When you put your best foot forward and position a property correctly, tenanting it over the holidays can come with a whole host of added benefits. Here are my top three reasons as to why Christmas is one of the best times to market a rental property.
The timing is right
Not only are most potential tenants on holidays by this point, but they also have plenty of spare time to browse properties before they return to work and send the kids back to school. This means that you’re likely to have more qualified renters walk through your property to begin with, and have extra opportunity to build relationships with them.
Additionally, the end of the year is typically the time when people will be notified of potential relocations due to employment transfers. These people will be hunting for a home sooner rather than later, which is why listing your property for rent over the festive season can be an efficient and effective strategy.
As a multitude of properties tend to become available at the end of January, getting in early and listing a property before the competition heats up is a very smart choice to make. For many people looking to rent, particularly families, it is the best time of year to make a move, particularly as they can take full advantage of their time off over the holidays.
This is great news for you, as you won’t need to compete with dozens of other properties to draw in the anticipation and attention of tenants. When there is a reduced number of listings on the market, more tenants will be looking at your property.
My advice here is to maintain the upper hand in this situation by ensuring sure the property is not only priced to rent, but also in pristine conditions at all times for any spontaneous Open for Inspections that may occur. Make sure you have given your owners clear guidance on the market and where they should position the property in terms of price to ensure it doesn’t become a barrier to leasing.
Anyone who takes the time out of their busy holiday schedule to browse property listings is serious about renting, and serious about doing so as soon as possible. In the early months of the year where open for inspections are a regular occurrence, people are more likely to browse homes without a clear plan to rent – although this is quite the opposite over the Christmas period.
As I mentioned earlier, perhaps people are browsing for a home over the holidays due to an employment transfer, or perhaps tenants are looking to minimise rental fees, or their children are starting at another school. Perhaps they need to move quickly and the holidays are the only time available to make such a big transition. Either way, this is a huge advantage for you and your owners. By working with potential tenants, remaining flexible with viewing times and being open to negotiating contract terms that work with their holiday schedules, you are likely to secure a deal, making the renting process far less stressful for all parties involved.
While it’s understandable that some would rather not deal with the tricky timing of renting over Christmas, nor do they want to risk of having to settle on a lower rental price, in my experience this is an incredibly rare occurrence. In fact, I believe you’re actually more likely to see great success by taking the plunge and marketing your property for rent over the holiday season. Ultimately, you’re facing far less competition, you’ll be liaising with serious tenants and you will have the opportunity to secure more impressive rental applications.