One of the best ways to have a successful rental property business is to keep your units occupied as much as possible, and one key to doing this is reducing the amount of time each unit is vacant. While this is the goal, it can be hard to achieve if you do not know the proper ways to do so. If you are struggling with this issue, here are three of the top ways you can reduce vacancies in order to keep your rental units occupied.
1. Screen the applicants more thoroughly
The screening process might seem dull and routine, but it is something that is absolutely vital for the success of your properties. If you screen the tenants thoroughly and hand-pick the best ones, you are more likely to avoid vacancies with your units. Good tenants are vital for your business, and this is primarily because good tenants will not skip out on you. Good tenants will pay their rent and will care for their properties. You will see less damage with the units rented by good tenants, and you will have less work to do to prepare these units for the next tenants that move in.
2. Offer Incentives to stay
Offering incentives to stay is another good way to keep good tenants in your units and keep your units occupied. To do this, you could offer to keep their rent the same price for several years, even if you are increasing the rent of other units that are similar in nature, condition, and size. Another type of incentive is simply to send thank-you cards periodically or send a gift card from time to time. Tenants enjoy feeling valued, and this may encourage them to stay there longer.
3. Be a great landlord
The other thing you will need to do to keep your units occupied is be a great landlord. Be attentive to the needs of your tenants and take care of problems quickly. You should also focus on keeping up with the maintenance of the units and listening to concerns or problems that your tenants have. If you are a great landlord, your tenants might not want to move out as quickly.
If you follow these tips, you will likely experience fewer vacancies, and this will help boost your business. If you need help keeping your units occupied or completing duties and responsibilities for your properties, hire a company that offers realty property management services to help you.Share