The word “vacancy” is something no landlord in Brandon, Florida, wants to hear. In terms of the rental market, vacancy means losing money because there is no tenant in the property paying rent each month.
Since having a vacancy is so costly and problematic for landlords, they need to learn how to approach their tenants differently. There are two methods to reduce vacancy rates in Brandon, Florida.
The first method is to retain the current tenants living in the property. Some may agree that this is the easiest way to reduce vacancy rates.
The second method is to tailor your listing to acquire new tenants faster. However, acquiring new tenants is still going to be an expensive task.
In this article, we’ll dive into both of these methods so you can stop tenant turnover and maximize your rental profits.
Reduce Vacancy Rates with Lease Renewals
You’ve already done the hard work of finding a tenant to lease your property. Now it’s time to keep them for another year or two with a lease renewal.
How do landlords convince tenants to renew their lease with them? It’s all up to your actions during their lease term and making the tenant feel comfortable and enjoy living in your property.
Make Timely Repairs
One of the most common complaints from tenants while renting a home is that their landlord takes too long to answer maintenance requests. They don’t want to have to live in a property where the oven or water heater doesn’t work for a week or two.
When your tenants notify you of a repair that must be made, try to fix it as soon as possible. If you cannot do it yourself, hire a professional contractor to do it for you. Your tenants will greatly appreciate your attention and promptness.
Maintain the Property
Maintaining the property and answering maintenance requests are two separate things. To maintain the property is to conduct routine inspections and maintenance tasks without there being a problem in the first place.
For example, if there is a common area in the building, cleaning it every two weeks or once a month is a form of property maintenance. If there is a yard, mowing the grass weekly or weeding the gardens is another form.
When you keep the property in good condition and look presentable, tenants will enjoy and appreciate living there.
Offer Renewal Incentives
Sometimes your current tenants need a little push to sign a lease renewal with you. So, offer them an incentive to do so.
An incentive can look like a discount on the rent, a discount on one month’s rent, or including a utility bill such as water. Anything that can save your tenants money is an excellent incentive for them to stay there.
While you may be losing a small amount of money by offering an incentive, it is less than what you would spend acquiring a new tenant.
Acquire New Tenants Faster and Shorten Vacancy Time
There will be times where having a vacant rental property in Brandon is inevitable. Maybe your tenant must relocate to a new city for a job, or they’re getting married and moving to a larger place. Some things are out of your control.
In instances like this, you’ll have to acquire new tenants faster to shorten the length of your property’s vacancy. Below are some tips on how to do that.
Create an Enticing Listing
Don’t underestimate the importance and power of your property’s listing. Most tenants go apartment hunting online and search through hundreds of properties in the area. So, you need to make yours stand out from the rest.
The most important thing you can do to create an enticing property listing is to include updated, high-quality photos of the property. If you really want to go above and beyond, include a virtual tour as well.
Next, you’ll want to optimize the description to make the potential tenant imagine themselves living in your property. Use descriptive words and explain the layout of the rental. Next, emphasize the features of the neighborhood and why it’s a great place to live.
If marketing isn’t your thing and you’d rather let a professional do it for you, we’d be happy to help you with that. In fact, we have an amazing Leasing Guarantee that says we will find a top-quality tenant for your property in 28 days or less!
Make the Property Presentable
Once your current tenants move out, spend some time making the property presentable. Slap a fresh coat of paint on the walls, clean up any messes left behind, and make necessary repairs.
When potential tenants come to see the property in person, they’re going to look for things they don’t like about it first. So, don’t let them find anything they don’t like and make it feel brand new when they first walk in!
Lower the Rental Price
One of the most effective ways to acquire new tenants quickly is to lower the rent to below the average price of the neighborhood. Now, you may be wondering why you would sacrifice this money each month. It’s to shorten your vacancy time and get a tenant in there paying rent each month.
Before you set your price, calculate the lowest you can go. Add up your operating expenses and monthly mortgage payments. Then analyze the current market and what other similar properties are renting for. If you can afford to have a lower rental price and still make a profit, then this is your best option.
When potential tenants see a great deal on an amazing property, they will be quick to jump on it and lease it before anyone else can.
Stop Tenant Turnover with Rent It Network
What if you never had to worry about your Brandon rental property being vacant ever again? With Rent It Network, you don’t have to!
Our proven processes and hard work ethic stop tenant turnover in its tracks. Tenants love our friendly property managers and prompt maintenance responses. If, for some reason, your property is vacant, we will fill it in less than 30 days with a high-quality tenant!
Contact us to learn more about reducing vacancy rates in Brandon, Florida, today!