Vacancy is something every investor dreads. Vacant rental properties are expensive. They’re stressful. They also increase the risk of deferred maintenance because no one is in the property to notice leaks and other potential issues. Losing money on vacancy is more than not collecting rent. You also have to spend money keeping the utilities on and maintaining the home.
It’s critical to place and keep a good tenant quickly. At Parks Property Management, we have some ideas on how to avoid long vacancy periods with your Brentwood rental home.
Well-Maintained Brentwood Homes Rent Quickly
Great residents are always looking for great properties. Make sure your rental home stands out from the competition. You want it to be attractive to those residents you’re trying to attract. It should be clean, modern, and well-maintained. Don’t be afraid to make some minor and inexpensive updates. You don’t have to do a full renovation, but small upgrades like a fresh coat of paint, updated flooring, and better lighting can make a difference in how quickly your property is rented.
Curb appeal is also helpful in avoiding vacancy. You want neat and healthy landscaping. The front of the property must be welcoming and inviting. Make sure there’s plenty of exterior lighting, and the parking lot or driveway is in good condition.
Price Your Brentwood Rental Property Correctly
Your price will also affect your vacancy rate. Overprices homes are always going to be vacant for longer. While you want to earn as much as possible and charge as much rent as you can, don’t price the property too high or tenants won’t be interested.
It’s important to understand the local market and collect the most reliable data when you’re pricing your rental home. Look at what similar properties in your area are renting for. Spend some time analyzing market values and comparing your home to others on the market.
Focus on Tenant Retention
One good way to avoid vacancy is to keep the tenants you currently have in place. To do this, you need to provide a good tenant experience.
When you’re responsive to maintenance and willing to answer questions and solve problems quickly, your tenants will want to renew their lease agreements. Respond to repair requests right away, even if they’re not emergencies. Provide multiple ways for them to pay rent on time and communicate openly and transparently. Don’t lose your tenants every time a lease ends.
Professional Brentwood Property Management
Working with a professional Brentwood property management company is an excellent way to avoid long and expensive vacancies. With the right property manager, you can count on an accurate price, strategic marketing, and detailed follow-up. You can also be sure that your tenants are going to be well-served. This will help you have a better investment experience, and your residents will be happy where they’re living. When you’re interviewing potential property management companies, ask about vacancy rates so you can get some idea about how quickly your home will be rented.
If you’re worried about vacancy, contact us at Parks Property Management. We can help you lease your home quickly and take care of all your Brentwood property management needs.