Our blog topic today is how a property manager can help landlords to reduce vacancy. Vacancy and turnover are your biggest expenses when renting out a home. You want to reduce your turnover rate and your vacancies as much as possible.
The best way to get your home rented out quickly is to have the property ready for the rental market immediately. When you put a house up for rent, you want to be able to start showing it immediately. You also want the property to show at its best, so make sure it’s looking great to potential tenants. A home that sits vacant on the market for 60 days is not going to make you money. The longer it sits vacant, the longer people will continue to pass it by, especially if it’s not in good condition. Make sure it’s clean and presentable. Your property has to look good on the inside and the outside. Give people a reason to stop and check it out. That will help you reduce your vacancy quite a bit.
Pricing is also important in avoiding and reducing vacancy. It’s important not to overprice your property because people will just pass it by and choose something else. You also want to avoid underpricing your property, because you won’t get a very good return on your investment. A local property manager can take a look at your property and analyze the current rental market to help you come up with an attractive price that will get you a great tenant.
Finally, we recommend that you try to get a longer lease. Instead of the one year lease, talk to potential tenants and ask if they would consider a two or three year lease. This will help keep your turnover costs low. When you have a good tenant in place, who pays the rent on time and takes good care of the property, you want to keep that tenant for as long as possible. Don’t let someone go when they are doing a good job. Your turnover costs will only eat up your return. There will be utilities to pay, cleaning fees, marketing and the stress of finding a new tenant. Plus, during that vacancy you aren’t collecting any rent at all.
Let a professional property manager help you reduce vacancy and get a good tenant in your home. If you want more ideas on how to do that, contact us at Charlotte Homes and Rentals.