Vacancy loss will cost you money, and every day that your property remains vacant on the rental market is a day that your investment becomes more expensive. Today, we’re talking about your vacancy rate and how to shorten your property’s vacancy time.
Property Management Orlando: Pricing and Condition
Price the property correctly and make sure it will show in excellent condition. These are things you should do before you even start advertising for a new tenant. Check your local market for comparable rental prices, and price it competitively. Otherwise, the home will sit and you will lose money on extended vacancies. Property condition also impacts vacancy rates. It must show well, which means it must be clean and have all the necessary repairs completed. Good tenants will not be interested in a property with bugs everywhere, dirty floors, and doors hanging off of the closet. Take photos when the property is empty. It looks its best when you have pictures of a clean, empty house and not pictures of all of the tenant’s furniture and clutter.
Property Management Orlando: Marketing and Advertising
Good advertising and marketing will help you avoid long vacancies. The majority of tenants are looking for properties online. There are free and paid sites you can use to get a lot of exposure. Signage can be important too. Someone in the neighborhood might see your sign and know someone who is looking. Or, a prospective tenant will drive through their favorite neighborhoods looking for a rental. Social media is good for marketing exposure too. Put your listing on Facebook, LinkedIn, and Instagram.
Finally, reduce vacancy by holding onto the good tenants you currently have. Last but not least, make sure you answer the phone when potential renters call. There is nothing worse for a prospective tenant than going to voicemail and then not getting a return phone call.
If you have any questions about reducing your vacancy rate, or you’d like to talk about Orlando property management in general, we’d be happy to tell you more. Please contact us at Hampton & Hampton Management and Leasing in Orlando.