What does it take to reduce your vacancies as a landlord? Here are three tips.
No investor wants to have a high vacancy rate, so today I’ll go over three tips you can use to reduce vacancies in your rental home:
1. Buy a good rental home in the first place. If you buy a 3- or 4-bedroom rental home in an area with low turnover, for example, you’ll likely have much better luck than you would by investing in a larger complex. It’s all about identifying what you can effectively manage, and what kind of property is most in-demand in your area. People are also more likely to stay in smaller properties for longer periods, which will help you keep your turnover rate low.
When you connect with the right kind of tenants, your vacancy rate will drop.
2. Handle repair requests quickly and correctly. Staying on top of repair requests will engender trust and respect between you and your tenants, which will incentivize them to stay in your rental property longer. You may find that newer tenants submit more requests, but, if you’re patient, you’ll find that your hard work will pay off.
3. Market the home correctly. When your property does have vacancies, make sure that you are marketing it correctly. This will help you connect with the right kind of tenants, rather than those who may be more prone to move on quickly. Using professional photography to represent your listing, pricing your home correctly, and maximizing your listing’s exposure are all essential.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.