- June 15, 2020
- Posted by: CCM
- Category: community management, Condo Property Management, Property Management Fort Lauderdale, Property management South Florida
One of the most challenging things to deal with as a landlord is navigating the economic shifts that may occur. Granted, the United States has been in an upturn for quite some time. Yet, with the current global crisis at hand, it’s not uncommon for there to be an increase in vacancies. Of course, this can be scary, for even the largest properties. At Consolidated Community Management, we’ve been in business for years, meaning that we’ve seen a lot fluctuate over the years. In this article, we’re here to help landlords and Homeowner’s Associations with some tips and tricks when wanting to reduce vacancies during challenging times. Keep reading to learn more!
Offer Concessions: Advice from Fort Lauderdale Property Management
One of the nicest things you can do for people when they’re struggling financially is to offer concessions. Concessions are terms and conditions that will help people now. For example, you might offer a discount on the first month, or you might invite new tenants to enjoy a certain amount off of the first three months. Either way, new tenants are looking to save money, and a few discounts here and there are useful!
Audit Rental Offers
While tough financial times occur, it’s crucial to compare your prices to others in the market. You might need to lower your rent or adjust your rental offerings. These prices can change all of the time when financial stressors are on the table, so it’s crucial that you have a team assessing the numbers daily and making the appropriate adjustments. If there’s one thing we know, it’s that everyone is searching for a good deal. You’ll need to stay competitive in order to stay relevant.
Oddly enough, advertising is one of the first things to be cut when budgeting. However, in terms of relocation and moving, people are searching for a new home in wild times. Therefore, it’s important to save some budget to capture the attention of those looking to move into your area. Be frugal with your spending, and ensure that you have your target audience locked in. Additionally, ensure that you have a pristine property management company in place, as you’ll want them to close the sale when showing the property.
Keep Your Current Tenants
Of course, there’s always pressure to bring in new tenants, but what about the importance of keeping those who have already signed on? Ensure that you speak to all of your tenants and encourage them to stay. They might have a lot of fear around the current financial situation. You can offer your support by giving a discount or allowing them to pay a portion of the rent in the following months.
If you’re looking for guidance during financially challenging times, you’re going to need a team you can trust. At Consolidated Community Management, we’re a top choice for Fort Lauderdale property management companies. Why? We’re the best at what we do! We focus on fast wins, right from the start. Our goal is to help your property grow, make your tenants feel cared for, and help you build an incredible reputation. If you’re looking to expand your horizons, contact the experts at 954-737-5456.