The busiest time of year for rental property owners is often summer. Summer also opens up opportunities for those hoping to grow or fine-tune a rental property portfolio. As an example, summer typically brings higher demand for rental housing, along with increased competition for quality renters. This can cause vacancies to drag on and annual income to drop. Cutting down on vacancy time takes proper preparation, strategic planning and marketing, accurate pricing, and an efficient leasing process. Read ahead for our best summer leasing tips to help cut down vacancy problems and maintain strong, growing cash flow.
Every Empty Day Impacts Your Bottom Line
Most rental owners are well aware that vacancies can have a major impact on overall profitability. Lost rental income is just part of it; higher expenses and a reduced return on investment come into play too. An unexpected vacancy can also throw off a property’s operating budget and put future improvement plans at risk.
The total cost of vacancies, added up over time, can be harmful to your bottom line. That’s why minimizing vacancies for your rental property is a smart priority.
Start Preparing Before the Property Becomes Vacant
Preparing ahead of time is one of the top strategies for reducing vacancy time during the busy season. Once notice is given, you’re racing against time to plan and complete an efficient turnover. Although you don’t want to disrupt your current renter, a few steps can still be taken before they move out to jump-start re-leasing. Some of these include:
- Scheduling inspections of the property early
- Building a checklist covering necessary maintenance and repair tasks
- Advance repair planning, including checking out potential technicians and vendors
- Coordinating cleaning appointments in advance
- Getting marketing materials current
Keeping current property condition details and a defined turnover task list helps you cut down the time between tenants.
Price Your Rental Strategically
Making sure your property is priced competitively is another important part of reducing summer vacancies. An accurate rental rate is one based on a recent comprehensive local market analysis. Should it have been more than six months since your last market analysis, or you haven’t done one at all, consider completing a new one before your tenant leaves. In particular, overpricing can result in unwanted vacancies, regardless of how busy the season is. The right price, meanwhile, helps attract qualified applicants and get your property leased quickly.
Invest in High-Quality Marketing
There’s no overstating the value of professional-quality marketing materials for reducing vacancy time in competitive, peak-season markets. Today’s tenants expect in-depth property information before they ever visit in person. They also prefer to discover and look into properties through online and mobile channels. For these reasons, an effective marketing strategy for any rental property should include, at a minimum:
- Professionally shot photography
- In-depth descriptions of the property
- Virtual property walkthroughs
- Mobile-responsive listings
- Broad visibility across online platforms
If your materials aren’t current or high quality, make sure to schedule new photography and video walk-throughs promptly. Begin by ensuring your property looks its best from the curb, with well-kept landscaping, clean walkways, and flowers that add visual appeal. Properties with strong visual appeal generate more inquiries, as do quality marketing materials. Together, both usually contribute to faster leasing outcomes.
Streamline the Application and Screening Process
Streamlining applicant screening is another important piece of reducing vacancy time during the busy season. Most tenants today expect the convenience of digital applications and communication, so it pays to invest in the right technology for your needs. No matter how you configure it, quick responses to tenant inquiries are essential. During busy periods, applicants often contact more than one property at the same time. As a result, quick responses can be a real differentiator.
Have your application, screening, and lease preparation process worked out in advance of applicants being ready to apply. This is a spot where a skilled property manager can make a huge difference. The best property managers rely on proprietary software that streamlines the process for owners and applicants alike, minimizing vacancies.
Focus on Resident Retention
Strong retention strategies are, of course, one of the best ways to sidestep vacancies entirely. It’s far better financially to retain a good tenant than to force a turnover. The key to tenant retention is likely year-round property care with responsive maintenance, consistent positive communication, and fair lease renewal practices. A satisfied, good tenant tends to help take care of your property while providing consistent rental income throughout the year. This beats dealing with ongoing turnover for any investment property by a wide margin.
Systems and Expertise That Deliver Results
A lot of time and effort often goes into reducing rental property vacancies. That’s why so many owners choose to rely on a professional property manager. This path brings a lot of benefits, as a property manager can supply you with:
- Current, data-backed market analysis and trend tracking
- Accurate, data-driven rental pricing
- Expert marketing and advertising services
- A streamlined process for screening applicants
- Expert lease preparation and execution
- Handling of tenant communications
- Management of the turnover process
- Plus more!
Having a knowledgeable local expert ready to handle peak-season property management is an incredibly valuable asset. A good property manager can also bring value you haven’t yet imagined, from optimizing your rental to growing your investment portfolio.
Trying to reduce vacancies and maximize your rental income this summer? Contact us today, or check out Real Property Management Sunrise at Clayton to learn how our local market expertise, proven marketing strategies, and full-service property management solutions can help keep your rental property occupied and performing at its best.
This content is provided for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. Readers should consult with licensed professionals regarding their specific circumstances.
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