Vacancies are expensive. When you don’t have a tenant in place paying rent, you’re losing money that you can’t ever recover. If you’re a
real estate investor
in California City, you want to do everything you can to avoid having an unoccupied rental property. Today, we’re sharing some tips on how to reduce vacancies in your rental property.
Correct pricing is critical in getting your home rented out quickly by a
great tenant. We often work with owners who have a specific idea of how much rent they want to earn. It’s understandable; you’re probably hoping to cover your mortgage and all your expenses and then earn a little bit of cash every month. However, the market dictates what your property will rent for, not the arbitrary value that you try to attach to your home. If you want to rent your property for more than the market will bear, you won’t have any tenants willing to pay that price. Then, you’ll lose money on all those months that tenants aren’t paying rent. Take a close look at what similar properties in your area are renting for. Make sure you’re competitive. Tenants are well-educated, and they know what they’re willing to pay. Don’t over-price your home.
Provide a Well-Maintained Property
Good tenants want to rent good homes. When you’re marketing and showing your property, make sure it’s desirable. Take marketing photos that show off its benefits. Take the time to ensure it’s ready for the rental market before tenants start to see it. You don’t want to present a home that still needs fresh paint, new appliances, or better landscaping. Make sure it’s in good shape, clean, and attractive before you start showing it. Demonstrate that you care about the condition of the home, and you’re committed to keeping it maintained. If you show a property that’s old and not working, good tenants will not be interested, and the tenants you do place will think it’s okay to abuse and neglect the home. Avoid vacancy by providing a home that qualified tenants really want to live in.
Focus on Tenant Retention
One of the best ways to avoid vacancy is by keeping the tenants you currently have in place. When you’re renting out to qualified residents, be responsive and service-oriented. Communicate with them regularly, make sure they’re happy where they’re living, and respond to maintenance and repair requests right away. Show your tenants that you appreciate their on-time rental payments, their care for the home, and their willingness to follow the
terms of the lease. Don’t suggest a larger-than-normal rental increase at lease renewal time. Do what you can to keep them in place.
Work with a Professional Property Manager
Professional property management
can go a long way in avoiding vacancy. Property managers understand how to find and keep great tenants, and we have strategic marketing plans in place. We also know the local market really well, and we can provide an accurate pricing estimate. Consider working with professionals if it’s a challenge to get your home rented out quickly.
We’d be happy to help you lower your vacancy rate.
Contact us
at JBL & Associates for more information.
