4 practices property managers use to keep vacancy rates down
Even in today’s high-demand rental property markets, tenants move on and property managers have to fill those vacancies ideally in a month or less. Keeping rental units full and temporary or prolonged vacancy rates low requires expert planning, proficient marketing strategies, and effective tenant screening procedures to find qualified, long-term tenants to deflect the financial losses associated with vacant properties.
1. Maintaining the property’s curb appeal
Great curb appeal keeps tenants happy and attracts new tenants to a rental property. Curb appeal has a major influence on the quality of apartment seekers a property attracts, and draws more inquiries about vacancies.
To ensure vacancy rates remain low and attract higher numbers of good quality prospective tenants, good property management professionals make landscape and grounds maintenance a priority. Regularly scheduled inspections of all exterior spaces and preventative maintenance checks serve to prevent any unforeseen contingencies. Even small problems can scare off prospective tenants; the strategy is to prevent problems from happening in the first place.
2. Sustained marketing efforts maintain and track interest in vacancies
A steady stream of inquiries about a property’s rental vacancies tells project managers that their marketing strategies are working. In addition to effective marketing activities, property managers stay well informed of local market activity. They pay close attention to what their competitors are doing to market their units and attract new tenants. They make sure website content, blog content, and social media activity is high-quality, professionally written, engaging, and optimized to reach target audiences.
By ensuring their marketing and website content is optimized to attract the right audience, property managers can spend can less time looking for the right, qualified tenants.
3. Pricing rental rates at the “Goldilocks” rate Rental rates that hit the target are determined using comparables research data from the local market. This “Goldilocks” approach prevents properties from sitting vacant for long stretches of time (priced too high) or losing income revenue needlessly (priced too low). Pricing units by doing the research on comparables fills vacancies, generates revenue, and helps project managers avoid financial losses.
4. Skilled property management teams are prepared to handle changes
A property management company has procedures ready and in place to market rental properties, screen new tenants, manage move-in and move-out inspections and logistics. They offer incentives like move-in bonuses and referral fees. They have a thorough understanding of the local market and community and leverage that knowledge to keep vacancy rates low, because strategies they learned in other markets to attract new tenants may not work in another.
Prioritizing landscape maintenance to maintain curb appeal, sustained marketing efforts, pricing the units right by utilizing local comparables research data, and the ability to utilize tenant screening procedures to find qualified, long-stay tenants are strategies experienced property managers employ to keep vacancy rates low so property owners can enjoy a profitable rental portfolio and more time to continue building it.
RentVest Property Management helps property owners with customer-centric property management services in Atlanta, Las Vegas, Dallas, Phoenix, Tucson, Reno, and Hawaii. Learn more about RentVest’s full-service management benefits.