If you own rental property, then you know that vacancy is the bane of your existence. Long periods of vacancy can lead to lost income and additional costs. The best way to avoid this is to reduce your rental property turnover time. Here are some tips for landlords on how to do just that.
Competitive Pricing & Upgrades
If you want to make sure that your rental properties are always full, then you need to make sure they’re competitively priced. Keeping up with market trends will ensure that your units are filled quickly and with residents who can afford the rent. It's also important to keep up with regular upgrades, as this gives residents a sense of security in knowing their home is well-maintained and updated.
Advertising & Promotion
To get potential residents into your rental properties faster, it’s important to advertise them widely and promote them aggressively. You should use a variety of methods such as print ads, online listings, word-of-mouth referrals from current tenants or friends, and even open houses if necessary. Even small changes like adding photos or videos can help draw attention and get people interested in renting from you.
Fast Response Times
In addition to advertising and promotion, it’s essential that you respond quickly when potential residents reach out about the unit they’re interested in renting. Slow response times can be a deterrent for renters who may be looking at multiple properties at once. Try to respond within 24 hours so they feel confident they're dealing with an attentive owner who is eager for their business.
Reducing rental property turnover time is an important part of managing a successful rental business as a landlord. Keeping up with competitive pricing and upgrades ensures that your units maintain their value while aggressive advertising and promotion helps draw attention from potential tenants quickly. Finally, fast response times are key in making sure these prospective renters choose your property over others on the market! By following these steps, landlords can dramatically reduce the amount of time their units sit vacant between residents!
