Owning a rental property or working as a landlord can provide a vast array of benefits. However, property vacancies are often the most expensive part of being a landlord. When a property is vacant, it will not be bringing active income in every month. However, you will still be held responsible for mortgage payments, utilities, and other associated costs. Understanding how to reduce property vacancies in California can go a long way toward maximizing your profits and protecting your investment.
Ask your existing tenants well in advance of their lease ending, generally about 90 days. This will help to ensure that you have adequate time to prepare if you need to find a tenant for the property. Being proactive will help to make the turnover process far more efficient and reduce the time that the property is vacant.
Invest in Advertising
It doesn’t matter how incredible your property is if no one can find your listing! Invest some effort in your advertising, especially your online advertising. Ensure that you have a website that functions effectively and can easily be found by potential tenants.
Research the Market
Be familiar with the rental market in your specific area! If you are charging far more than your competitors, you are likely to lose tenants to them. Ensuring that you understand the market will help you to leverage it to ensure your investment is profitable while preventing the loss of tenants.
Simply filling the property with a tenant isn’t enough. It is important to ensure that you fill your rental property with good tenants that will pay rent on time and be respectful of the property. To prevent evictions from becoming necessary, you need to screen tenants and minimize the possibility of future issues.
Communication is key when it comes to functioning as a landlord. You need to answer your phone and respond to your tenants in an efficient manner. This will help to keep them happy and improve their overall satisfaction. Preventing property vacancies will go a long way toward ensuring that your property stays filled and profitable. Here at the Keyrenter in Sacramento, our experienced team can provide you with superior guidance to keep your rental property filled! Contact our experts at Keyrenter to learn more!