For most rental property owners, summer is the peak busy season. This season can also bring worthwhile opportunities for those looking to grow or improve a rental portfolio. As an example, summer typically brings higher demand for rental housing, along with increased competition for quality renters. That can translate into longer vacancy stretches and diminished annual income. Minimizing vacancy periods depends on the right preparation, effective planning and marketing, accurate pricing, and an efficient leasing process. Read on for our leading summer leasing tips, designed to reduce vacancy problems and keep your cash flow on the rise.
Every Empty Day Impacts Your Bottom Line
Most rental owners are well aware that vacancies can have a major impact on overall profitability. Lost rental income is just part of it; higher expenses and a reduced return on investment come into play too. An unexpected vacancy can also throw off a property’s operating budget and put future improvement plans at risk.
Over time, the cumulative cost of vacancies can take a real toll on your bottom line. Given this, minimizing vacancies for your rental property is a worthwhile goal.
Start Preparing Before the Property Becomes Vacant
Preparing early is one of the best approaches to minimizing vacancy time during peak leasing season. 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:
- Booking early property inspections
- Creating a list of needed maintenance and repair items
- Advance repair planning, including checking out potential technicians and vendors
- Setting up and scheduling cleaning services
- Refreshing marketing materials
Keeping current property condition details and a defined turnover task list helps you cut down the time between tenants.
Price Your Rental Strategically
Making sure your property is priced competitively is another important part of reducing summer vacancies. 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. In particular, overpricing can result in unwanted vacancies, regardless of how busy the season is. The right price, meanwhile, helps attract qualified applicants and get your property leased quickly.
Invest in High-Quality Marketing
The role of professional-quality marketing materials in reducing vacancy time is hard to overstate, particularly in competitive markets during peak season. Renters these days expect detailed information up front, before ever visiting the property in person. Renters also want the ability to find and research listings online and on mobile devices. 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
- Strong online presence and exposure
If your materials aren’t current or high quality, make sure to schedule new photography and video walk-throughs promptly. A good starting point is ensuring your property’s curb appeal is strong, with neat landscaping, clean walkways, and attractive flowers for visual interest. Properties that look visually appealing tend to draw more inquiries, and so does quality marketing. Both generally result in a faster path to leasing.
Streamline the Application and Screening Process
Making applicant screening more efficient is another key way to reduce vacancy time during the busy season. Most renters now expect tech-driven convenience for applications and communication, so finding the right platform for your situation is worth the investment. No matter how you configure it, quick responses to tenant inquiries are essential. During busy periods, applicants often contact more than one property at the same time. As a result, quick responses can be a real differentiator.
Have your application, screening, and lease preparation process worked out in advance of applicants being 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
Of course, focusing on solid retention strategies is one of the best ways to avoid vacancies altogether. Holding onto a solid tenant benefits your bottom line far more than forcing them out for turnover. The most important piece of retention is probably consistent, responsive property care, positive communication, and fair lease renewal practices. 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
Minimizing vacancies in rental properties often demands a great deal of time and effort. For this reason, many owners choose to work with a professional property manager. This path brings a lot of benefits, as a property manager can supply you with:
- Real-time market analysis and trend monitoring
- Accurate, data-driven rental pricing
- Expert marketing and advertising services
- A smooth, streamlined screening process
- Expert-level lease preparation and completion
- Management of tenant communications
- Management of the turnover process
- Plus more!
Having a knowledgeable local expert ready to handle peak-season property management is an incredibly valuable asset. A good property manager can also bring value you haven’t yet imagined, from optimizing your rental to growing your investment portfolio.
Want to cut down on vacancy time and boost rental income this summer? Contact us today, or check out Real Property Management Upstate at Onondaga County 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.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
