Now that Halloween is behind us, the stores are stocking their shelves full of Christmas gear. I was in Chicago last week and the window coverings on the famous Macy’s on State St. are near ready to be unveiled with their Christmas showcases.
As the holiday spirit becomes part of your every day life from now until January, remember to look for tenants that avoid trapping you into seasonal bookings.
What I mean by this is that you shouldn’t book too far ahead. If someone wants to book your now vacant property starting Jan 5th, then it’s likely you’ll be losing out on any rental income from now until then. That’s because few business travelers want to travel just over the December holidays and it’s unlikely you find someone to rent your property for just that month.
Rather than take the advance booking, hold off on booking a tenant that isn’t move-in ready. Why? Because the ideal scenario is to find a renter now who wants your property for a 3+ month lease agreement. Then you’re covered during the slow corporate housing month of December and well into the New Year. If you took that advance booking of Jan. 5th, you wouldn’t be able to accommodate a tenant in need of a 3-4 month lease now.
Keep this piece of advice in mind when accepting tenants for the next month or two!