Attention Boston property owners. If you own or manage an unoccupied Boston apartment, you’re probably starting to feel a sense of panic. When the fall starts turning into winter, the number of tenants looking for a vacant apartment often goes down considerably compared with the September market. Every day that your apartment remains empty is costing you money. Have you sat down and calculated how much cash you’re losing? We’re most likely talking thousands of dollars per month. You are also paying very high property taxes, and MA has some of the highest utility costs in the country.
You purchased your rental property to make money, not lose it. The good news is that there are always people looking to move to Boston. You might want to start playing chess, not checkers, in how you approach a winning strategy in getting your place leased up fast.
It is time to do whatever it takes in order to catch the attention of the right tenant. Here are some solid tips on how Boston property owners can greatly reduce apartment turnaround time.
Take Care of Any Maintenance Issues ASAP
When potential tenants are touring your property in person, they are looking at every aspect of the unit. You can dazzle them with an amazing kitchen and refinished wood floors. However, if the apartment is not properly maintained, it can be a huge turn-off for your potential tenants. Boston apartments are expensive. That can make people picky. They want to live in a place that is well-maintained, something they can bring their friends and family to without feeling embarrassed. You should approach your investment property as if you were going to move into it yourself. For example, if there are any issues with water pressure or appliances, you want to fix them right away. Take extreme ownership of any and all issues that might be scaring tenants away from renting your place. If any issues are brought up during the showing, you should mention what you are doing to resolve the problem.
You should also make sure that the walls are freshly painted. Potential tenants do not appreciate looking at chipped or very dull paint. In addition, make sure to change the light bulbs. Put the brightest bulbs possible so the place seems brighter. What about those cheap and dingy shades? Shades are very inexpensive, and even putting up new ones can make the place seem much more inviting. It’s often the little things that can make all the difference in the world. It’s incredibly important for Boston property owners to put their best foot forward. You’re heading towards very cold weather; you don’t want your place vacant.
Have the Apartment Cleaned by a Professional
Boston property owners have a responsibility to maintain a warranty of habitability. In essence, you need to ensure that your rental units are clean, safe, and livable for the tenants. This can be a point of stress for some Boston property owners who typically do the cleaning work themselves. However, you might want to have the apartment cleaned by a professional. It is often well worth the money. First and foremost, if you hire a reputable company, they will do an amazing job.
Professional cleaners will also get the work done in a timely manner. That’s incredibly important. You need to have the flexibility to allow the new tenant to occupy the apartment sooner rather than later. You’re that much better off if the renter can move in as soon as they sign the lease agreement. If you’d like, you can do light cleanings between showings yourself. It will make your Boston apartment look even better and maintain the cleanliness of the apartment.
Price the Unit Well
There is a fine line between overpricing your rental units and leaving money on the table. If your apartment has been on the rental market for a while, you need to adjust things a bit. That is where a professional real estate agent comes into play. However, Boston property owners should only work with agents who specialize in listing and renting apartments in the city. Why, you ask? The answer is simple.
Boston apartment rental specialists have the best insights into the market. They can price your unit in a realistic manner based on data and facts—especially if they have access to the most listings. More listings equal more data points and more accurate pricing. You want to be very careful and not rely on a residential sales agent to try to tell you what they think the rent might be. Nearly all residential sales agents simply do not have the acumen and experience to figure out apartment leasing cycles and real-time pricing based on the competition.
Maximum Reach with Minimum Effort
You will want to talk to agents and companies that have scale and scope and can place your property on the most locations on the internet with the least amount of effort. You should also ask if the apartment leasing company has the ability to place your listing in proprietary places that may bring in the widest audience. At the end of the day, it is all about capturing eyeballs and working with experienced apartment leasing professionals that can put your apartment in the best possible position to get rented. Agents partnered with Boston Pads have the ultimate access to an innovative AI-based pricing tool that allows them to price units faster and even more accurately. Agencies powered by Bostonpads.com have the widest data points and can look back over the years to show emerging and historical renting trends.
It is very important that you find real estate agents working at specialized leasing companies that provide you with the best advice on how you should move forward. For example, they may advise you to decrease the rent a bit, lower the security deposit, or drop last month’s rent upfront. They may also suggest pricing it several different ways, including upgrades. For example, Boston Pads recently rented several apartments where they negotiated dishwashers and garbage disposals for several units, and the tenants were willing to pay $200 more per month for these features. Talking with a leasing person with lots of experience can make all the difference in the world in getting higher rents that you might not have thought about otherwise.
Use the Boston Pads Property Owner Portal
Significantly reduce your apartment turnaround time by utilizing the Boston Pads Property Owner Portal. It will provide you with the maximum amount of visibility and real-time data. Put simply, there is no better platform in New England that will provide you with rental insights and help to syndicate your apartment to the most portals and social media outlets. Being seen the most leads to faster leasing. That’s why over 18,340 Boston property owners rely on us. Our cutting-edge technology provides you with the ability to update your apartment’s information in real-time. You’ll be able to compare your unit with other similar units in your area. Boston Pads literally puts the power of renting in your hands while at the same time giving you a massive apartment leasing team so that your property is being shown seven days per week. Listing your rental properties with Boston Pads is now easier than ever before.
With our Property Owner Portal you’re in full control. That means you can add, update, and view all of your rental listings on your own schedule. You can also upload pictures and videos. We also have a help button where you can request a licensed real estate agent to call you or arrange to pick up keys or meet you at the property for new media. You can also do it all in real-time.
Turnaround times are crucial
In conclusion, fast turnaround times for Boston property owners are crucial to the overall success of your real estate portfolio and business. That being said, it’s always a smart idea to utilize Boston Pads for your real estate needs. The Boston Pads real estate portal is far more than a search tool. You will also find plenty of tips, tools, and data-driven information. Boston Pads is your #1 resource for anything related to Boston real estate. That’s why over 18,340+ property owners trust us to rent their units faster than anyone else. We look forward to working with you!
Paul Chang
Published December 5, 2024
