This weekend, we dedicate our article to all Edmonton real estate investors. The world economic turmoil is taking a toll in the country. Those who have invested in real estate are the ones best poised to move pass this hurdle.
Kudos to you if you own a rental property in Edmonton!
Note: Remember, you can access all our available Investment Homes For Sale in Edmonton through our Edmonton MLS Listings page.
Here are a few ways for you to keep your rental properties full this year.
Let’s start with the obvious.
1. RETAIN YOUR CURRENT LESSEES/TENANTS.
The most effective way to do this is to keep an open communication with them. Entertain and respond immediately to their grievances-chances are, it is a legitimate concern. Of course, you should also manage their expectations from the start of their occupancy, this way, they will handle certain situations even before those situations happen.
Also, remember to check on them (at least on a monthly basis).
2. ADEQUATE MARKETING FOR NEW TENANTS.
Okay, sure, there’s no 100% way to “retain” your current tenants. The next best thing to do is to create a fool-proof plan, an adequate strategy to market the property and capture new tenants.
Time is of the essence, so once you receive the confirmation that your current tenant will leave, start activating your ads for the property. Contact your agent or broker to help you boost the marketing effort.
If you’re in good terms with the current tenant, you may want to offer him an incentive for a successful referral-most of the time, this strategy works.
3. PREP THE PROPERTY.
You would always want to be prepared for the new tenant to arrive. Plan for the inspection and repair of the property. There are great home inspectors available in and around Edmonton.
You can check our preferred home inspectors here.’
Since you’re at it, schedule to clean the property on the same day of the inspection. You can do this yourself to save on cash.
As a last piece of advice, never forget to screen your potential tenants. This is the ultimate process to determine if he or she will stay for the long-term.
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