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 theyโ€™re attending a property thatโ€™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 โ€œnoโ€™, 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 theyโ€™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 itโ€™s now come availableโ€ฆunless theyโ€™re selling or moving in themselves.

When a property is vacant, itโ€™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 youโ€™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 theyโ€™re looking for a property with you as youโ€™re making life easier for them and they get impressed with the notifications. They (If theyโ€™re a landlord) start to question โ€œwhy isnโ€™t my agent using this service?โ€, or โ€œwow I manage my own properties and canโ€™t offer this to my own tenants when lookingโ€.

You are now offering service above and beyond your rivalsโ€ฆโ€ฆa 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 applyโ€ฆโ€ฆchase the application โ€ฆ.especially if you know theyโ€™ll be a great tenant.

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