Assured Management is an industry leader in property management serving the West side of Denver Metro Area.
Losing any money on your investment property hurts, but when that loss is due to vacancy, it can be especially painful. Why? Because vacancies represent money you’ll never be able to earn back. And, they’re often avoidable.
We have been managing rental properties in Lakewood since 1987, and we have adopted a few strategies to help our owners avoid long and expensive vacancy periods. Today, we’re sharing them with you.
Price Your Home Correctly
Everyone wants to earn as much rent as possible on their property. However, if you’re stubbornly holding out for a rental price that’s above what the market supports, you’re going to have an empty property for longer. Reduce your vacancy rate by pricing your property competitively so that it’s attractive to good tenants. This will get your rent coming in quicker and it will also increase the chances of placing a high quality tenant who will pay on time, take good care of your home, and renew year after year.
Provide a Property Tenants Want to Rent
When your home is priced according to the Lakewood rental market and you’re still not getting a lot of interest, take an objective look at the condition of your home. No one wants to move into a property with old appliances, chipped paint, and tired floors. A few updates and upgrades will help your home rent faster. They don’t have to be expensive. Instead of repairing appliances over and over again, invest in new ones and make sure they’re energy-efficient. New hardware on sinks and drawers can make a big difference. Make sure your landscaping provides excellent curb appeal. These things will get your property noticed and rented.
Market Your Property Online
Strategic marketing is an important part of avoiding long vacancy periods. Today, most tenants are looking for homes online. You should list your available property on all the popular rental websites, including Zillow and Trulia and Craigslist. Use social media as well. Your Facebook and Twitter followers may not be looking for a home themselves, but they could know someone who is.
Make sure your photographs are numerous and clearly show the best parts of your property. Include a picture of the front and make sure you’re showing off bedrooms, bathrooms, and any outdoor space. The description you write should be detailed and include pertinent information such as the rental amount and when it will be ready for move-in. Always include your contact information.
Retain Your Great Tenants
Turnovers are just as expensive as vacancies and best avoided. When you have a great tenant in place, do everything you can to keep that tenant renewing the lease. This will save you money and reduce the chances that you’ll have an empty house that isn’t earning any income. Respond to your tenants promptly when they have maintenance requests and be attentive to their needs and desires. Whatever you can do to ensure they have a pleasant rental experience will help you keep your vacancy rate down.
These are just a few of the things we do when we’re working to avoid vacancies with the properties we manage. If you have any questions or need any help with Lakewood property management, please contact us at Assured Management.