Vacancies are expensive, and investors rely on their St. Louis property managers to avoid them.
When you don’t have anyone occupying your rental property, you’re not receiving any rental income. You’re also paying to keep the heat and the lights turned on, and you’re keeping up with landscaping and cleaning expenses. Vacancy must be kept to a minimum, otherwise your investment begins to falter.
Today, we have some tips on how to keep your St. Louis rental property occupied with high quality tenants.
A Competitive Price Attracts Great Tenants
Price your home with the intention of earning as much as the market will allow in rent every month. But don’t chase away potentially great tenants with an overpriced rental home. If your property doesn’t reflect the right rental value, it’s going to stay vacant for longer than it should be.
Good tenants will always know the rental market. They won’t be willing to over-pay, no matter how much they love the home. Most tenants won’t even visit 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.
Make Sure You’re Allowing Pets
We know that some property owners hesitate to allow pets into their investment properties. We know there is often a higher risk of having damage to the home, but with good property management and a sound pet policy, you’ll be able to protect your investment while limiting your vacancy. 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.
Focus on Retaining Your Great Tenants
Keeping your current tenants is the easiest way to avoid vacancies.
Let your residents 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.
Offer 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. A rental property that’s clean, updated, and functional is unlikely to be vacant for very long. 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, updated appliances, or better lighting can make the home seem brand new. Tenants will be drawn to homes that have these details, and you’ll have people interested in renting your property quickly.
There are a lot of things that go into causing or avoiding vacancy. We can help you keep those vacant days to a minimum. Contact us at Amoso Properties when you’re looking for help with St. Louis leasing and property management.