As a landlord, you need to reduce the risk of vacancies in your rental properties to be profitable and keep your business afloat. While sometimes there’s nothing you can do to keep your tenants from leaving, there are some steps you can take to keep tenants happy and keep your properties occupied.
Let’s look at a few tips for reducing vacancy rates and see how TALK Property Management can help!
Open Communication
Ensure trust and respect between you and your tenant by keeping open lines of communication. If there are changes in the works, be honest with them; you never want them to think they can’t talk to you. Reach out to your tenants a few months before their lease is about to expire to gauge their interest and see if they are thinking about renewing their lease or going elsewhere. Securing a longer lease is a huge win for you, and if they decide to leave, you have more time to find new tenants.
How can we help? We keep you informed every step of the way and can handle accounting services on your behalf.
Understand Market Trends
If you want to purchase a new rental property, research the area, the current market, and vacancy rates. This will help you price your property right from the beginning. Make sure to look at what your competitors are charging for rent in the area so you can stay competitive. Sometimes, if tenants leave, it could be because your rent is too high for the area, and they can find something cheaper.
How can we help? We use the Multiple Listing Services available only to real estate agents to obtain comparables to produce higher rents and fewer vacancies. Plus, we can run a free comparable market analysis and recommend your starting rate based on the current trends.
Advertising & Marketing
Your rental property isn’t going to occupy itself. Make sure you have the right marketing strategies in place to advertise your property’s best features and obtain high-quality tenants. Advertising your property on home browsing websites is a good place to start, and be sure to post it to your social media pages, too, where people can share it with their friends and family. You never know who your sphere of influence might know, so be sure to inform them you have a rental property for sale and see who they can connect you with.
How can we help? We can photograph your property and place lockboxes and yard signs to promote the property. Advertising for your property typically begins 30 days before the home is vacant.
Consider Tenant Needs
Sometimes, your tenants might have needs that your rental property might not offer, but could work out well for you and bring a whole new pool of tenants if they were included. For example, many people might have pets and would automatically be unable to live in your rental property if it’s not pet-friendly. Considering tenant needs shows you care about them and listen to their concerns.
How can we help? We can provide you with professional vendor referrals if there are repairs or updates you would like to have made to better serve potential tenants.
Being a landlord and learning about vacancy rates can be a hefty task. If you don’t want to deal with the hassle, reach out to us at TALK Property Management, and let us handle it for you! We provide a variety of property management services that will save you time, work, and stress!
