Avoiding vacancy is an important part of any investment strategy. Unoccupied properties will not earn any money for the owners, and the rental income that is lost can never be recovered. To avoid vacancies, it’s vital to price the home correctly, keep it well-maintained, and retain high-quality San Diego residents.
For lower vacancy rates, please follow these professional tips.
Pricing San Diego Rental Homes Properly
Every owner wants to earn as much as possible on their rental property. However, if you try to price your home outside of what the market will support, you could end up losing money with longer vacancy periods. Tenants are educated, and good tenants are not going to pay more than necessary for a rental home.
Study the market carefully and establish a rental value that is both profitable and competitive. Ask for some help gathering data so you’ll know what homes similar to yours have recently rented for in the neighborhood. A San Diego property management can help you analyze the results of any comparable market research.
Providing a Well-Maintained Home
Reduce vacancies by providing a home that well-qualified residents are eager to rent. It should be clean and well-maintained, and available for immediate occupancy. Make sure everything works. The paint and flooring should be clean and updated, and while you don’t have to completely renovate the home, you should make some small and affordable upgrades that will get the attention of good tenants. This might be some pretty landscaping, modern lighting, or energy-efficient appliances.
Strategic Marketing and Leasing
Market your home aggressively and make sure your listing is on all the popular rental websites. It should be on the Multiple Listing Service (MLS) as well, and you should consider offering incentives or commissions to real estate agents so you get as many qualified tenants as possible looking at your property. Offer a showing and application process that’s efficient and designed to get a tenant moved in as soon as possible.
Place a Resident You Want to Keep
Placing a qualified resident will reduce vacancy headaches and earn more ROI.
As you begin the process of tenant screening, look for applicants who have a record of staying in rental properties for longer than a single year. You’re screening for a long-term tenant who will pay rent on time and take care of the property.
The easiest way to avoid a vacancy is by keeping your current tenants in place. When you have a resident who is paying rent on time, following the terms of your lease, and helping you take care of the home, make sure you’re providing an outstanding rental experience so that tenant will continue renewing the lease.
Be responsive to maintenance issues and take care of repairs right away. When you must raise the rent, make sure it’s not a shocking increase, and be sure you can justify it according to the current market trends and that the increase is not only reasonable, but also within the state of California rental increase legislation and guidelines.
We have some other ideas for avoiding vacancy that we’d love to share with you. Please contact us at San Diego Residential Property Management for additional tips and advice.