As the owner of a rental property, nothing will endanger your profits more than a long vacancy period. You are not receiving rent when your property is vacant, but you are still liable for the maintenance and expenses that come with the property. To keep revenues up, it is paramount that vacancies are kept at a minimum.
Here are four tips for keeping your property occupied and your revenues up:
1. Find Outstanding Tenants
Tenant selection has a massive impact on the success of your rental property. During the tenant screening process, it is crucial that you look for responsible people who have a record of paying rent on time and who consistently take good care of rentals. You also need to consider how long the prospective tenants are going to stay and rent your property.
Attract tenants that are likely to remain in one home for several years and have a record of doing so, then provide a quality, well-maintained property they will be likely to stick with. This will maximize the potential of consistent income for your rental property by minimizing vacancy and turnover.
2. Keep Your Property Well Maintained
One of the most frequently cited reasons that tenants leave the property they are renting is because maintenance requests are not being completed in a timely manner. It is crucial that you do not put off necessary repairs and complete maintenance requests as soon as possible. Those outstanding tenants you have selected will not stick around in a run-down rental, so be sure to provide a comfortable and safe property that your tenants will be happy to call their home.
3. Plan Your Lease Terms Appropriately
While it’s possible to rent out a well-priced, attractive property at any time of the year, most rental properties are easier to market during the spring and summer months. Plan your lease terms so that they end in an opportune season, when renters are plentiful and vacancy is guaranteed to be low.
4. Hire a Great Property Manager
Hiring a great property manager is the best way to protect your rental property from vacancy. Property managers make recommendations about what prospective tenants are looking for in rental properties and help price your home competitively. A great property manager is an expert in the local market who can maintain and lease your rental property with expertise and experience, earning you, the owner, the greatest share of income.
For any questions about how to reduce vacancy and keep revenues up, please contact 208.properties.