Rental property owners typically find summer to be their busiest season. This season can also bring worthwhile opportunities for those looking to grow or improve a rental portfolio. While rental demand generally rises in summer, competition for good tenants tends to climb too. This can cause vacancies to drag on and annual income to drop. Minimizing vacancy periods depends on the right preparation, effective planning and marketing, accurate pricing, and an efficient leasing process. Continue on to discover our best summer leasing tips for cutting vacancy issues and sustaining growing cash flows.
Every Empty Day Impacts Your Bottom Line
Most rental owners are well aware that vacancies can have a major impact on overall profitability. It’s not only lost income that matters, but also rising expenses and a diminished return on investment. Unexpected vacancies can also throw a property’s operating budget into disarray and derail plans for future upgrades.
Vacancy costs add up and can spell trouble for your bottom line. This is why it makes sense to take steps to reduce vacancies on your rental property.
Start Preparing Before the Property Becomes Vacant
Getting ready in advance is one of the smartest ways to reduce vacancy time during peak season. As soon as a tenant notifies you they’re leaving, the pressure is on to plan and pull off an efficient turnover. Although you don’t want to disrupt your current renter, a few steps can still be taken before they move out to jump-start re-leasing. These steps include:
- Booking early property inspections
- Drafting a checklist of maintenance and repair work to be completed
- Getting repairs organized in advance, including vetting vendors and technicians
- Setting up and scheduling cleaning services
- Refreshing marketing materials
By keeping property condition info current and having a specific turnover list, you can reduce the turnaround time between tenants.
Price Your Rental Strategically
Reducing summer vacancies also depends heavily on keeping your property competitively priced. An accurate rental rate is one based on a recent comprehensive local market analysis. If your last market analysis is more than six months old, or nonexistent, it’s worth completing a new one before the current tenant vacates. In particular, overpricing can result in unwanted vacancies, regardless of how busy the season is. On the flip side, pricing it correctly attracts more qualified applicants and helps lease the property faster.
Invest in High-Quality Marketing
Professional-quality marketing materials are critically important for reducing vacancy time, especially in competitive, peak-season markets. Renters today want thorough details on a property before setting foot in it. They also want the option to search for and research rentals online and on mobile. For these reasons, an effective marketing strategy for any rental property should include, at a minimum:
- Photos taken by a professional
- In-depth descriptions of the property
- Online virtual walkthroughs
- Listings that work well on mobile
- Extensive online reach
Should your marketing materials be dated or low quality, make plans early to get fresh photography and video walk-throughs completed quickly. 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. Together, they typically speed up the leasing process.
Streamline the Application and Screening Process
Making applicant screening more efficient is another key way to reduce vacancy time during the busy season. Today’s renters generally expect digital applications and communication, making it worthwhile to invest in the right technology or platform. Whichever approach you take, prioritize fast responses to tenant inquiries. In peak season, prospective tenants are typically inquiring about multiple properties at once. This is why fast responses matter so much.
By the time applicants are ready to apply, make sure your application, screening, and lease prep process is already in place. This is a spot where a skilled property manager can make a huge difference. Leading professionals often have proprietary software that makes the process seamless for everyone involved, helping minimize 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. Arguably, the most critical part of retention is year-round property care through responsive maintenance, positive ongoing communication, and fair renewal terms. A content, quality tenant usually helps maintain your property well while keeping your income consistent all year long. This beats dealing with ongoing turnover for any investment property by a wide margin.
Systems and Expertise That Deliver Results
Minimizing vacancies in rental properties often demands a great deal of time and effort. This is why many property owners turn to professional property managers. Going this route comes with plenty of advantages, as a property manager can offer:
- Current market insights and trend tracking
- Accurate, data-driven rental pricing
- Professional-level marketing and ad campaigns
- A streamlined process for screening applicants
- Expert-level lease preparation and completion
- Ongoing tenant communication
- Coordinating tenant turnovers
- And additional benefits!
It’s incredibly valuable to have a local market expert on your team, prepared to take on the demanding work of property management during peak season. A good property manager can also provide benefits you haven’t even considered yet, like optimizing your rental and growing your portfolio.
Hoping to reduce vacancy time and maximize your rental income this summer? Contact us today, or check out Real Property Management North Puget Sound at Lynnwood 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.
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