A vacancy is the number one cause of money loss. Property owners lose thousands of dollars because of prolonged vacancy periods. It is typically the highest expense for a rental property and you need to avoid them as much as possible.
A vacancy can happen for several reasons:
- A tenant might decide to move because of factors such as rent amount or maintenance not being performed
- A tenant might be transferred because of the military
- A tenant might lose their jobs
- A property is priced too high
Every month that your property is vacant you are not producing cash flow. You also have to take into account that every time a tenant moves out you need to prepare the house for your next tenant and this will cost you money. When the house is vacant it is an opportunity for you to get into the property, assess it very quickly and get it ready for the next tenant to move in. You want to fill vacancies fast and make sure you place a good tenant in your property quickly. Here are a few tips to fill vacancies with a great tenant:
- Make Improvements to your home
- Have the unit professionally clean
- Have the carpets professionally cleaned
- Drywall touch up
- Put a fresh layer of paint on the walls
- Clean windows
- Fix anything that is broken
- Check that all appliances are working
- Make sure the grass is cut
- If the paint is wearing out repaint property
- Place for rent sign outside the property
- Spray for pests
If the house looks bad it gives a poor impression and that may only attract bad tenants.
Market the property
- Take HD photos of the property
- Write a detailed rental description
- Put a yard sign
- Market rental listings online: Hotpads, Trulia, Oodle & Zillow
- Market rental listings offline: post an ad in the local paper & on bulletin boards at local restaurants, shops, and schools
Price Your Property Appropriately
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