Vacancies are expensive.
When you don’t have anyone occupying your rental property, you’re not receiving any rental income. You’re also responsible for keeping the utilities turned on and paying those bills. You have to keep the property clean and maintained and well-landscaped. Vacancy times need to be limited; otherwise, you lose a lot of money.
Today, we have some tips on how to keep your Healdsburg rental property occupied.
Price Your Home Competitively
You need to price your home to earn as much as possible in rent every month. However, you don’t want to miss out on some potentially great tenants because you’ve over-priced your property. If you don’t have the right rental value, your property will remain vacant for a lot longer than it needs to be. Good tenants know the rental market, and they know what they’re willing to pay. They won’t even bother to look at a property that’s priced too high for the market. To avoid long vacancies, pay attention to the market and price your home competitively. Otherwise, you’ll lose money on weeks and months without rental income.
Consider Allowing Pets
Not all rental property owners are thrilled with the idea of pets in their properties. While there is a higher risk of having damage to the home, your security deposit will likely cover anything that needs to be repaired. A large percentage of tenants own at least one pet, and they’re not going to move into a property that doesn’t welcome their furry family members. If you make your property pet-friendly, you’ll have a shorter vacancy period. Pet-friendly properties are in high demand.
Retain Your Great Tenants
If you want to avoid vacancy, you should do everything you can to keep your current tenants in place. Let them know you appreciate them. Be responsive to maintenance issues and promptly answer any questions they have. Show your gratitude for on-time rental payments with small gifts. Tenant retention is a great way to cut down on vacancy costs and the additional expenses that come with tenant turnovers.
Provide a Well-Maintained Home
A home in excellent condition is always going to rent faster than a property that’s old, run-down, and ignored. Make sure your property is clean, updated, and functional. Pay attention to curb appeal and consider making reasonably priced upgrades to really attract attention and get your property rented. Something as simple as a freshly painted wall, new appliances, or updated lighting can make the home seem brand new. Tenants will appreciate these details, and you’ll have people interested in renting your property quickly. A house that needs repairs or doesn’t look cared for will be vacant for a long time.
There are several factors that will impact vacancy that are beyond your control. Market strength, season, and the size and make-up of the tenant pool will all influence whether or not you’re able to rent your property quickly. These things we’ve discussed today can be controlled by you, so make sure you get them right.
We’re here to help. Contact us at Healdsburg Property Management for additional information.