For most rental property owners, summer is the peak busy season. At the same time, summer can offer valuable opportunities for owners looking to optimize or expand their rental portfolio. As demand for rental housing climbs during summer, competition for quality tenants tends to rise right along with it. As a result, vacancies can stretch longer and annual income can suffer. Shortening vacancy periods calls for the right preparation, smart planning and marketing, precise pricing, and a streamlined leasing process. Read on for our leading summer leasing tips, designed to reduce vacancy problems and keep your cash flow on the rise.
Every Empty Day Impacts Your Bottom Line
As most owners are aware, vacancies can have a major effect on a rental’s overall profitability. Beyond the lost rental income, there are also higher expenses and a lower return on investment to factor in. An unexpected vacancy can also throw off a property’s operating budget and put future improvement plans at risk.
The combined cost of vacancies can seriously hurt your bottom line over time. As a result, it’s wise to do what you can to keep vacancies at a minimum for your property.
Start Preparing Before the Property Becomes Vacant
Advance preparation is one of the best ways to cut down on vacancy time during peak season. Once notice is given, you’re racing against time to plan and complete an efficient turnover. Without inconveniencing your current tenant, you can take a few steps beforehand to gain an early advantage on re-leasing the property. Such steps include:
- Arranging property inspections early on
- Compiling a checklist of upcoming maintenance and repair tasks
- Planning repairs ahead of time, including screening technicians and vendors
- Lining up and scheduling cleaning services
- Updating your marketing assets
Updated property condition data combined with a clear turnover task list can help shorten the gap between tenants.
Price Your Rental Strategically
Another important element in cutting summer vacancies is competitive pricing for your property. An accurate rental rate is one based on a recent comprehensive local market analysis. Should it have been more than six months since your last market analysis, or you haven’t done one at all, consider completing a new one before your tenant leaves. Setting the price too high, in particular, can result in unwanted vacancies even at peak season. By contrast, the right rental rate helps draw in more qualified applicants and gets your property leased faster.
Invest in High-Quality Marketing
It’s difficult to overstate how much professional marketing materials matter in reducing vacancy time, especially during peak, competitive periods. Renters now want comprehensive details about a property before they ever walk through the door. They also expect to search for and research properties online and via mobile. For these reasons, an effective marketing strategy for any rental property should include, at a minimum:
- Professionally shot photography
- Full, descriptive property write-ups
- Online tours of the property
- Mobile-optimized property listings
- Strong online presence and exposure
If your marketing materials are outdated or subpar, plan ahead to get new photos and video walk-throughs done as soon as possible. Start by making sure the property’s curb appeal is dialed in, with neat landscaping, clean walkways, and pretty flowers for visual interest. A visually appealing property attracts more inquiries, and quality marketing materials do too. Both generally result in a faster path to leasing.
Streamline the Application and Screening Process
A streamlined screening process for applicants is another key factor in cutting down vacancy time during peak season. Most renters now expect tech-driven convenience for applications and communication, so finding the right platform for your situation is worth the investment. Regardless of how you set it up, be prompt in responding to tenant questions. During busy periods, applicants often contact more than one property at the same time. As a result, quick responses can be a real differentiator.
Have your application, screening, and lease preparation process worked out in advance of applicants being ready to apply. This is one place where a professional property manager can prove invaluable. The best property managers rely on proprietary software that streamlines the process for owners and applicants alike, minimizing vacancies.
Focus on Resident Retention
Naturally, good retention strategies are one of the best ways to prevent vacancies from happening in the first place. It’s far better financially to retain a good tenant than to force a turnover. Perhaps the most important element of retention is maintaining the property year-round with responsive repairs, communicating positively and regularly, and offering fair lease renewals. A satisfied, good tenant tends to help take care of your property while providing consistent rental income throughout the year. That’s a much better scenario for any rental investment than constant tenant turnover.
Systems and Expertise That Deliver Results
Reducing vacancies takes considerable time and effort on the part of the owner. That’s why many owners opt to hand their properties over to a professional property manager. This approach offers many benefits, since a property manager can provide you with:
- Real-time market analysis and trend monitoring
- Accurate, data-driven rental pricing
- Skilled marketing and advertising support
- Simplified, efficient screening of applicants
- Professional handling of lease preparation and execution
- Management of tenant communications
- Turnover process coordination
- Plus more!
Having a local market expert on your side, ready to handle the heavy lifting of managing your property during peak season, is incredibly valuable. A good property manager can also bring value you haven’t yet imagined, from optimizing your rental to growing your investment portfolio.
Looking to minimize vacancies and get the most from your rental income this summer? Contact us today, or check out Real Property Management Vitality at Lawrenceville to learn how our local market expertise, proven marketing strategies, and full-service property management solutions can help keep your rental property occupied and performing at its best.
This content is provided for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. Readers should consult with licensed professionals regarding their specific circumstances.
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