Tenants are beginning to receive stimulus payments and some are using it to move. You may be receiving applications for your available rental property, but once you locate a great tenant, you may be competing with other landlords to have this tenant. Here are some ways you can appeal to tenants in Chicago during COVID-19.
Right Rent Price
The best way for landlords in Chicago to appeal to tenants during COVID-19 is to get the rental asking rate right. It may seem obvious but I’ve seen it far too many times where landlords will start marketing their rental with a price way too high and end up with unnecessary vacancy or poor applicants. Do your research to see what the current market rent is and set it as close as you can to that amount while making sure it fits your rental proforma goals. Great tenants don’t have to pay a premium for rent because they can live wherever they want. All working-age members might not be employed right now, and some may have been employees of companies that COVID-19 has put out of business, so a lower than market rent may be a blessing to some.
Another way landlords can appeal to tenants in Chicago during COVID-19 is to be flexible. Hopefully, you are in a position to show compassion by being flexible with rent payments. Make arrangements with the tenants who are having a difficult time paying rent and provide a solution that will help their individual situation. Be lenient on your late payment fees during these difficult times but make sure they continue to pay what they can as this is an important psychological mindset they need to maintain.
If you have a really great tenant apply and you want them to pick you over another landlord, offer extras! Make sure the rental unit has a washer and dryer, and all other major appliances in the house, such as the stove, fridge, and microwave. Also, make sure the unit has clean and working blinds, door handles, and locks. You may sweeten the deal even more by offering a free routine maintenance service like snow removal or grass cutting.
If you can, you may want to update the kitchen, especially if there is visible wear and tear on the cabinet doors or countertops. Make sure all toilets, sinks and showers are clean and in working condition with no rust or mildew build up. You may even want to throw up a fresh coat of paint and patch any holes missed. Great tenants will appreciate your efforts to keep the property up to date and clean and will work to make sure the rent gets paid.
One of the easiest ways a landlord in Chicago can appeal to tenants during COVID-19 is to improve the curb appeal of the property. If the house appears well maintained with some inviting landscaping, a tenant will be more apt to select your house over a house that appears like it needs to be pressure washed or the mulching looks old. Your rental property appearance speaks volumes to your management style. Clean, updated properties are rented faster and overtime have less turnover.