Maximize Profit Using Waiting Lists
Waiting lists can prove to be a vital source of income for property managers provided they rethink its use. In the course of a tenant vacating an apartment, here's what normally happens. The tenant makes it known they’ll be leaving. Next, the period between providing notice and moving out happens. The apartment is marked as vacant. The process of maintenance then starts to ready the apartment for the next occupant. In the meantime, some more tenants are giving notice, but leasing associates are focused on the remaining openings so they will not be out for at least 30 days. Leasing associates sign them into the openings as prospective tenants come to see the neighborhood, even though the new residents may not need to move in for several weeks. While it seems rational, this process is not the way to optimize profits. Concentrating in a new direction on the waiting list will prove more fruitful. Six weeks from now, a prospective tenant arrives to see the community and wants an apartment. Currently, a trio of apartments are empty, but two of the tenants have been given notice that they will depart by the end of the month. A note should be assigned to this occupant rather than transferring the new resident to an already empty apartment. If the new occupant wants an apartment any farther away, like 60 days or more, consider showing a model apartment, but reinforce the benefit of the waiting list. Accept a small reimbursable deposit and put their name on the list. Let's assume that Mr. Smith, a prospective tenant, is name number one in priority, and in 40 days, he wants an apartment. The leasing associate should contact him to inform him that when he wants it, an apartment is open. Give the apartment to him if he wants the apartment in 60 days and it is available in 30, plus your usual 10-day retention time, informing him that it can be held for 10 days after the 30-day availability date. Inquire whether they would like to rent the apartment or once one is available if they should be approached again. Both sides win either way. Should he accept it, 20 days of rent on the place are earned. He's already on the radar if he doesn't. Proceed to the next name and do this any time an existing resident gives notice. Sign the tenant into a vacancy if someone new moves in must have an apartment soon and is able to take the apartment within the normal time (for instance, 10 days). If a tenant who desires an apartment in the future for 30 days or longer wants an apartment that is already empty, clarify that it can only be kept for 10 days. Ask them if they want to take the place now or if they want their name added to a waiting list.
This update is by Livo, a rental optimization platform aimed at providing you with a robust revenue enhancement tool. With Livo, you can maximize rental yields, accept and manage multiple offers and offers, and enjoy better retention. Livo targets rentals with the greatest odds of receiving a multitude of offers, and those with the best locations, features, configurations, and more. Please call 833.333.5486 today to learn more.