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3 Quick tips for reducing vacancies in your rental property.

Pricing Your Rental Property

A property that’s priced too high for the market can stay vacant for a long time. All the money you were hoping to earn with a higher rental price could be lost if you’re not collecting any rent at all. Most tenants understand the market. They know what properties are renting for, and they know how to compare the price points of different homes. Good tenants aren’t going to overpay, and you need to make sure you’re offering a competitive rent.

Your price depends on a number of things, including location, size, and condition. Amenities are also important, so factor in things like parking, outdoor space, and whether there’s a pool. Pay attention to the competition.

Screening Tenants

When you don’t screen your tenants well, you run the risk of approving renters who will stop paying rent or damage the home. Then, you’ll have to evict. Those eviction costs will be unpleasant, and you’ll be left with an empty home.

Develop a screening process that allows you to consistently and efficiently check a tenant’s criminal history, credit report, landlord references, and employment. You’ll want to verify income and ensure you’re getting good references from current or former landlords. Once a tenant is approved, don’t waste time. Ask for the security deposit and get that lease signed.

Communicate with Prospects

Communication is important when you’re trying to rent out your home quickly and avoid vacancy.

Tenants are going to expect you to be responsive and available. Pick up the phone when they call, and don’t wait too long to return messages. When someone wants to schedule a showing, make it easy for them. Meet them at the property when it’s convenient for them.

It’s important to be ready for the interest that your marketing plans will generate. If your schedule doesn’t allow you to keep up with the emails, the phone calls, the inquiries, and the showings, it might be time to consider reaching out to Orange realty Group for some assistance.