moving out and a new tenant moving in is utilizing technology to make the process quick and convenient. A tech savvy property management company using self-showings, online applications, and virtual leasing can reduce vacancy time.
Pre-leasing, advertising and minimizing vacancy
Implementing pre-leasing strategies can result in a property being leased before the current resident moves out. A property management company may already have marketing materials for the property ready to start advertising immediately.
Every day the unit is vacant is money lost, and pre-leasing can help to minimize the days between renters. A few days will be needed between renters to clean and get the rental property rent ready, but having a tenant ready to go right after is a huge advantage.
Mynd offers pre-leasing when we can and if there are photos and video available to begin marketing the property.
Step 1. Minimizing vacancies by properly advertising properties
Advertising a property the right way
- Optimized property description
- Great photos.
- Video/virtual tours
- Syndicate a rental property.
Each of these advertising tools gets more eyeballs on the property. The more potential renters an owner reaches, the more applicants she has to choose from.
Certain platforms may perform well in one market and not in another. A local property management company like Mynd knows what works best for marketing a property in a particular area.
Virtual tours and self-showings
Step 2. Virtual tours and self-showings remove friction
During a pandemic there are additional challenges associated with showing a property safely. Virtual tours and showings are welcome alternatives to onsite visits.
Mynd offers self-guided tours of properties for rent. Someone interested in the property can select an appointment from a schedule online. There is an ID verification process, so we know who is going into the property, and they are given a temporary access code.
Statistics show that self-showings increase the conversion rate of a prospective renter to a tenant because a great deal of the friction of the process is removed. They don’t feel pressures from a salesperson and they can schedule the tour at their convenience.
Video and 3-D tours
Video allows the maximum number of people to see the property, and for the property owner, it's as easy as sharing a link.
Video tours are a great way for potential renters to view multiple properties from the comfort of home. They love the convenience and time saved. No more running around to see properties they instantly aren’t interested in because of a layout or other reasons. People relocating from out of town can easily tour properties without the time and cost of traveling.
Video tours give potential renters the ability to narrow their list of properties and schedule self-showings. It is a safe showing process to offer during a pandemic because it doesn’t require any interaction from a salesperson or property manager.
Step 3. How to set up self-showings
Once a potential renter finds a property they would like to view in person, they simply select an appointment time online to register for a self-showing. During the signup, Mynd collects ID and credit card information. They are then given an access code that works with a smart lock on the property. The code is temporary and works only during their scheduled visit.
How safe is self-showing?
Mynd knows who is at the property and when they are there. Every step is tracked, so there is an information trail. The process is very convenient for the renters, and it is a safe process for everyone.
Online application process
Once the tenant has decided on a property and is ready to apply, they can do that online at their convenience.
Screening residents and lease agreements
Step 4: Screening prospective residents ensures good results
How does an owner know if a potential resident is right for their property? The tenant screening process is an important step to ensure the owner gets quality residents. There are several tools available to help screen applicants.
Some property management companies use only a FICO credit score. But it is important to look at several factors, so Mynd uses data from Transunion to create a resident score.
Some owners prefer to run a criminal background check. However, in some areas it is illegal to run that report on an applicant.
As a property owner, it is important to know the laws that apply to applications, especially in the area the property is located in. Good property management companies understand the laws and regulations to ensure you are complying. Mynd has in-house legal counsel to provide tips for property owners and to ensure the application process follows all relevant laws.
The more thorough the screening, the better chance of getting the highest quality resident.
Step 5. Signing a lease agreement as soon as possible
Once the owner has a tenant ready to sign a lease, it is important that the lease signing process be quick and easy. At Mynd, our lease signing process is done completely via website or app.
Digital leasing offers:
- Ease of use on multiple platforms
- Convenient application process
- Help is available if they have questions
- Remote processes, for safety during a pandemic
- No delay waiting for fax or paperwork to fill out
Avoiding fraud and moving residents into the property
Step 6. Avoiding leasing fraud
When a potential renter is looking for a property to rent, it is important to know that they are dealing with the actual owner or property management company. So it is important that the property owner can also clearly communicate to prospective residents that they are the rightful owner.
Owners should consider branding the listing with your name or some other unique feature so that prospects can easily identify the unit. At Mynd, all photos are watermarked with the Mynd brand, smart lockboxes have our sticker on them, and the signs will have our logo and information on them. Applications and lease signing are all done through our website or app.
Mynd does everything possible to make it clear who you are dealing with on a listing and brands all promotion material to reduces the potential for fraud.
Step 7. Getting residents moved in to the property
Once the digital lease is signed, the tenant books a move-in date online.
Mynd then works around the move-in date to make sure the cleaning, keys, etc. are ready for move-in day.
Using technology speeds up the process and significantly reduces the time it takes to place a new resident in the home. Residents appreciate that they can complete the process quickly from home at their convenience.
Keeping good residents and obeying relevant laws
Step 8. Keeping current tenants in the property
Property owners want to keep quality residents if possible and avoid turnover. Essential to this process is seamless lease renewal.
Most important lease renewal tasks:
- Automated notification is important so no one misses the renewal date.
- Having a team to recommend what rate should be in the lease renewal.
At Mynd, we re-evaluate the market to see if it is a good time to increase rent or if owners should maintain the current rent to avoid quality residents moving out for a better deal. The market determines rates, and it's important to stay competitive.
Step 9. Following laws, rules and regulations to avoid leasing violations
How does a property owner know if it is illegal to run a background check? What questions can they ask on an application? The laws and regulations are constantly changing. COVID-19 has added even more rules and regulations that apply to evictions or rent increases, depending on where a property is located. Owners must follow all laws that apply to their rental property.
Owners can research the laws online by themselves. This can be risky, as there might be outdated information online, and legal terminology can be hard to grasp.
Owners can do the research themselves or hire a property management company like Mynd.
Ready to hire a property manager?
Mynd property management is ready to be your partner. Whether you are looking to expand your investment portfolio or need management services, contact us today. We offer a three-tired pricing plan, so you can choose the one that best fits your needs.