For most rental property owners, summer is the peak busy season. This season can also bring worthwhile opportunities for those looking to grow or improve a rental portfolio. While rental demand generally rises in summer, competition for good tenants tends to climb too. 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 on for our leading summer leasing tips, designed to reduce vacancy problems and keep your cash flow on the rise.
Every Empty Day Impacts Your Bottom Line
Most rental property owners already know that vacancies can significantly hurt a rental’s overall profitability. It’s not only lost income that matters, but also rising expenses and a diminished return on investment. Vacancies that catch you off guard can also wreck a property’s operating budget and delay planned improvements.
Vacancies’ cumulative costs can become bad news for your overall profitability. Given this, minimizing vacancies for your rental property is a worthwhile goal.
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. As soon as a tenant gives notice, the clock starts ticking to plan and execute an efficient turnover. Without inconveniencing your current tenant, you can take a few steps beforehand to gain an early advantage on re-leasing the property. Such steps include:
- Arranging property inspections early on
- Drafting a checklist of maintenance and repair work to be completed
- Planning repairs ahead of time, including screening technicians and vendors
- Coordinating cleaning appointments in advance
- Updating your marketing assets
By keeping property condition info current and having a specific turnover list, you can reduce the turnaround 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. If you haven’t done a market analysis recently, or it’s been over six months, consider running a new one before your tenant moves out. Overpricing, specifically, can create unwanted vacancies even during the busiest times of year. On the flip side, pricing it correctly attracts more qualified applicants and helps lease the property faster.
Invest in High-Quality Marketing
High-quality marketing materials play an outsized role in reducing vacancy time, particularly in competitive markets during peak season. Renters these days expect detailed information up front, before ever visiting the property in person. Renters also want the ability to find and research listings online and on mobile devices. For these reasons, an effective marketing strategy for any rental property should include, at a minimum:
- High-quality professional photos
- Full, descriptive property write-ups
- Online tours of the property
- Listings that work well on mobile
- Strong online presence and exposure
If your marketing materials are outdated or subpar, plan ahead to get new photos and video walk-throughs done as soon as possible. Begin by ensuring your property looks its best from the curb, with well-kept landscaping, clean walkways, and flowers that add visual appeal. A visually appealing property attracts more inquiries, and quality marketing materials do too. Both generally result in a faster path to leasing.
Streamline the Application and Screening Process
Streamlining applicant screening is another important piece of reducing vacancy time during the busy season. Most renters now expect tech-driven convenience for applications and communication, so finding the right platform for your situation is worth the investment. No matter how you configure it, quick responses to tenant inquiries are essential. It’s common during peak season for applicants to reach out to multiple properties at once. That’s why responding promptly can make a major difference.
Once applicants are ready to move forward, your application, screening, and lease prep process should already be organized. A professional property manager can be especially useful when it comes to this part of the process. Top-tier professionals have proprietary software that streamlines the process for both parties, ensuring vacancies stay minimal.
Focus on Resident Retention
One of the top ways to avoid vacancies altogether, naturally, is to invest in good retention strategies. Keeping a strong tenant is much better for your finances than pushing 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 happy, quality tenant will typically help you maintain the property well while keeping your rental income steady all year. That’s a much better scenario for any rental investment than constant tenant turnover.
Systems and Expertise That Deliver Results
Reducing vacancies takes considerable time and effort on the part of the owner. This is why many property owners turn to professional property managers. This approach offers many benefits, since a property manager can provide you with:
- Real-time market analysis and trend monitoring
- Accurate, data-driven rental pricing
- Professional-level marketing and ad campaigns
- A streamlined process for screening applicants
- Expert lease preparation and execution
- Management of tenant communications
- Management of the turnover process
- Plus a lot more!
It’s incredibly valuable to have a local market expert on your team, prepared to take on the demanding work of property management during peak season. A skilled property manager can also deliver unexpected benefits, including property optimization and portfolio growth.
Ready to reduce vacancy time and increase rental income this summer? Contact us today, or check out Real Property Management Blue Chip Valor at Madeira 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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