Dealing with Vacancies: Strategies to Minimize Rental Downtime

How often do you find yourself worrying about vacancies? 

We understand the concern. At SunWorld Group, it’s a priority of ours to avoid vacancies because they’re expensive, frustrating, and extremely stressful. We also know that for a lot of landlords, they can lead to bad decisions. When your property is unoccupied for too long, you might find yourself approving an unqualified tenant just to get someone in there and paying rent. 

The problem is that the unqualified might not pay rent. They might cause damage or trouble. 

Dealing with vacancies is part of the job for landlords. But, as professional property managers, we’ve decided that we’d rather not deal with them at all. Instead, we want to keep your property occupied as much as possible. 

Here’s how we do it. Check out these strategies for minimizing downtown and loss of rent. 

Set the Right Rental Price

Being competitive is actually the best way to be profitable. 

Pricing your rental property competitively is one of the most effective ways to reduce vacancies. While aiming for maximum rent is always the best strategy, overpriced listings often stay vacant longer. It’s important that you’re balancing profitability with accuracy. This is what we do to ensure we’re setting the right price:

• Conduct a Market Analysis. We have access to a lot of data and analytics around market behavior, competing properties, and tenant demands. Our research delivers rental prices for similar properties in your area. We can also tell you how long they’ve been on the market. When pricing your property, we will consider factors like location, amenities, and unit size to arrive at a fair market value.
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  Offer Incentives. A lot of the large apartment complexes can offer incentives such as dramatically low security deposits and reduced rent. Because of the volume of their units, they can get away with this. You’ll want to offer incentives, too, but with less risk. For example, consider pets. This will attract more tenants. You could also include free Wi-Fi for the first three months so tenants can move right in and be connected. 

A price aligned with the market ensures you attract tenant interest immediately upon listing.

Marketing Magic: Create a Strong Online Presence

Unless you’ve been on another planet over the last few years, you know that almost all prospective tenants start their rental search online. If your listings aren’t easy to find or don’t stand out, you’re losing a vital opportunity to rent your home quickly and avoid a long vacancy.

Marketing is more than a listing, but the listing is where it starts. Make sure you’re using high-quality photos and videos. The pictures are going to be the first things that grab your prospective tenant’s attention. They have to count. Write compelling listings, too. Include accurate details about the property you have for rent, highlighting unique features such as updated appliances, a balcony, or proximity to schools and shopping. Be clear and straightforward to build trust.

When it’s time to get that listing into the world, leverage multiple platforms. List your available rental across popular rental websites like Zillow, Apartments.com, HotPads, and RentCafe. Don’t underestimate the power of social media. When you use Facebook Marketplace and Instagram posts, you can engage directly with potential tenants, and you can also ask for likes and shares to cast a wider net. 

Properties listed with care and professionalism tend to secure renters faster, avoiding painful vacancies.

Build and Maintain Strong Tenant Relationships

One of the best ways to avoid vacancy is to retain the tenants who are currently renting from you.

Satisfied residents are more likely to extend their leases, helping you avoid frequent turnover. Building trust and offering excellent management can go a long way in encouraging longer-term stays. Here’s what we prioritize when it comes to tenant relationships:

• Responsiveness. We are proactive when addressing maintenance issues or concerns, and we never leave calls or messages unanswered.
• Flexible Lease Renewals. It’s important to make lease renewals easy for tenants. If they’re looking for something other than the standard 12-month lease, we’re willing to consider it. Flexibility and convenience are important to residents, so we’re willing to work with them when negotiating lease renewals. 
• Consistency. Residents like to know what to expect. We explain all of our expectations before they even move in, and those expectations never change. 

Happy tenants not only stay longer but also spread positive word-of-mouth about your property.

Refresh and Renovate Your Property

Outdated rental properties are always going to be vacant longer than updated, modern rental homes. Invest in simple renovations. Focus on upgrades with a high return on investment, such as painting walls, updating fixtures, or replacing worn-out carpets with durable flooring. Add sophisticated amenities, too, such as smart thermostats and energy-efficient appliances. Tenants are looking for smart home features and efficient systems. 

Perfect the Application and Screening Process

We streamline the application and screening process, getting good tenants into place faster. 

Digital applications, for example, allow us to gather all of the information we need quickly. It’s also easier for tenants to apply online. A prompt, hassle-free process improves your chances of finding qualified candidates quickly.

We use automated screening tools to ensure a fair, rigorous, consistent, and objective screening process. Acting quickly without skipping verification minimizes delays.

While reducing vacancies is key, don’t sacrifice tenant quality during the process.

Partner with a Property Management Service

Professional property management is your secret weapon in avoiding vacancy.

If you’re managing multiple properties or find it overwhelming to juggle rental listings, tenant screening, and maintenance issues, enlisting a professional property management service can make all the difference. We know how to market listings effectively, ensuring consistent tenant interest. We also handle tenant relationships and lease renewals, saving you time and effort. With market expertise, we can advise on optimal pricing and offer actionable ways to optimize your property.