One of the scariest things a landlord in Richmond can face is a vacant property. When there is no tenant living in your rental, that means there is no monthly income deposited into your bank account.
An even more frightening aspect of a vacant rental is that your expenses don’t stop just because you don’t have a tenant. You still have to pay your mortgage, property taxes, and some utilities to keep the property well-maintained.
We’re here to let you know there are ways to reduce your vacancy rates for your rental in Richmond. With two proven methods, you can eliminate vacancies entirely and shorten the length of a vacancy.
Method #1: Focus on Tenant Retention
The first method to completely eliminate vacancies in your Richmond rental is to focus mainly on retaining the tenants you already have. Acquiring a new tenant is costly and runs the risk of having a vacant property for too long.
When you make an effort to retain your current tenant, who is reliable, respectful, and pays rent on time, you will skip having a vacancy for a couple of years.
Below are some of the methods you can use to increase your chances of retaining tenants.
Answer Maintenance Requests Promptly
One of the most common tenant complaints is about how their landlords handle maintenance requests. When something isn’t working in your home, you want it fixed as quickly as possible.
So, one way you can retain your tenants is to answer maintenance requests in a timely manner. In fact, one favorable thing you can do is to accept maintenance requests electronically, as 45% of renters prefer this method.
Completing repairs quickly will boost your tenant’s opinion of you and their experience living in your Richmond rental.
Offer a Renewal Discount
To encourage your tenants to renew their lease and help you avoid having a vacancy, consider offering them a discount on the rent. Be sure to calculate just how much lower you can go and still meet your ROI goals.
It doesn’t even have to be a discount on the entire lease, either! You can simply give a discount on the first month of their renewal. Don’t hesitate to negotiate with your tenant to see what you two can work out.
Remember, taking a cut on the rent can be better overall than paying to acquire a new tenant.
Set Longer Lease Terms
One way you can retain your tenants and avoid vacancies is to set longer lease terms. So, instead of offering a one-year lease for your property, increase it to two years. Then you don’t have to find a new tenant for at least two years!
You can set these longer terms when you first acquire a new tenant or when a current tenant renews their lease. If you’re offering a new tenant a longer lease, be sure to thoroughly screen them as you don’t want to be stuck with a problematic renter for two years.
Method #2: Effectively Attract New Tenants
If you already tried to retain your current tenant, but they decided to move anyway, you now have to try to fill your vacancy as quickly as possible. Below are some ways you can shorten your vacancy time and get a new tenant in there faster.
Set the Right Price
Figuring out the right price for your rental is crucial to attracting a new tenant quickly. It can’t be set too high for the current market. Even though you want to make as much profit as possible, it’s important to find a good balance.
Conduct comparative analyses on the current market and other rentals in Richmond to see how to price your property. When you set the price below the market, you’ll have a higher chance of leasing the property faster than if you increased the price.
Keep the Property Well-Maintained
When your property looks good and clean, potential renters are more likely to ask to lease it. Even when nobody is living in it, be sure to manicure the lawn, make any repairs, and keep it attractive for showings and people simply walking by.
Create a Killer Advertisement
The number one thing potential renters look at when searching for a new rental is clear, high-quality pictures of the property. When you create your listing to advertise your rental, be sure to take updated photos and write an enticing description of the place.
Another tip to get a new tenant quickly is to advertise the listing in the right place. Online platforms are one of the most effective ways to get the attention of renters. Another method you can use is to have a real estate professional, like a realtor or property manager, market your property using their excellent resources.
BONUS Method: Work with a Property Manager
One of the absolute best and sure-fire ways to reduce vacancy rates is to work with a property management company in Richmond. These services take full responsibility for your rental property and will manage, maintain, and lease it using professional resources.
Property managers are trained and educated in the real estate industry as well as customer service tactics to ensure your tenants live happily in a well-maintained rental. Plus, you get to sit back and relax while the property manager takes care of everything.
Property managers can significantly reduce your vacancy rate with their years of experience, high-quality resources and practices, and impeccable industry knowledge.
Let Hylton & Company Reduce Your Vacancy Rates Today
If you have a rental property in Richmond and are looking to reduce your vacancy rates, Hylton & Company can help.
As the area’s leading property management company, we will market your property to the best possible tenants and work hard to retain current tenants year after year. Not to mention, with our outstanding customer service and reliable maintenance services, your tenants will love living in your property and want to renew their lease.
Are you ready to reduce your vacancy rate and increase your rental income? Call us to discuss how we can help you achieve those goals today!