To keep earning a regular income, you must ensure that your rental units are fully occupied. We created a list of tips below that you can apply to reduce property vacancies.
Aim To Attract Long-Term Residents
To avoid dealing with property vacancies, you should make it a goal to draw and keep tenants for the long term. Make sure that the renters you choose will pay on time, comply with property policies, and treat your unit well.
Create A Good Initial Interaction During Move-In
Residents will often recall how you engaged with them on the first day so ensure you prepare the unit well and make it a positive experience.
You'll need to:
- Provide a pristine unit
- Offer complete info on emergency contact numbers
- Conduct an orientation over parking policies
- Inform them about rental insurance
- Provide the contact info of the rental management
Moving to a new place can be challenging, so find ways to make the move as easy for new residents as you can.
Try the following:
- Issue a binder filled with detailed information on property policies, including a copy of the lease.
- Provide a move-in kit. This can be an affordable box of goodies or items that are useful to residents, such as tissues, paper towels, and cleaning supplies.
- Offer a welcome gift that residents will appreciate like restaurant vouchers they can use after they have settled in the rental space. This gesture can help them feel welcomed.
Be Prompt In Resolving Maintenance Issues
Lease renewals can be quick if your renters notice you address property problems promptly. It is a good idea to set up an efficient system that makes it easy for renters to request maintenance.
This is easy to provide when you partner with a property management company, which often has reliable systems for tenants to use for communicating property-related issues. When residents feel seen, they feel comfortable. This leads to easy decisions to renew a lease.
Incentives Are Important
Be a flexible landlord by coming up with creative strategies to keep your renters for the long term. Given the reality of inflation, it can be costly for some to renew their lease. You can help them decide to stay by offering incentives, such as:
- Parking benefits
- Gift cards
- Free unit cleaning
- Minor upgrades
- Minimal or no rent increase
- Approval to paint an accent wall
Incentives are powerful. While you can end up absorbing costs initially, incentivizing tenants to stay will contribute to long-term, stable income.
Contact Renters Early About Renewals
It is best to proactively approach your tenants and find out if they plan to renew the lease. You can offer them incentives to stay or cater to their requests to make the renewal decision easier.
Plan Rent Increases Properly
Rent increases are to be expected due to property appreciation and inflation over the years. However, rent increases can drive tenants away. Make a thorough assessment of whether keeping a long-term renter is your priority.
It is preferable to hold off on a rental rate increase rather than cope with the risks and stress that come with a vacant rental space. If you’re upgrading the property, avoid overinvestment to prevent needing to overcharge your renters to make up for it.
Steps to Limit Property Vacancies
Create A Solid Screening Process
To reduce the occurrence of property vacancies, improve your tenant screening process by ensuring you perform a credit check, criminal background evaluation, income verification, and rental history check.
If your time is limited, it pays to partner with a trusted property management company, which can streamline the process of verifying and reviewing tenant history. This leads to better tenant selection.
Advertise Your Rental Unit Effectively
Focus on enhancing your curb appeal and presenting clean interiors. Make sure to provide attractive property photos, and engaging property descriptions. Post ads on popular listing sites to boost exposure. You can also take advantage of social media and physical advertisement, such as signs, fliers, and newspaper ads.
Perform Regular Property Inspections for Vacant Units
Regular inspections of your vacant property are crucial, especially during the active marketing phase. If your property has been on the market for more than 10 days, it’s important to maintain its appearance by tidying up, mowing the lawn, and addressing any maintenance needs.
When you keep your property looking fresh and inviting, you not only enhance its curb appeal but also inform potential tenants or buyers that it’s well cared for.
In addition to physical upkeep, ensure that your marketing materials stay current. This includes updating photos, refining ad descriptions, and revisiting your online listings. If the property has been vacant for 10, 20, or even 30 days, it may be time to reassess and refresh your marketing strategy.
Bottom Line
As a landlord, you need to take the initiative in reducing your property vacancies and attracting the right residents. Implementing smart renewal strategies can help you retain tenants for a long time. Having a dedicated support system through hiring a trusted property management company can significantly make the task of handling vacancies and retaining renters a breeze.
If you need one, contact Campus Connection Property Management today!
