There are many ways that vacancies in your rental property can cost you excessive amounts of money. With tenant turnover comes a substantial number of expenses, including repair costs, cleaning services, taxes, advertising fees, and loss of monthly rent. When you reduce the vacancies in your rental property, you can avoid these expenses and optimize your profits. The best way to reduce vacancies is by keeping good tenants in your property long term.
Keep Tenants Happy
There are many ways that you can keep your tenants happy, which will ultimately keep them more satisfied with your rental property. Ensure that you obtain regular maintenance. Not only will this keep tenants happier with your property, but it will also reduce repair costs that come with failing to obtain maintenance. Regularly offer renovations to improve the property and keep tenants happy.
Ensure that you keep open communication with your tenants. Respond quickly to requests and questions. Take the steps necessary to ensure that your tenants understand that you care about them and are willing to make an effort to keep them happy. Do your research and keep your rental costs consistent with the surrounding market. All of these steps can help to keep your tenants happy and reduce your vacancies.
Be Proactive with Renewals
Reach out to your tenants before renewal time comes around. This will get them thinking about whether they wish to renew their lease, as well as provide you with advance notice if they don’t intend to renew, which can help you to find a new tenant before the rental property becomes vacant.
Keeping “bad” tenants on your rental property can cost you more than a vacancy. Evictions are expensive and minimizing their likelihood is incredibly beneficial. Take the time to run background and credit checks. Here at Keyrenter, we implement a 13-point screening process to protect landlords from potentially problematic tenants.
Incentivizing your tenants can provide them with reasons to stay in your rental property. This can include a large array of things. You may want to offer a lower monthly rent in exchange for signing a longer lease. Additionally, you can offer rewards for referrals or paying rent on time.
Here at Keyrenter, we strive to take the steps necessary to optimize your profits and protect your investment. To learn more about how to reduce vacancies in your rental property, contact us at the Keyrenter in Annapolis today!