When owning rental properties, there’s a lot you need to manage. One of these things is lowering vacancies at your properties. Vacancies lead to reduced revenue which can make it difficult to manage properties, so you need to make every effort to decrease vacancies in your rental properties.
Form Good Relationships with Tenants
To avoid future vacancies, you should make an effort to build good relationships with your current tenants. Try to cultivate positive interactions with them and give them a reason to enjoy your property. One way to do this is by taking care of repairs in a timely manner. If you take too long to fix issues, it only leaves people dissatisfied. They will want to leave sooner, and they may even leave bad reviews of your property. Fixing repairs quickly makes people feel valued as tenants and it will help to build your reputation. Another way you can build a good relationship with your tenants is by offering them an incentive to stay such as a reduced rate.
Market Your Properties
If people don’t know about your properties, then they won’t rent them. You need to be actively marketing your properties in order to reduce vacancy times between tenants. It can also be helpful if you know when your current tenants will be leaving. This will help you know when to start marketing. There are a variety of marketing tools you can use. A website will help potential tenants find your properties and cut the time of a vacancy. Most people begin their search online, so you should meet them there. Having a website will make it easier for people to find your property and you can update it when necessary.
Make Upgrades
If you have an attractive, high-quality property, you will hopefully see fewer vacancies. You should make upgrades around the property that will attract potential tenants and even encourage current ones to stay. These upgrades can include updating the kitchen or bathrooms, putting in new flooring, or even just giving everything a fresh coat of paint. Don’t forget the exterior. Spruce up your property by cleaning it up and making it look inviting. Some new landscaping can help you do this. Everyone wants a quality place to live, so provide that place for people.
Finding tenants is the most essential part of running a rental property. Without tenants, you have no revenue, and you can’t manage your properties. Start now to find strategies that will work for you as you reduce vacancies.
Looking for your next investment property? We can help!