Vacancies are an expensive problem for Port Orange landlords. The lack of rental income puts a dent in your cash flow and your long-term ROI, and you’re also paying out-of-pocket to keep the utilities on, the lawn mowed, and the home clean.
Avoiding vacancies needs to be part of your investment strategy. Today, we’re sharing some easy tips to keeping your investment property occupied, which will also keep your rental income consistent and your property protected.
Price Your Port Orange Rental Property Competitively
It’s always important to maximize your rental income. You want to earn as much as the Port Orange rental market will allow. But, you may have to stay competitive if you want to avoid a long vacancy. It’s important to study the market and to know where your property falls in terms of rental value.
If your home is overpriced by even $100 per month, good tenants will pass it over for homes that are priced lower. Don’t make the mistake of overpricing your home, because it leads to expensive vacancies.
Marketing Your Port Orange Rental Home
Long vacancies can also be due to a lack of strategic marketing. Online advertising is the best way to reach the most people. Prospective tenants are looking online, so skip the classified ads and instead take some great photos and write some great descriptions. Then, post those listings on sites like Zillow, Trulia, HotPads, Rentals.com, and Zumper.
Those pictures are important because they’re the first impression for tenants who are seeking a new home. They’re going to view the photos first. Include all of your contact information and pertinent details like the rental amount, number of bedrooms, and when the home will be available to see.
Once you have your listing out there, be responsive to all the phone calls and messages you will likely receive about the property. Answer promptly and schedule showings.
Pet-Friendly Properties Rent Faster
We understand the Port Orange landlords who don’t want to accept pets. We love animals, but we also know that they can easily damage a home and dig up a yard. However, more than half of the tenants looking for homes own at least one pet. If you want to rent your property quickly and avoid a high vacancy rate, you might want to open your doors to pets. With a strong pet policy and a healthy pet fee, you can mitigate any potential risks and get a good tenant placed quickly.
Put a Tenant Retention Plan in Place
The easiest way to avoid a vacancy is by keeping the tenants you currently have. If you’re renting to people who pay on time and take care of your property, make sure that they know how much you value and appreciate them. Continue to be responsive to their maintenance needs and repair requests. Check in with them from time to time and communicate openly. Put some effort into retaining your great residents so you don’t have to deal with a potentially expensive turnover.
Invest in Professional Port Orange Property Management
Professional property management in Port Orange and the surrounding Central Florida market is an excellent idea for many reasons. One of the best reasons to work with property managers is that your vacancy expenses will be limited. Professional managers are experts when it comes to marketing, screening, and leasing your investment property quickly. You won’t have to worry about scheduling time to show the property, and you’ll have an experienced professional dealing with lease renewals and pet inspections.
Please contact our team at Oceans Luxury Realty if you have any questions about reducing vacancy or managing your Port Orange rental property.