The busiest time of year for rental property owners is often summer. Summer also opens up opportunities for those hoping to grow or fine-tune a rental property portfolio. For instance, rental housing demand tends to rise in summer, but so does competition for good tenants. This can cause vacancies to drag on and annual income to drop. Shortening vacancy periods calls for the right preparation, smart planning and marketing, precise pricing, and a streamlined leasing process. Continue on to discover our best summer leasing tips for cutting vacancy issues and sustaining growing cash flows.
Every Empty Day Impacts Your Bottom Line
As experienced owners understand, vacancies can substantially impact how profitable a rental property is overall. There’s not just lost rental income at stake, but also increased expenses and a reduced return on investment. Unplanned vacancies can seriously disrupt a property’s operating budget as well as any future improvement plans.
The total cost of vacancies, added up over time, can be harmful to your bottom line. This is why it makes sense to take steps to reduce vacancies on your rental property.
Start Preparing Before the Property Becomes Vacant
One effective strategy for shortening vacancy periods during peak season is early preparation. As soon as a tenant notifies you they’re leaving, the pressure is on to plan and pull off an efficient turnover. While respecting your current tenant’s space, you can still take some steps before they leave to get ahead on re-leasing the property. They include:
- Arranging property inspections early on
- Drafting a checklist of maintenance and repair work to be completed
- Advance repair planning, including checking out potential technicians and vendors
- Coordinating cleaning appointments in advance
- Revising marketing materials as needed
With up-to-date information on your property’s condition and a clear turnover task list, you can shorten the time between tenants.
Price Your Rental Strategically
Another important element in cutting summer vacancies is competitive pricing for your property. An accurate rental rate is one based on a recent comprehensive local market analysis. Should it have been more than six months since your last market analysis, or you haven’t done one at all, consider completing a new one before your tenant leaves. Overpriced rentals, in particular, risk unwanted vacancies even during the height of the season. The correct rental rate, however, attracts stronger applicants and helps your property lease as quickly as possible.
Invest in High-Quality Marketing
There’s no overstating the value of professional-quality marketing materials for reducing vacancy time in competitive, peak-season markets. Renters today want thorough details on a property before setting foot in it. Renters also want to browse and research listings online and through their phones. For these reasons, an effective marketing strategy for any rental property should include, at a minimum:
- Photos taken by a professional
- Comprehensive property write-ups
- Digital property tours
- Listings that work well on mobile
- Wide exposure across online channels
If your materials aren’t current or high quality, make sure to schedule new photography and video walk-throughs promptly. Begin by ensuring your property looks its best from the curb, with well-kept landscaping, clean walkways, and flowers that add visual appeal. Strong visual appeal drives more inquiries, and so does high-quality marketing. Together, both usually contribute to faster leasing outcomes.
Streamline the Application and Screening Process
A streamlined screening process for applicants is another key factor in cutting down vacancy time during peak season. Today’s renters generally expect digital applications and communication, making it worthwhile to invest in the right technology or platform. Regardless of how you set it up, be prompt in responding to tenant questions. In peak season, prospective tenants are typically inquiring about multiple properties at once. As a result, quick responses can be a real differentiator.
Have your application, screening, and lease preparation workflow figured out ahead of time, before applicants are ready to apply. Having a professional property manager can be especially valuable in this area. The best property managers rely on proprietary software that streamlines the process for owners and applicants alike, minimizing vacancies.
Focus on Resident Retention
One of the top ways to avoid vacancies altogether, naturally, is to invest in good retention strategies. Your bottom line benefits more from keeping a good tenant than from forcing a turnover. Tenant retention likely hinges most on caring for the property all year with prompt repairs, regular positive communication, and fair lease renewals. A content, quality tenant usually helps maintain your property well while keeping your income consistent all year long. That’s much preferable for any investment property compared to frequent turnover.
Systems and Expertise That Deliver Results
Reducing vacancies takes considerable time and effort on the part of the owner. This is why many property owners turn to professional property managers. This path brings a lot of benefits, as a property manager can supply you with:
- Current, data-backed market analysis and trend tracking
- Accurate, data-driven rental pricing
- Professional-grade marketing and advertising
- A streamlined process for screening applicants
- Professional handling of lease preparation and execution
- Ongoing tenant communication
- Turnover process coordination
- And additional benefits!
Just having a local expert on your team who’s ready to manage the hard work during peak season offers tremendous value. Beyond that, a quality property manager can bring benefits you may not have thought of, such as optimizing your property and growing your investments.
Trying to reduce vacancies and maximize your rental income this summer? Contact us today, or check out Real Property Management Rincon at Sahuarita to learn how our local market expertise, proven marketing strategies, and full-service property management solutions can help keep your rental property occupied and performing at its best.
This content is provided for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. Readers should consult with licensed professionals regarding their specific circumstances.
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