This month’s article: “What is possibly the biggest expense in rental properties?”
VACANCIES! As a landlord, you must learn to hate this word. Let’s review thoughts on avoiding a vacancy. You need to fill your vacancies with good, stable, rent paying tenants as quickly as possible. And one of the best ways to do this is to make sure that your vacant rental units are clean and in rent ready condition when you show them to prospective tenants. A poor first impression of your rental unit’s exterior is hard to reverse regardless of how great the inside may look. You may think you’re saving time and money by allowing a new tenant to lease a rental unit that hasn’t been properly prepared. After all, if they don’t mind that the unit isn’t rent ready, why should you? Unfortunately, this strategy isn’t as problem free as it seems on the surface. In fact it’s a big mistake. Why? Because the kind of tenants you will attract with a rental unit that hasn’t been properly prepared is someone who has lower standards and my even be desperate. New tenants who will accept a dirty and poorly maintained rental unit will surely not make any effort to leave the property in good condition when they leave.
Do these 3 things well (and do them in this order) and reduce your vacancies!
- Condition – Make sure the property shows well.
- Price it correct – Overpricing (well, Ill just dropt it later) a unit will likely make it vacant for a period of time.
- Advertise it thoroughly and be able to show the property whenever a tenant can see the property. Advertise it 60 days before the vacancy date. Yes, that will cost more money in marketing but way less than a vacancy!
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