The years between 2016 and 2019 were some of the best times for rental property owners and operators in Canada. In that period, the sector experienced massive growth that looked like it would never stop.
The rental housing market grew at an unprecedented rate due to:
- An exploding urban population made up mainly of young people, most of whom were renters.
- The rising cost of homeownership forced more people to rent rather than buy their own homes.
- Consistent shortages in the supply of rental units, which led to ever-increasing rents.
- Steady income and sustained economic growth, meaning more renters could afford the higher rents.
In the five years from 2016 to 2021, the demand for rental housing constantly outpaced supply, to most landlords’ delight. But the pandemic has messed it all up for several property owners and property managers. Following the imposition of COVID-19 restrictions, the demand for rental housing has fallen because rental operators cannot show their homes due to social distancing.
Also, several renters are finding it hard to pay their rent due to the economic difficulties created by the lockdown. For property investors, finding tenants for their rentals suddenly became difficult. What is even more difficult is finding tenants who can afford the high rents.
As the owner of a rental property, what can you do to survive?
How to stay afloat in the current rental housing landscape?
If several landlords are chasing the few quality renters in the market, you must do more to make your rentals attractive to those renters. The truth is there are lots of people out there who want quality apartments and are willing to pay for them.
Your challenge is to find out what to do to make your homes appealing to such people. Naturally, the first thing landlords and managers do in this kind of situation is to slash rents. But if everyone cuts their rents, it means no one has the advantage.
The best way to draw quality tenants to your rental is to improve service delivery. Those tenants who can pay higher rent care more about comfort and efficiency than about saving a few dollars. By elevating the level of your management, you can make the rental more attractive.
What is one way you can do this?
Using cleanliness to make your rentals more competitive
Where many landlords and managers are trying to cut costs by resorting to cleaning their rental properties by themselves, you should do the opposite. That is the time to hire a professional cleaning service to ensure a 5-star level of cleanliness in your rental homes.
A professional cleaning service introduces the kind of attention to detail that is evident in top-rated hotels. People who use the rooms know that the utmost care has been taken to clean the spaces they occupy, and therefore they can be at ease in those environments.
What is it about hiring a professional cleaning service that makes it one of the best strategies for your rental business?
The pros of hiring a professional cleaning service
1) The best marketing for your homes
A grimy doorknob, stained bathroom faucets, discolored tile grouts, and dusty lighting fixtures; are small clues potential tenants use to assess the managerial competence of a landlord or manager. The effects of these small details put together will help tenants form their opinion of what it will be like to live in the home. Using a professional cleaner in your home helps to make the best first impression.
2) Create a professional image
Most tenants want a rental where they do not have to bump into the landlord or manager frequently. Renters, as a rule, are more comfortable communicating with the landlord or manager through intermediaries. When potential renters know you have employees and third parties who handle the issues in the home, they are more comfortable renting from you.
3) Make more money for your business
Though it is not always apparent, professional cleaning services make you more money in the long run. Firstly, they stabilize your rental income by making tenants less likely to leave because of how comfortable they are in the home. Also, they know how to clean items thoroughly to rid them of the physical, biological, and chemical agents that cause wear and tear. They reduce your exposure to liabilities by removing allergens and other dangers.
4) Improve overall efficiency
In a highly competitive business environment, time is your best and worst enemy. The duration between when a rental becomes vacant and when it is ready for showing is vital. It affects your business success. A cleaning service can help you shorten this time to reduce your rental vacancy rates. The combination of shorter vacancy rates and reduced tenant turnover, enabled by professional cleaning, means your properties will be more profitable.
To win as a rental property investor or manager, refuse to join others in a race to the bottom by charging ever-lower rents. Instead, up the ante on the quality of your rental by improving service delivery through a professional cleaning service.
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