Vacancies are incredibly expensive for landlords. Not only do they lose the profit from regular rent payments, but they also have no income to offset the costs of maintaining the property. This can result in an extreme amount of expenses for landlords, so it is important to take whatever steps possible to minimize the possibility of vacant rental properties.
Work on your Website
Most potential renters will first look on the internet for possible rental properties. If your website doesn’t work well or appeal to potential tenants, it will be more difficult to fill your property quickly.
Make a Good First Impression
Curb appeal will help to draw possible tenants to your property. Take the steps to keep the exterior of the building clean and ensure that the lawn is well-maintained. Consider adding trees or flowers to further enhance the first impression the property makes on potential tenants.
Research the Related Market
It is important that your rent prices are consistent with the surrounding market. For example, if you charge too much, you will lose residents to cheaper properties. However, charging too little can cut into your profits and make it difficult to break even.
Screen your Tenants
It is crucial to screen your tenants thoroughly before renting to them. If you fail to do so, it will be much more likely that evictions will become necessary. This is often more expensive than simply allowing the property to remain vacant.
Make Tenant Satisfaction a Priority
Keeping your existing tenants on the property can substantially help to prevent vacancies. Not only will this eliminate the need for advertising and screening, but it will prevent any loss of rent income. Respond quickly and effectively to the concerns of your tenants. You should make an effort to provide regular maintenance and offer incentives for lease renewals.
We understand how incredibly frustrating it can be to have a vacant rental property. We offer an array of services to help you fill your rental properties quickly and effectively. To learn more about reducing the likelihood of rental property vacancies, contact us at the Keyrenter in Hampton Roads today!