NEWSLETTERAugust 2024 | Issue No. 25 |
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Check out the newest issue of our monthly e-newsletter that features our newly implemented process updates, industry-related news, and our latest blog articles.
Here's what we have for you for this month. |
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 | Maximizing Your Summer Rentals |
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Dear Rental Owners,
As we transition through the summer, we understand the unique challenges and opportunities this season brings to property management. Our goal is to provide you with valuable insights and effective strategies to keep your properties thriving. In this edition, we address high turnover rates, the back-to-school rental market, and cost-effective appliance upgrades. Let’s dive in! |
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Dealing with High Turnover: Strategies to Minimize Vacancy Rates
High turnover rates can be a significant challenge, especially during the summer when many leases end. Here are some proven strategies to keep your units occupied:
1. Flexible Lease Terms: Offer various lease lengths to attract tenants with different needs, such as 6-month, 12-month, and month-to-month options.
2. Renewal Incentives: Encourage current tenants to renew their leases by offering incentives like discounted rent, upgrades, or gift cards.
3. Streamlined Tenant Screening: Implement a thorough yet efficient screening process to quickly identify reliable tenants.
4. Proactive Maintenance: Address maintenance issues promptly to ensure tenant satisfaction and reduce the likelihood of turnover. |
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Back-to-School Rentals: Targeting Student Renters and Families
The back-to-school season presents a prime opportunity to target students and families looking for new rental homes. Here’s how to capitalize on this market:
1. Highlight Proximity to Schools: Emphasize the convenience of your properties’ locations near schools, universities, and public transportation.
2. Offer Furnished Options: Consider offering furnished units for students who may not have their own furniture.
3. Family-Friendly Amenities: Promote features that appeal to families, such as playgrounds, parks, and spacious living areas.
4. Flexible Move-In Dates: Cater to the academic calendar by allowing move-ins that align with school start dates. |
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Upgrading Appliances: Cost-Effective Improvements for Your Rental
Upgrading appliances can significantly enhance the appeal of your rental properties without breaking the bank. Here are some cost-effective options:
1. Energy-Efficient Appliances: Invest in energy-efficient refrigerators, dishwashers, and washers/dryers to attract eco-conscious tenants and reduce utility costs.
2. Smart Home Features: Add smart thermostats, lighting, and security systems to modernize your properties and increase tenant satisfaction.
3. Bulk Purchase Discounts: Consider buying appliances in bulk to secure discounts from suppliers.
4. DIY Upgrades: Simple DIY upgrades like repainting appliances or replacing old knobs and handles can make a big difference at a minimal cost. |
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Why PropertyWize is Your Best Partner in Property Management
At PropertyWize, we understand the complexities of managing rental properties and are committed to providing exceptional service. Here’s why partnering with our professional property management team is the best choice:
• Expertise and Experience: Our team has extensive experience in the industry, ensuring your properties are managed efficiently and effectively.
• Comprehensive Services: From tenant screening and lease management to maintenance and rent collection, we handle it all.
• Maximized ROI: Our proactive approach and strategic planning help you achieve the highest return on your investment.
• Transparent Communication: We keep you informed every step of the way, providing detailed reports and regular updates.
• Cutting-Edge Technology: We leverage the latest technology to streamline operations and enhance tenant satisfaction. |
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Stay Ahead with PropertyWize
Thank you for trusting PropertyWize with your property management needs. We are dedicated to helping you succeed and ensuring your properties remain profitable and well-maintained. If you have any questions or need further assistance, please do not hesitate to contact us. |
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PropertyWize Maintenance Program |
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We would like to remind you about our comprehensive Maintenance Program, designed to preserve and enhance the value of your investment. Our Maintenance Program offers various options tailored to your needs, allowing you to choose the level of service that best fits your property and budget. By participating in our Maintenance Program, you help ensure a well-maintained property, satisfied tenants, and reduced turnover. For more details, please refer to our Maintenance Program Guide. |
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Action Required: Please check in to confirm which option of the maintenance program you have elected to participate in. If we do not receive a response, you will be automatically enrolled in our standard plan. |
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PropertyWize Rental Owner Statements
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Running the rental owner statement report is very important in determining the amount of your available disbursement payment. The rental owner statement will show you all the transactions affecting the owner’s available cash. It is a great place to find missing or incorrect transactions on your rental property that will cause inaccurate information. |
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| Some Tips When Running Owner Statement |
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Check the property beginning balance. At times, changes to past transactions can affect the owner’s running available for payment balance. Running a rental owner statement with a prior start date will help you find discrepancies. Run the rental owner statement including the transaction details. Seeing more a more detailed view can also help to find discrepancies or missing transactions
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This is the best summary report to give to a rental owner each month Track the cash flow of the property(s) Report liabilities held Determine income and expenses recorded for an owner View the amount you should pay your owners Determine when an owner was not paid the correct amount
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The rental owner statement runs on a cash basis. The beginning cash balance is the amount owed to/from the rental owner, less tenant liabilities and property reserves, as of the day before the date range of the report. For example, if the report has a date range of July 1 through July 31, then the beginning balance is as of June 30. The beginning balance will represent a number other than $0 if you hold back money for a property reserve, are holding tenant liabilities, or if your reporting cycle differs from when you pay your rental owner. For example, if you pay a rental owner on the 4th of each month, a report run from the 1st through the 31st might not show a $0 beginning balance.
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| Instructions How to Run Owner Statement |
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- Go to the Reports menu
- Click the Rental Owner Statement link
- Select your report parameters. More details:
 Click Download report!
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Be a Hero! PropertyWize Referral ProgramPick anyone and we’ll manage their property for 1 month for free and yours for free, too. |
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Owner Benefit PackageMinimize Your Exposure... and Headaches:
When a tenant defaults on the rent, it can take months to regain your property and get another tenant in place. Meanwhile, you're continuing to make mortgage payments and incurring additional expenses on the property, all the while losing rental income. Enter the Owner Benefit Package. Keep Reading |
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PropertyWize RealtyEnjoy Summer with our exclusive offer: 4.5% Commission on sales price.
* For any properties valued over 150K for current or former Property Management clients only. Interested in Selling Your Property? Contact us now at Sales@PropertyWizeRealty.com! |
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