No Baltimore landlord likes a vacant property. Worries about loss of income, damage to the property, and theft can cause many sleepless nights. And while vacancies are an unwelcome downside to being a landlord, there are steps you can take to reduce the possibility of an unoccupied property.
Let’s jump right in and take a look at how you can reduce your property’s vacancy rates.
Understand the Market
Your Owings Mills tenants are sure to know what a fair monthly rent is. If you price your rental property too high, chances are you will experience a higher turnover rate (when your current tenants realize they can find a better deal elsewhere) and a longer vacancy period (because potential tenants will know beforehand that your asking rent is too high).
The key is to calculate the perfect balance. You do not want to price your rent too low and appear cheap, or worse make no income off of your property, so it is important that you offer a fair and competitive rate. Tenants that feel they are getting a good deal are less likely to leave. Also, a competitively priced property will sit vacant for a shorter period of time.
Advertise Your Vacant Property
So your Catonsville rental property was just vacated and you had been counting on that supplemental income. Well, there is no reason to worry if you have good advertising practices in place for times like these. Especially if you have enlisted Baltimore County’s best property management company to help you.
Understanding the best places to advertise your rental property is crucial to keeping vacancy rates low. At Bay Management Group, your property will be advertised aggressively. Using search engines, online classifieds, MLS, Craigslist, and direct mail, potential tenants will be made aware that your property is available. The advertisements will be detailed and informative to attract serious tenants.
Even if you are on your own, there are some really great resources, such as this one, for advertising your rental property that getting results.
Elevate Your Tenant Screening Process
Tenant screening is another part of the process that you and your property management company can fine tune to keep vacancy rates lower. After all, the better tenants you place in your Essex home, the more likely they are to renew at the end of the lease term.
The screening process that each potential tenant must go through should be strict and thorough. It should include a full background check for things such as prior evictions, bankruptcies, income, and credit worthiness—all things that can affect a turnover rate. Think long term when choosing to place a tenant in your property. This will help to alleviate many of your concerns about vacancies at the end of every lease term.
Market Your Property as the Best
It’s one thing to have a Pikesville rental home available for lease. It’s another to have a beautiful Pikesville rental home available for lease.
Highlight the unique amenities of your property to potential tenants – location, surrounding shops and restaurants, the newly carpeted flooring, the superior customer service your property management company will provide. These are the types of things that will get your potential tenant excited at the thought of calling your property home.
Make them want it. Don’t make them question why it is vacant in the first place.
Reward Current Tenants
The easiest way to reduce vacancy rates in your Towson rental home is to never let it become vacant in the first place! A great way to do this is by rewarding quality tenants by not raising their rent.
Rent increases are a major turnoff to tenants and may cause them to leave to find a better deal elsewhere. Though increasing rent is sometimes necessary, try holding off for as long as possible. A rent that is being paid monthly at a slightly lower price is better than no rent coming in at all.
Offering incentives is another way to keep tenants around for another lease term. For instance, you could offer to pay for the monthly water bill or the weekly trash bill. Something as small as $25 a month can mean a lot to your Parkville tenant.
The great thing about this tactic is it can work wonders on existing tenants and is a great strategy for attracting new tenants quickly should your property become vacant.
Get to Know Your Tenants
You don’t have to have Sunday dinner with them every week, but being nice to your tenants can go a long way in convincing them to stay on for another lease term, thus lowering your vacancy rates.
Include a welcome package once tenants move in, communicate openly with them, keep your property great condition, and most importantly, be professional.
You don’t have to be their best friends, but stay connected and let them know you care. They are your customers so let them know how grateful you are that they chose to rent from you.
Other Quick Tips
- Once your property becomes vacant, start prepping for the next tenants right away
- Consider longer lease terms
- Make your property more secure by adding alarms and security lights
- Provide the amenities many tenants look for such as updated appliances or new carpeting
- Be timely with your repairs during their tenancy so they know you care about them
- Reduce long term rental rates, lower the security deposit, or consider a rent-to-buy option
One of the best ways to help reduce your Baltimore County’s overall vacancy rates is to enlist the help of a professional and trusted property management company such as Bay Management Group. Dedicated solely to property management, Bay Management Group has the means for filling vacancies quickly and efficiently.
Offering advertising services, thorough screening processes, and airtight lease agreements, Bay Management Group helps to lessen the impact of a potential vacancy. In addition, understanding that vacant properties can wreak havoc on your cash flow, Bay Management Group does not charge monthly management fees while your property is vacant, unlike many other companies out there.
If you own a vacant rental property in the Baltimore area, or you are worried about a possible vacancy in one of your properties and want help in reducing that risk, call Bay Management Group today and talk to one of their friendly staff. They can help you with all of your property management needs and make sure a tenant is placed in your property as often as possible.