Vacancies are often the most expensive problem that landlords face. When a property is vacant, it isn’t bringing in any income. However, maintenance costs and property taxes don’t stop when a rental property is vacant. When you take the steps to fill your rental property quickly, you can reduce the number of vacancies you experience and increase your profits.
Keep your Existing Tenants Happy
The most efficient way to reduce vacancies is by keeping your current tenants on your property. Focus on making your tenants’ satisfaction a priority. Ensure that you provide regular inspections and maintenance on the property.
Communicate Effectively
It is important to communicate effectively, both with current tenants and potential applicants. Respond quickly to their requests in order to keep them happy. If you are unresponsive with potential tenants, they may assume that you will be similarly unresponsive if an issue arises.
Screen Applicants
The tenant screening process is incredibly important. Evictions are often far worse than vacancies, because they cost additional money on top of the loss of profit. When you implement a thorough tenant screening process, you result the likelihood of evictions becoming necessary.
Research Market Prices
Ensure that your rental prices are consistent with the surrounding market. If you are charging much higher rent, you are likely to lose tenants and have difficulty keeping the properties filled. If you don’t charge enough rent, tenants may be suspicious about the property and be wary about living there.
Improve your Website
The vast majority of individuals searching for a rental property turn to the internet. If you don’t have an effective website, there is a good chance that you will lose these renters to a landlord with a better website than yours.
Work on Curb Appeal
First impressions are extremely important. When you ensure that the building is in pristine condition, tenants will have a better first impression. This goes a long way toward ensuring that the property is more appealing to tenants.
Here at Keyrenter, we understand the issues associated with vacancies. To obtain more information about reducing vacancies on your rental property, contact our experts at the Keyrenter in San Diego today!