Things You Can do to Reduce Vacancy Rates and Save Lost Income

Things you can do to Reduce Vacancy Rates and save lost income

A vacant property means lost income for all property investors.

To reduce extended vacancies, property investors can observe the Three P’s: Price, Presentation and Promotion.

Price – a rent increase is always pleasing (for the landlord), but when your tenant gives you notice to vacate you must quickly determine the market rental. Prospective tenants use the internet to shop around like we all do. If you are asking more than the market rate, they will quickly determine that your property is not value for money and it will remain vacant.

Presentation – during a tenancy, keep maintenance up to date. Prospective tenants have a keen eye for areas of a property that need maintenance. Before your tenant vacates, do an inspection and determine if any maintenance is required. The cost of repairs and maintenance could be small compared to the cost of an extended vacancy.

The time between the tenant giving notice and vacating is the perfect opportunity to get quotes for repainting or recarpeting. If you elect to do this work you can promote the fact to prospective tenants and may even be able to achieve a higher rent.
Remember that your property is one of many on their shopping list, so great presentation is a must.

Promotion – the internet is the shopfront on which your property will be leased. Ensure that you include photographs which are appealing (why not invest in professional photography?) and a quality floorplan is a must today.

A vacant property means lost income for all property investors.

Remember the 3P’s of leasing success to ensure minimum vacancy and to save you valuable dollars in property down time.

Vacancy Graph

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