Finding a renter can be a challenge, especially when you want to achieve a particular rental rate and make your investment property profitable. However, finding the right renter often takes time and effort. Without the planning or strategies, your property can sit empty for precious weeks without any rent coming in. This is why so many property owners turn to Bethesda property management experts to help them reduce their vacancy cycles!
Reducing vacancy cycles is a critical aspect of generating more income for your rentals. Building positive relationships that lead to long-term renters and keeping renters happy helps reduce vacancies, along with these expert strategies from a professional property manager!
Start With Amazing Tenant Management
The best renters pay their rent every month and choose to live in your property long-term with a lease renewal (or two). Investors experience no vacancy time at all if your renter chooses to renew the lease and stay for more than one lease term. However, many renters won't stay simply because they don't want to move!
Making an effort to be a great owner who meets the needs of your renters helps build a good retention strategy. A Bethesda property management company can help you "wow" your renters and make sure they see the benefits of sticking with you long-term with strategies, including:
- Communicating clearly and frequently. Don't waste your renter's time with too many messages that aren't relevant to the rental or their lease. However, delivering the information they need before they need it and proactively checking in from time to time helps establish a good basis for communication and a positive relationship. Start with a quick conversation at the beginning of the lease to find out the best way to reach them effectively and according to their preferences, be it a text message, phone call, physical notices, or emails.
- Set up a system for maintenance and repair requests. Many Bethesda renters will remember the one time you didn't fix something more than they remember the ten times you did. Keeping track of maintenance requests and scheduling prompt repairs with timely responses are keys to helping renters feel heard and comfortable in the home.
- Be judicious when it comes to rental increases. Most renters expect timely, incremental rate increases (when appropriate and according to the lease). When it's time to renew, it's appropriate to inform residents of an increase and point to the lease to verify that the new rate is reasonable.
Some Bethesda property owners choose to offer a retention bonus of some kind, allowing good renters you want to keep to become eligible to lock in a good rate for extended lease periods. A habit of on-time rent payment and following the lease rules can help residents earn renewal benefits.
While you don't have to offer a new lease to residents who don't pay the rent on time or break the rules, make sure you create a fair and balanced reward system to incentive any renter eligible for renewal to avoid discriminatory practices.
Start Your New Tenant Search Right Away
Sometimes, circumstances beyond your control will prompt your renter to move out. Whether it's a relocation for a job or another circumstance, sometimes good residents move on.
Start the lease renewal process a few months before the end of the current lease term. If you know your renter isn't going to renew the lease, knowing that sooner (rather than later) allows you to start the process of advertising, marketing, and evaluating potential renters to move in immediately after the current resident moves out.
With plenty of lead time, investors can minimize vacancy times by starting the renter screening and selection process right away. If you're not sure how to market and show an occupied rental, a Bethesda property management company can help you navigate schedules and coordinate showings with your existing renter.
Screen Every Applicant
Placing "any" renter without a thorough screening process might end a vacancy sooner (rather than later). However, you run the risk of placing a bad resident who won't last very long without reviewing an applicant's background before they move in. Bad renters don't pay the rent and can leave you with costly property damage that ruins your profits when recovering from the experience.
Building good, long-term relationships with Bethesda renters starts by placing the best residents at the start of a new lease!
Reduce Vacancy Times With Experienced Bethesda Property Management
If you've rented out your properties to a few different renters, you may find that every time you do so, you learn a little more about what shortens the vacancy cycle. Bethesda property management professionals can help you optimize your marketing and leasing process with established best practices to get a jump on renewals, find quality renters right away, and maximize your returns!
If you're struggling to keep rentals occupied, partner with Renters Warehouse BW Metro to shorten vacancy cycles!
Learn more about what you need in an expert property manager. Download our guide to finding the best property management company today!