Many landlords worry about vacancies in their rental properties. But when it comes to vacancies between tenants, how long is too long? At Rent in Brevard Property Management, we understand that having a vacancy is stressful—after all, an empty rental property isn’t making you money! This is why we strive to ensure our landlords never face extended vacancy periods. If you’re worried about vacancy rates, keep reading to learn three things you should avoid if you want to reduce vacancy times between tenants.
Do not overprice your rental
Even if you have a well-maintained rental property, it will only attract potential tenants if priced right. Most renters start searching for a property online; therefore, if your rental list price is too high for the area, your property may not receive adequate exposure. Before you list your property for rent, consult a local Property Manager who can prepare a detailed market analysis for you. A market analysis will help you determine the optimal rental amount for your property.
As a general rule of thumb, if you have yet to receive any serious interest in your rental property within seven days of listing, you should adjust your price.
Do not fail to maintain your property
If there is a discrepancy between the price and quality of your rental property, you’ll likely find it hard to locate high-paying tenants. Worn carpets, dirty walls, and outdated appliances turn off potential renters. Most properties can benefit from replacing the carpet every five years and freshening up the paint every 3-5 years to maximize your rental potential. If previous tenants have damaged your rental property, you should aim to have this repaired or replaced as soon as possible.
As all good landlords know, nothing lasts forever! A rental property is an investment, and just like any other business, you need to reinvest in it to grow and achieve long-term profitability.
Do not fail to market your property
Inadequate marketing and lack of showing availability can exasperate extended vacancies. As discussed above, the overwhelming majority of prospective tenants start their search online. Poor marketing photographs and an unconvincing property description can significantly limit your potential renter pool. In contrast, professional marketing highlighting your property’s best features is the best way to increase tenant interest.
In addition to great marketing, you should also make it as easy as possible for potential tenants to view your rental property. When prospects find rental listings on Zillow or Realtor.com, they submit a showing request that is generally forwarded to you or your property manager. The speed of your response can significantly impact how quickly you can secure a signed tenancy agreement. If you don’t have the time to commit to regular showings once you list your property for rent, you should consider hiring an experienced property manager to help you. A licensed property manager can not only ensure your rental is marketed effectively, but they can also coordinate showings, screen potential tenants, and help you create a rental agreement that protects your interests.
Hire an experienced Brevard Property Management Company
Working with an experienced and licensed Property Management company can help you avoid expensive mistakes and limit vacancy rates. A professional Brevard County property management company can streamline your rental business by sourcing reliable tenants, taking care of rent collection and maintenance issues, and ensuring you remain competitive in your market. Contact us today to learn more about Rent In Brevard’s full-service property management services.