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2.Increase the occupancy rate.
Improving the condition of the accommodation will help increase the occupancy rate. Other strategies include adjusting the rent or rates to be more competitive.
For example, a new building in close proximity has just finished construction and offers new features and facilities. Potential tenants and customers will shop around for what they think is the best deal.
When showing a unit to a prospective long-term tenant, ask them what they think about the building and unit,so you can gauge if they like the product you’re offering. You then need to ask them what their rent price range is. Get them to make an offer for the unit, and then have a chat with the owner to find out if they’re willing to negotiate.Most of the time theyare, and now you’ve leased the apartment and increased the occupancy rate.
The next step is to send a notice to current tenants of arent increaseat least eight weeks before their lease is up. Even if it’s five or ten dollars per week,the tenant will usually be okay with this amount as compared to the inconvenience and costs associated with vacating the unit and finding a new place to live.
Another aspect that has an effect on rent/rates is the season.If a particular time of year is slow, a strategy for permanent letting is to negotiate a lease end date to a time of year when there’smore market activity. For short-term letting. it may be feasible change the mode to long term, which means letting in the off-peak seasons to help with the cash flow for you and your owners.
To implement the strategies mentioned here, come to our monthly event.Instead of trying to reinvent the wheel, you’ll learn how to fine-tune or make an action plan that’s ready to be implemented into your business.
3.Increase your letting pool.
Once you implemented above 2, increase letting pool becomes easy. This is the best way to increase your net income and the sale value of your business. It’s something every manager should be working on every day. We’ve seen some great management rights operators systemise this process, and we share these ideas with our team.Every manager is welcome to attend a free session by Click here.Or call us on 0404 331 310.
If you want to buy management rights contact 0404 331 310 or fill in your information below to get more tips and ideas about management rights.