When landlords talk about vacancies, remember that the biggest issue in avoiding vacancy in the first place is to not lose the tenants you have in place. However, tenants don’t stay forever and when they do move out; you have a vacant property that you want to get up and running as soon as possible. One thing you can do is lower your rent to attract tenants quickly However, you also want to increase your rental income so lowering the rent is one tool you have but not the first one you want to grab. It can be used if there is an emergency or a very long vacancy and you have nothing else to do.
The most important thing you can do to reduce vacancies is to make sure the property is in good shape. We show properties all the time and you don’t want a tenant walking into a property with lights out, things broken and the place dirty. Potential tenants will make up their minds within five minutes of arriving at a property. They don’t want to be there when the place doesn’t look good. Check the outside of the house and make sure the lawn is cut and the place looks good. Inside, install new light bulbs and make sure the fridge is functioning. The floors and walls should be clean and the windows should have blinds and screens. All of the little things add up, and if the tenant doesn’t think the landlord takes care of the property, that landlord is going to have a vacancy for a while. Tenants want to feel good about living in your property.
In addition to making sure the property is clean and ready, you have to market it aggressively. There are multiple online sources you can use when advertising your place for rent. In Utah we have some specific sites we sue, and there is also Craigslist of course. You can post your property on Zillow, Trulia and others. Make sure you use as many of these sites as you can. We are careful to relist our properties as well so they can get the exposure they need to rent quickly. Sometimes, sites will have costs involved but I think the free ones can be effective too.
One thing to remember – you can avoid vacancies by ensuring you don’t lose good tenants Treat your tenants with respect and be consistent. That’s the best way to avoid vacancies in your rental properties. If you have any questions about this, please contact us at Advanced Solutions Property Management. We’d be happy to hear from you.