6 Ways to Reduce Rental Vacancies
It takes knowledge, professionalism, tenacity—and the list goes on—to manage a property. A significant issue landlords have to deal with is vacancies. The longer a property is vacant, the more money a landlord loses. If your property has been experiencing a decline in capacity, expert advice from a Tampa property management company is what you need. We’ll give you a few ways to reduce rental vacancies.
1. FIND HIGH-QUALITY TENANTS
Finding the right tenant will save you a lot of headaches. This requires screening applicants by conducting background checks, criminal and civil history, and determining their level of income for affordability.
2. ENTICE THEM WITH INCENTIVES
Offer renters enticing incentives. Reduce one month of a tenant’s lease whenever they refer a new renter that signs a lease. Hold periodic drawings for cash or gift prizes for paying rent on time. Offer move-in bonuses for new renters. Offer a free carpet cleaning or carpet upgrade for lease renewals.
3. HOST PARTIES
Encourage long-term renters by forming relationships. What better way to do than by hosting holiday parties, back-to-school events, and random potlucks. This encourages community bonding and shows renters you are care.
4. UPGRADE THE AMENITIES
Rental rates are climbing and tenants want to feel like the money they spend is giving them more benefits than just living space. Plan and budget for a dog park, upgrade the gym equipment, add a jacuzzi at the community pool, or provide washers and dryers in every unit.
5. GET RID OF UNNECESSARY FEES
Some properties charge a fee for everything, but a little grace goes a long way. Think from the tenant’s perspective. Implement a warning system for fee assessments. For example, if you charge tenants to replace gate keys, parking decals, or for leaving trash outside of the dumpster, send them one or two warnings before applying a late fee. It’ll keep the peace and keep tenants from leaving angry reviews on popular websites.
6. HIRE A TAMPA PROPERTY MANAGER
If after reading the above ways to reduce rental vacancies, you find that it’s just too much work to do on your own, we’re here to help. We have decades of experience managing properties throughout Tampa Bay and can provide you with solutions for finding and retaining tenants.
For information, please call us at (813) 968-5665, or submit our contact request form.