In today’s blog, we will dive into our South Bay property management tips regarding vacancies. Vacancies are an expensive part of investing in real estate. When you don’t have a tenant in your property and paying rent, you’re losing money on that investment. The goal is to limit your vacancy time, and today we have a few tips on how to do that.
Provide an Outstanding Property
Attractive homes that are well-maintained are rarely vacant for long. The best tenants are quick to rent them, so make sure your property stands above the competition. Before you list your home, have it cleaned professionally and make sure everything works the way it should. Take care of minor maintenance issues and consider making a few upgrades that will really make the home look updated and special. New fixtures, ceiling fans, upgraded window treatments, and pretty landscaping can all make a difference. Homes that are falling apart, dirty, or looking worn and old will always have longer vacancy periods.
South Bay Property Management Tips: Price Your Property Correctly
Pricing has a huge impact on vacancy. It’s important that you don’t overprice your property. While no one wants to underprice a home and lose the potential rental income, overpricing it can be just as expensive. When you’re asking too much for your home, you’re losing weeks and even months of rental income. Take a close look at the market, and find out what properties similar to yours are renting for. Make sure you’re in the same ballpark, otherwise good tenants won’t even bother to look at your home. Losing an entire month of rental income because you won’t budge on a $100 rental decrease will cost you more in the long term.
Market the Home Strategically
A good marketing plan will help you find and attract great tenants quickly. Take the time to snap some professional-level photos of your home. You should include as many pictures as possible, showing the inside and outside of the property, as well as the kitchen, bathrooms, and any special features such as garden tubs and walk-in closets. Consider making a video so prospective tenants can feel like they’re walking through the property during your tenant screening process. Once you have all of these photos and videos, write a description and post your ad online with all of the most popular rental websites.
Be responsive when people start calling and sending messages about your home. If you wait too long to return a phone call or an email, tenants will lose interest, or they’ll move onto other properties. Answer questions, ask a few of your own pre-screening questions, and schedule a showing. After the prospective tenant sees your home, ask for feedback. Find out if they’d like to fill out an application, and if they don’t, ask why. This will help you make adjustments moving forward.
Invest in Professional Property Management
Working with a professional South Bay property management company can be invaluable when you’re trying to avoid a long vacancy period. Property managers have access to data and tools that will help you price and market your home effectively. You’ll rent your home a lot faster to better tenants and for more money when you’re working with a qualified property manager.
We’d be happy to help you avoid the cost of vacancy. If you have any questions, or want more South Bay property management tips please contact us at Encore Realty.