One of the sources of frustration for rental property owners in Utah or who invest here is the need to find new renters periodically, sometimes resulting in weeks (or even months) without a tenant. While some form of a vacancy cycle is inevitable when tenants don’t renew, extended periods without a renter reduce your rental income.
Property owners must find ways to reduce vacancy times to boost returns! When you work with property management experts, you have the best strategies for keeping those cycles short and increasing your overall profit. Keep reading to learn more!
Keep Tenants Long-Term With Strong Retention Strategies
The first place to start is with delighting and impressing your renters, encouraging them to stay at your rental for more than one lease term. After all, there is no rental income interruption renters choose to renew the lease!
Being an excellent landlord helps renters feel at home and encourages them to stay for another lease term to keep paying rent. To be a good property owner, it’s critical to fix things quickly and be a responsive communicator. You’d be surprised how little things like pleasant phone interactions and a willingness to repair quickly can improve your relationship with a renter and build the goodwill needed to create a long-term lease.
It’s also wise to keep your rent increases reasonable, especially with renters considering a lease renewal. Often, keeping the same renter saves you money and time that would otherwise have to be spent on marketing and vacancy time, so letting long-term renters experience minor rent increases or offering some form of retention bonus can really pay off.
Schedule Your Renewal and Tenant Screening Processes Early
Starting your lease renewal process early is key to reducing vacancy cycles. Property owners need time to answer any questions your current renter has and give them ample time to make their choice. With plenty of lead time, many renters will choose to renew rather than go through the hassle of finding a new home.
To get a headstart on lease renewals, property owners must have an organized schedule to track back from the end of the lease date and put reminders into a calendar to alert when it’s time to start the renewal process. Waiting till the last week or two of the lease may result in losing your tenant and a long time without a renter.
However, once a resident makes it clear they’ll be moving out at the end of a lease agreement, property owners must jump into action to search for a new renter. Starting early means that more renters will see your listing before your current tenant moves out. It never hurts to get forward-thinkers applicants as you begin the tenant screening process! More lead time also gives you time to change strategies if you find that old marketing strategies aren’t working as well as usual and need to change. Lastly, more time can mean more applicants, giving you more options to make sure you don’t accept someone with a rent-related red flag, like a history of missed payments.
Property Managers Find Great Tenants For Your Rental Property
If you’ve ever worked with property management, you know that they are just as motivated as you are to find a great renter for your property. However, while the best property managers prioritize your success and apply every strategy to minimize vacancies, they also don’t get paid until your property has a paying tenant!
The right property management company know that good tenants make it easier to communicate, collect the rent, keep the property well-maintained and damage-free, and boost your bottom line. Experienced property managers have seen what a challenging tenant can do and how much time and stress they cause, so they work hard to find renters for all doors under their management. Plus, professional residential property management companies work hard to make sure your renters are so happy that they become more interested in a lease renewal!
Reduce Vacancy Times With a Property Management Company
While many rental property owners don’t often struggle to find a renter, it’s always nice to have someone with plenty of experience writing your listings and finding you the perfect places to post them. It also pays off to have experts manage renters, handle lease renewals, and protect your properties.
Working with Reeder Asset Management, your property management resource, means real estate investors gain years of rental marketing experience while not having to do all the legwork on their own. We want you to be happy with the renters who move into the property you depend on for consistent investment income, so we do our due diligence (and then some) as we help you prepare for the lease to be signed.
If you’re ready to see shorter vacancy cycles and experience better renters, reach out to learn more about our full-service property management!
Learn more about what you need in the best property managers when downloading our free guide!