Vacant rental properties lead to substantial financial loss for landlords. It is crucial to ensure that you effectively deal with vacant rental properties to help the rental property to remain profitable. When the property is vacant, the landlord won’t be able to collect rent payments, while simultaneously having to pay for the maintenance and upkeep of the rental property. Here are 5 tips for dealing with vacant rental properties.
1. Be Proactive
Reach out to your existing tenants around 90 days prior to the end of their current lease. This will allow them to have ample time to consider if they will renew the lease and ensures that you obtain more advanced notice if you need to find a new tenant.
2. Do your Research
It is critical to ensure that your rental prices are consistent with the prices in the area. If you are charging too much for rent, you are likely to lose tenants. You also may have difficulty finding new tenants for the property, because they will opt for less expensive properties.
3. Advertise Online
Most people turn to the internet to find potential rental properties. It is crucial to ensure that your rental property can be found easily online in order to minimize total vacancy time.
4. Offer Incentives
Consider offering incentives for both renewals and referrals. Not only will these incentives reduce vacancies, but referrals can create an environment where tenants want to stay longer.
5. Hire a Property Manager
A property manager is capable of handling many of the aspects of renting out a property. They can handle the tenant screening process and advertising methods to reduce vacancies and optimize profits. Our expert team at the Keyrenter in Alexandria is dedicated to providing superior property management services for your rental properties. To learn more about minimizing vacancies and optimizing your profits, contact us at Keyrenter today!