Vacancies are expensive and best avoided.
As an investor, you need to earn as much rental income as possible, and it needs to be consistent. Otherwise, you risk your ROI and lose money that you’ll never be able to recoup.
We have a few expert tips to help you avoid vacancy and increase your cash flow.
Provide an Appealing Home
High quality tenants are interested in high quality properties. Make sure your home is well-maintained, updated, and eye-catching to choice residents. Consider providing unique amenities that will attract attention, such as Smart thermostats, keyless entry, and innovative technology that will allow them to pair their electronic devices with everything from appliances to lighting. Amazon’s Smart Home has become more and more popular among tenants as well as owners. It’s not difficult or expensive to make this feature available in your home. Energy-efficient appliances and systems will help you rent your home quickly to tenants who are interested in lower energy costs and better environmental stewardship.
You can also offer incentives. This is especially useful in markets where the number of properties greatly exceeds the number of tenants who are looking for homes. Your move-in offers could be a new television, membership to a local gym, or a gift card. Be creative, and you’ll rent your property quickly and help it stand out from the competition.
Be a Responsive and Attentive Landlord
You have to be accessible to tenants and prospective tenants. Today, customer service has taken on a new importance, and renters expect personal service and thoughtful touches. If you list your home on the market and you neglect to return phone calls or email messages from interested tenants, you’re going to lose those prospects. Great tenants have a lot of options, and if you aren’t willing to pick up the phone and answer questions or show your property, those tenants will move onto the next property they’re considering. Communication and customer service are critical to avoiding vacancy.
Once you have excellent tenants in place, do everything you can to keep them there. Respond to their repair requests quickly, answer their questions when they have them, and provide easy ways for them to pay rent and communicate with you. Tenant retention is a huge part of avoiding vacancy. You don’t want to lose tenants at the end of every lease period. Give them a reason to renew those leases.
Work with a Professional St. Louis Property Manager
Getting professional management help is the best way to avoid long and expensive vacancies. Property managers understand the local market and have an entire network of potential tenants and agents who can help get your property rented quickly. A good property manager will know how to price your home competitively and market it strategically. Vacancy time can be greatly reduced when you have access to a professional management company, and you’ll end up with higher rents and better tenants. These things lead to more cash flow and increased ROI.
If you have any questions about how to eliminate long vacancies at your rental property, please contact us at AMOSO Properties. We’d love to be your St. Louis property management resource.