10 Tips to Reduce Vacancies in Your Rental Property
The thought of having a vacancy can make any landlord cringe. A landlord needs tenants and his/her rental units filled to pay the mortgage, pay bills, pay taxes, keep up with maintenance and landscaping, and more. It’s clearly in a landlord’s best interest to minimize the number of vacancies in a property if he/she wants the real estate venture to be successful.
A short vacancy is normal, but in order to increase revenue and make a profit, the vacancies must be kept at a minimum.
Our team at Quest Real Estate wanted to share with some tips on how to reduce vacancies in your property. As a property management company, we know what it takes to attract tenants, keep tenants, keep up with the competition and manage a rental property. We know what steps landlords or property managers need to take to reduce or avoid vacancies.
How Landlords Can Avoid Vacancies in Their Property
- Take care of the building inside and out – Make sure the building is clean. Who wants to live in a filthy building? Keep the common areas tidy and trash-free. If tenants are causing the mess, set cleanliness rules for the building. You want tenants who are happy and proud of where they live, not embarrassed or grossed out. Besides cleanliness, this means you should keep up with paint jobs, landscaping, décor, signage, lighting, locks, and furniture. You want the place to look welcoming and comfortable to stay in.
- Do repairs in a timely manner – If a tenant reports about a needed repair, do not put it off or ignore calls/messages. If your units are full of broken appliances, lights, locks, etc., tenants will not want to stay or move in.
- Evaluate your rental costs – Check around to see what rental costs for similar units are in your area. If your rent is too much or your raise rent too much, you can lose a lot of tenants. To keep tenants, it’s better to offer a competitive deal.
- Be good to current tenants – Want to keep your tenants happy? Try not to raise the rent every year at the end of your tenants’ leases – try to avoid a price increase if you can. Tenants will stay with you longer instead of searching elsewhere for a cheaper unit.
- Give incentive – Beyond just a space to live, offer your tenants incentives to want to choose your building over someone else’s. You could provide washers, dryers, new appliances, paid utilities, reduction in one month’s rent if another lease is signed, free household gifts for the unit.
- Install a security system – If your property is in a questionable area or even a busy area, the system will help put tenants at ease.
- Talk to your tenants – If you build a rapport with your tenants, they will feel more connected with you, and will less likely leave. Get to know a little about each tenant to show you care.
- For Rent Sign – If a tenant plans to move, put a For Rent sign in their window facing the street to get attention fast, especially if there is a lot of foot traffic in the area.
- Act Fast – The day a tenant leaves, you should complete repairs and painting needed in the unit – the longer you wait the more money you lose.
- Advertise – Figure out the best ways to advertise for your location, units, and price range, and put ads out asap.
- Opt for longer leases – The longer a tenant is in a place, the likelihood of them staying even longer increases – You can offer a reduced rate for a two-year rental or free cable, etc.
Work with a Jacksonville Property Management Company
The above tips are just a few ways to keep tenants and lower vacancies. Every landlord will have to find different ways to keep tenants happy and vacancies at a minimum, but we believe the above list can help you get the most out of your investment.
Filling a vacancy and keeping tenants happy is a full-time job. As a landlord, you may not have time to fully commit to filling your units or talking with tenants if you own multiple buildings or have another job. A property management company can handle the management of the building for you. A property management companies specialize in handling the day-to-day tasks of running a rental property for you, while also looking for tenants and connecting with tenants.
As a Jacksonville property management company, we are effective, knowledgeable, and experienced at managing a building. Our experts have more than 20 years of combined experience in managing properties. We want you to get the most out of your rental property, andwe know how to fill vacancies, and how to keep good tenants.