Leasing properties during the winter can be difficult for a number of reasons. Cold weather and snowy conditions deter people from shopping around. People may also want to spend money on other things, like Christmas presents or on travel.
The housing market in winter decreases by about half during this time, but that doesn't mean there aren't vacancies waiting to get filled. So how do you go about renting properties until things pick back up?
1. Focus on Customer Service
Since you aren't leasing properties as much during the winter, take the time to focus on the customers you currently have. Good customer service can make a world of a difference and can help maintain your current tenants.
2. Prepare Vacant Units in Advance
Even though no one is currently living in them, you should still take the time to maintain your units. That means leaving the heat on to prevent frozen pipes and inspecting HVAC systems to make sure they're running well.
You should also regularly remove any snow or ice in the case that someone wants to visit a property.
3. Invest in Upgrades
Wintertime is also a great time to upgrade or renovate your properties.
Insulating doors can help keep your units warm and keep pests out. Give each room a fresh coat of paint. Invest in energy-efficient appliances or replace your heat pump with a newer model.
4. Contract Snow and Ice Removal Services
Lingering snow and ice can prove a death sentence for December properties. Water can collect and cause damage to your roof and ceiling, forcing you to call in for repairs before you can lease it out again.
Contact your local snow and ice removal services so they can clear it out for you throughout the winter months.
5. Boost Your Online Presence
Renting apartments in December is made more difficult if you don't take the time to cultivate new clients online.
Since more people stay inside during bouts of cold weather, use social media to reach out to people. Put your content out there consistently to increase your ranking on Google. Retarget your ads in preparation for the next season.
6. Incentivize New Renters
If you still struggle with renting properties in the winter, consider offering incentives to new renters. These can include flexible lease terms, a free month's rent, moving assistance, and more.
In some cases, you may want to offer reduced rent for the first few months. Although doing so will cost you a bit, it'll help fill the empty property that's otherwise working as a drain on your finances.
Get Help Leasing Properties
Leasing properties can be difficult in any season. You may get a lot of offers, but you need to do a thorough background check to weed out the bad eggs. If you own a lot of properties, you also need to maintain each and every one of them.
Instead, why not hire a property management company to do the heavy lifting for you? Investor's Realty, LLC. Denver offers premium property management services in Denver, CO. Contact us to learn more about our services.