Your rent roll is critical to the success of your property management plans. A rent roll is a document highlighting the rents that are due and whatever rents haven’t been collected yet. A more massive rent roll means you’ve got more renters and prospective income coming into your property.
You’ll need to grow your rent roll if you want to be successful when running your property. You can use a few parts for how to grow your rent roll to make it more profitable.
Have a Helpful Sales Team
The first part of growing your rent roll should entail producing a sales team that respects your needs and is available to help. A sales team can talk with people who want to sell their properties and facilitate the best possible transactions. Your sales team will interact with people and manage their deals while making your properties more visible. Proper communication is necessary for ensuring everyone can get what they want out of their properties.
One idea for your sales team is to create a program where the sales people can retain equity in the project. Give 20 to 30 percent of the asset value when the property is sold, for example. People will be ready to refer their services to others when they receive incentives like this point.
Perform Regular Research
Check your local market to see how well it works. Look at the clients in your area and see what inspires them to choose your property. You can look at points like these:
- Why someone chose to rent your property
- How long it took for someone to come up with a decision
- What someone considers when finding an agent
- Any concerns someone might hold surrounding a rental
You can use the answers you get to figure out how well you should market your work.
Check Social Media
You can also review social media sites in your area to see what people are thinking about when looking for properties. You can see what people are looking for the most in properties and what interests them the most.
Social media websites are always worthwhile, although it helps to look at LinkedIn the most. People who use LinkedIn and interact with people through the website have the most interest in such properties.
Post Videos of Your Property
You can post videos on YouTube or another website showcasing your properties for rent. You can highlight what makes your properties inviting and useful to prospective renters. Your videos can help you display your knowledge of the local market and what makes it work.
Post Articles on LinkedIn
You can target people on LinkedIn if you’re looking to grow your rent roll. LinkedIn is ideal for building your roll, as LinkedIn targets professionals who are more committed to finding places for rent or other business-related endeavors. LinkedIn features a blogging system that lets you write long-form content for people to read. You can highlight yourself as an expert in your field.
Stage Your Rental Properties Well
Part of how to grow your rent roll involves marketing your properties right. You can stage your rental spots well to make them more appealing to prospective renters. Some of the things you can do here include:
- Arranging the furniture in positions that show how functional the space can be
- Managing the window coverings to ensure they allow enough natural light in a spot
- Fix anything that might be wrong in your properties, including any cracks or leaks
- Add new coats of paint to rooms that need them the most
You can stage your rental properties well to show what makes your homes or other spaces useful
Talk With Your Current Clients
You can learn more about what you should do for your rent roll when you talk with your current renters. Ask them about what they like about their properties and what they feel needs improvement. You can chat with them about many things:
- Their main reasons for renting with you
- How long they plan on sticking around at your property
- What these people want out of rental properties
- Whether they have been talking with others about the properties they are renting
You can discover from these current renters what you should be doing, or you can confirm that what you’re doing right now is right.
Contribute to Blogs
You can express your knowledge of your field by posting on blogs. You can find many blogs dedicated to property management or rental services that you could utilize. Contact a blog to talk about a guest posting opportunity. You can post details on your offerings within your blog. Writing such posts helps people see what you know about the field and how well it works.
Provide Referral Incentives
Sometimes it takes a bit of encouragement to get people to recommend your property to others. You can ask people to refer your services to them. You can provide a reward to renters who refer new clients to your property. The rewards could be anything, although monetary incentives are always more worthwhile.
Always Be Friendly
The last part of how to grow your rent roll is to be friendly with your tenants. You need to stand out as someone who respects the needs your clients have. You can express to people that what you provide is worthwhile for many purposes. Making a quality first impression can go a long way towards showing that what you have is worthwhile and interesting to people. You can show that you understand the needs your renters have and that you want to help them with whatever interests them the most.
