There are 4 P’s to keep in mind when it comes to property management and the whole rental process. These are Price, Product, Presentation, and Pets. They play a key role in the effective management of your rental property.
Very often landlords are fixated on price. When Gulf Coast Property Management prices your property, it will be for the top of the market. We believe in our marketing strategy, and we can attract quality tenants at a premium price. If the property isn’t getting any hits, we will look at reducing the price slightly for the simple reason that we want to provide you with occupancy. It makes no sense to fight over $50 to $75 when it means a longer vacancy. Remember, one month is 1/12th of your net income. So when you have a vacancy, it’s expensive.
The next P is product, or the physical attributes of the property. This could include carpet versus tile or carpet versus laminate. We look at the quality of the finishings in the bathroom or the kitchen. The landscaping is essential as well as any bonus perks to the property such as a pool. Product is very important when it comes to rentals. The tenant who rents your property is different than an actual buyer. A buyer may look at the property and begin thinking of improvements such as adding a bathroom or knocking down a wall. A renter will get exactly what the property is. You have to make sure the product you are offering fits the price of the rental property.
Presentation means staging and showings, whether that means sprucing it up with new décor or leaving it as a blank canvas. You must make it as appealing to potential renters as possible. This can be done with photographs when the property officially becomes available on the market. You can attract tenants who want to see what your property has to offer. When official interest has been shown, it is crucial to have the property in tip-top shape. You get only one chance to wow a potential tenant. This should occur immediately when they step foot on the property. It should be clean, tidy, and smell good. It’s all about presentation, which will allow that potential tenant to imagine themselves living there. It may only be a rental, but to them it will be their home.
Pets are extremely important to people. Two-thirds of the population have pets, so we see pet-owning tenants more often than not. Owners that don’t allow pets usually have their properties on the market longer. It’s understandable that some owners just do not want pets in their property, but they must also realize the downside to that and the vacancy it may cause.
At Gulf Coast, we have a pet guarantee product which protects you and gives you insurance and damage coverage if any pets in the property cause issues. We do a screening on the pets and make sure each pet is up to date on their vaccines. We try to assure our owners that tenants with pets will not cause any damage to the property.
Once all four of these P’s are aligned, the rental experience is going to be seamless and enjoyable for the landlord, the tenant, and the property management company.
If you’d like to talk about this more, or you have any questions or concerns, feel free to contact us at Gulf Coast Property Management.