Ep012: Will They Rent Your Property For Top $$$ FAST? – Part 5 of What To Expect From Your Property Manager

The Landlord Profitability Playbook Podcast

Welcome back to The Landlord Profitability Playbook Podcast! I'm Chris McAllister, here to help you create and coach business opportunities and strategies that support and add value to the lives of residential real estate investors. Today, I'm joined by my trusted co-hosts, Laci Leblanc and Gretchen Mitchell, our Director of Property Management at ROOST Real Estate Co.In this fifth installment of our series 'What To Expect From Your Property Manager,' we're tackling a question every landlord wants answered: "Will They Rent Your Property For Top $$$ FAST?"Minimizing vacancies is crucial to maximizing your profitability as a landlord. But how can you ensure your property manager is up to the task? This episode breaks down the essential steps that can help your property rent quickly and at the highest possible rate. Here’s a glimpse of what we cover:• Setting Market Rate Rent: Discover how to set the right rent rate for your property to attract qualified tenants who can comfortably afford the rent and maintain your property in good condition.• Casting A Wide Marketing & Advertising Net: Learn the importance of extensive marketing strategies, including leveraging robust management platforms like Appfolio and Buildium, to reach a broad audience and reduce vacancy periods.• Showing Your Property In The Best Possible Light: We discuss the impact of high-quality photos and self-showing systems, such as Tenant Turner, on enhancing your property's appeal and convenience for prospective tenants.• Screening IN Qualified Applicants: We emphasize the importance of fair and unbiased tenant selection criteria that not only comply with legal standards but also ensure a pool of well-qualified applicants.• Assessing the Application Process: Understand how a streamlined and accessible application process using tools like Tenant Turner can improve operational efficiency and tenant satisfaction.• Auditing the Onboarding Process: Learn the critical elements of a thorough onboarding process, including lease signing, setting expectations, and utility setup, to ensure a smooth start to the landlord-tenant relationship.Whether you're a seasoned landlord or new to property management, this episode offers valuable insights and practical tips to help you minimize vacancies, maximize your rental income, and create a positive experience for both you and your tenants.SHOW HIGHLIGHTS

In this episode, I discuss the importance of setting the market rate rent to attract tenants quickly and avoid prolonged vacancies.

I explain how over-improving a property beyond the neighborhood standard can lead to unrealistic rent expectations and increased vacancy periods.

We explore the benefits of signing new leases over month-to-month arrangements to ensure tenant commitment and reduce vacancy risks.

We highlight the use of tools like RentRange to perform accurate market rate analyses and the importance of combining technological insights with real-world data.

The episode covers effective marketing strategies, including using platforms like Zillow and Apartments.com, high-quality photos, and 3D videos to present properties attractively.

We discuss the significance of screening in qualified applicants with a personalized approach, rather than relying solely on rigid criteria like credit scores.

Effective communication practices, especially with tenants from diverse backgrounds, are emphasized as crucial for building strong tenant relationships.

We detail our tenant onboarding process, which includes lease signing, utility setup, and using the tenant portal, to ensure a smooth transition for new tenants.

The importance of follow-up calls at various stages of the tenancy to maintain tenant satisfaction and gather feedback is highlighted.

We underscore the value of maintaining a good reputa