Education and news for smart DIY landlords!
It’s a normal thing for landlords to experience vacancies. After all, tenants have the right to come and go. But not being able to fill a vacant rental unit for a long time is a problem. Basically, high vacancy rates equate to lower earnings.
Not just that, a high vacancy rate can be expensive and time-consuming. Think about having to tackle additional repairs that are unnecessary and investing in promotional materials.
As much as possible, landlords want to avoid these hassles.
See yourself in this situation? If so, let’s explore the ways you can reduce your rental vacancy rates. Specifically, we’ll discuss how to minimize tenant turnover and how to effectively promote your rental to keep your business going all year round.
I’ve said it before and I’ll say it again: Always conduct a background check on all potential tenants. Responsible tenants who pay their bills on time, don’t move often from place to place, and hold stable jobs are likely to remain in your rental property for many years to come. Previously, I shared 3 important areas that you should look into when screening tenants.
How satisfied are your tenants with living in your rental? Are they dealing with problems in the unit? If they have a roommate, are they getting along well? Like any business, you need to be sure that you satisfy the people you serve - your tenants. Unfortunately, most landlords don’t bother to ask how their tenants are doing. One way to know your current tenants’ thoughts is to give out surveys.
An open house is one way to advertise your rental and grab the attention of people looking for a place to rent. Your neighbors and passers-by who find out can help spread the word about your open house. Place a signage nearby (preferably in a high traffic area) that specifies the exact location of your rental.
Have you thought of providing incentives to your good tenants? Maybe you haven’t, and it’s true that you don’t need to reward people do what is expected of them. But what we don’t realize is that incentives used strategically convince the best individuals to stay. Ideas include budget-friendly rental upgrades (that add real value) and early payment discounts.
Gone are the days when promoting your rental unit was only possible with print ads and newspapers. A landlord like you who seeks more exposure can tap into Facebook, Instagram, and other social networks. You have two choices: (1) Run social media ads to target multiple but very specific people at once, (2) post your rental for free and leverage hashtags to get more eyeballs to your content.
Good communication between a landlord and tenant has many advantages. To convey its importance, imagine a peaceful tenant wanting to move out because of too much noise in your property. This would have been avoided with the simple act of communication. The lease form is crucial but just because everything has been written doesn’t mean you can leave tenants alone.
Nowadays anyone can pay their bills online, including rent. You as a landlord benefit from online rent collection because you’re paid on time. When it comes to keeping vacancy rates low, online rent collection attracts the new generation of renters (millenials), financially stable individuals, and those looking for convenience.
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Finally, I offer you the opportunity to take a complete DIY landlording course: Landlord Prep: Video E-Course and How-To Tutorials. Everything you need to know to become not just a landlord, but a successful landlord, is here.