If you are a first time landlord, or even if you are a well-seasoned property owner, you may be wondering how you can lower turnover rates and decrease vacancies in your rental property. These are some of the best ways you can keep your tenants interested and maintain your monthly rental income with no breaks.
Match Local Rent Prices
Chances are, that if your rent is too high in a particular area, then you are likely to lose your tenants. Research the rent prices in the area you are in, and list all of the perks of the area. Your property may be close to public transportation, it may be in the heart of the city, perhaps it is close to grocery stores and restaurants, and it is very safe. If your property has cultural appeal, you may be able to raise rent prices. However, consider the demographic you are attracting. You may, for example, attract a lot of college students, and although it is close to the hot clubbing and bar spots, many students may not be able to afford the rent, unless you are willing to rent your unit our for six or seven people. Likewise, you should compare your rent to the rent of the surrounding areas and check whether those properties are filled to capacity. Keep in mind that you are competing with these properties, so even if you have the same rent, you can make your property more appealing by lowering your rent just a bit. Be sure if you are opening your property to any tenants, that you first get a credit check from them. Services such as SmartMove offer credit checks for landlords to make the process quicker and easier.
Advertise
When the end of a lease approaches, you should enquire to your tenants about whether they plan to leave. If you can’t incentivize them to stay, then you should start advertising immediately. Use all of your available outlets such as Zillow, Apartments.com, and Craigslist. You can even use social media, such as Facebook, and Twitter. Last but not least, try the old fashioned way: print media. Do not limit yourself to one—you will have to use all of the tools at your disposal for maximum exposure.
Respond to Tenants Quickly
Whether you are trying to keep your current tenants or draw new ones, you must always be in the practice of keeping close contact with your tenants. You are not only their boss who is there only to enforce rules, but you are part of a mutual relationship in which you respond to their needs. When your tenants email or call you, you should reply as soon as possible. If for whatever reason, such as having another full time job, you cannot reply during certain hours or days, let them know as soon as you know this is the case. If you reply to your tenants quickly, they will feel respected and valued. A tenant who has confidence that their landlord is looking out for them will be less likely to take the risk of searching for a new unit with a different landlord.
Create Curb Appeal
People always say to not judge a book by its cover, but the truth is, an outdated and dilapidated exterior will turn off potential tenants right away. When your property is advertised, you may not even realize that curious tenants may drive by, but if they are not impressed, they will assume you do not care about your property, and if you don’t care about your property, how will you possibly care about their welfare? If your property is already in good condition, you may simply need to clean the exterior, add attractive flowers, or re-sod your lawn.
Provide Amenities
If you provide an amenity that the surrounding properties do not have, you will automatically stand out. The rent will seem less important if you have a stackable washer and dryer because they may feel like they are getting more for their dollar. Also, if you offer to cover some amenities, such as gas, trash, and even gardening, your property will have more appeal. Consider your demographic: if you’re looking to capture millennials, consider sustainable features like energy efficient appliances. If you’re in an area saturated with retirees consider ramping up your property’s outdoor patio space.
Cutting down on vacancies means increasing your bottom line. Keep these tips in mind and retain high-quality tenants in your rental property.
