Vacancy is expensive, and landlords don’t want to lose the rental income that disappears when a property isn’t occupied with a tenant. Keeping vacancies low is an important part of your investment strategy, and there are a few things you can do to reduce the amount of money you’ll lose on a vacant King County rental home.
Price the Property Competitively
Earning as much rent as you can on a monthly basis is an important part of your rental property’s success. However, you can quickly sabotage your rental income by asking too much and extending your vacancy. Take the time to do a detailed analysis of the market and get to know what properties similar to yours are renting for in the area. Compare your home to theirs, and establish a rental price that will get the attention of highly qualified tenants quickly.
If you refuse to rent your house for any less than $2,000 per month, but it takes you four months to find a tenant who is willing to pay that, you’ve lose a lot more than you would have lost if you dropped the price to $1,750 per month and rented it right away. Don’t extend your vacancy loss by chasing an unreasonable rental amount. Know your market.
Provide a Well-Maintained Home
Good tenants want to rent appealing properties. If your home is looking old and worn and the appliances haven’t been replaced in 20 years and there are stains on the carpet, your vacancy time is going to be much longer than it would be if you updated the property.
Provide a clean, well-maintained home that’s inviting and welcoming. Make sure there’s fresh paint on the walls, updated floors, and modern appliances. Small updates like new hardware in the kitchen or better lighting in the bathroom will make a big difference when you’re showing the home. You’ll attract great tenants quickly, and vacancy won’t be a concern.
Focus on Tenant Retention
One of the best ways to avoid vacancy is to keep the tenants you have.
Tenant retention is important. It saves you money and provides a consistent presence in your property. When you find great residents who pay rent on time and take good care of your home, do what you can to show those tenants how much you value and appreciate them. Be responsive when they make maintenance requests. Communicate openly and transparently. Be reasonable when it’s time to renew the lease and raise the rent. Give them a reason to stay with you for the long term. You’ll avoid vacancy and turnover costs.
Work with Professional Property Managers
Working with a professional King County property management company can help you reduce vacancy. Property managers understand the market and its trends. We can help you establish a rental value and get your property ready for the rental market. You’ll have access to strategic marketing and advertising resources, and you won’t have to worry about why no one is interested in your home. Professionally managed properties also have a higher rate of tenant retention.
We can help. Contact us at People’s Real Estate to reduce your vacancy times and earn more income on your rental home.