A major expense that a lot of rental property investors fail to consider is vacancy. If you own a Matthews or Charlotte rental property, you want to make sure it’s occupied so rent is coming in consistently. A vacancy that lasts more than a few days will be damaging to both your cash flow and your long-term return on investment (ROI).
Today, we have some tips on how to prevent long term vacancies and keep your good tenants in place.
Price Your Matthews Rental Property Competitively
The rental value of your home will largely depend on the strength of the local market. Overpriced homes will always take longer to rent. While every landlord wants to earn as much as possible in monthly rent, asking too much can backfire and leave you losing a lot of money on vacancy.
Conduct a comparable analysis in your area so you know what homes similar to yours are renting for. Once you have a reliable rental range, think about how your home compares to the other properties that are available or that recently rented. If you have upgrades and updates that will make the home more appealing to tenants, you can probably set a price that’s on the higher end of the price range. Otherwise, you have to be consistent with the market. Trying to earn $100 per month more than what the market demands will only cost you thousands of dollars in lost rent due to longer vacancies.
Provide an Outstanding Matthews Rental Home
You won’t find a lot of modern, attractive, and well-maintained rental homes vacant for long. These are the properties that tenants are excited about renting. When your property reflects what the best tenants are looking for, you won’t have a problem attracting applicants and getting your property leased.
Make sure it’s clean. Tenants aren’t going to move into someone else’s mess. You also need to make sure that everything is working. If you keep showing a property with broken window blinds and missing appliances, you’re not going to generate a lot of excitement among your tenant pool. Fix the minor and the major things if you want to get your home rented right away.
Pay attention to curb appeal. First impressions matter, so make sure your home is welcoming and inviting. Do a little landscaping or maybe presser-wash the exterior.
Retain Your High Performing Matthews Tenants
The best way to avoid vacancies is by keeping the tenants you currently have in place. Your tenant retention strategy should start before the residents even move in. Make sure you provide a clear, convenient, and stress-free leasing experience. Be available to answer questions and provide local resources, especially if your tenants are new to the neighborhood.
Responding to maintenance promptly and thoroughly is also important when you’re trying to avoid tenant turnovers and vacancies. One of the main reasons that tenants leave is that their repair requests are ignored. Show your tenants that you care about their comfort and happiness by making even minor repairs quickly. This type of care will go a long way towards renewing leases year after year. Show them that they’re appreciated and valued, and do whatever you can to provide a positive rental experience.
We’d be happy to help you avoid the unpleasant expense of long vacancies. Contact us at Wess Cason Realty for any help with Matthews property management.