The busiest time of year for rental property owners is often summer. At the same time, summer can offer valuable opportunities for owners looking to optimize or expand their rental portfolio. For instance, rental housing demand tends to rise in summer, but so does competition for good tenants. This can result in extended vacancies and reduced yearly income. Reducing time spent vacant requires proper prep work, strategic planning and marketing, accurate pricing, and a smooth 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
As most owners are aware, vacancies can have a major effect on a rental’s overall profitability. There’s not just lost rental income at stake, but also increased expenses and a reduced return on investment. An unexpected vacancy can also throw off a property’s operating budget and put future improvement plans at risk.
The combined cost of vacancies can seriously hurt your bottom line over time. As a result, it’s wise to do what you can to keep vacancies at a minimum for your property.
Start Preparing Before the Property Becomes Vacant
One effective strategy for shortening vacancy periods during peak season is early preparation. Once notice to vacate is given, planning and executing a smooth turnover becomes a time-sensitive task. Without disturbing your current tenant, there are still several things you can do ahead of their move-out to get a head start on re-leasing. They include:
- Getting property inspections scheduled ahead of time
- Compiling a checklist of upcoming maintenance and repair tasks
- Preparing for repairs early, including researching service technicians and vendors
- Lining up and scheduling cleaning services
- Refreshing marketing materials
With up-to-date information on your property’s condition and a clear turnover task list, you can shorten the time between tenants.
Price Your Rental Strategically
Competitively pricing your rental is another crucial piece of reducing vacancies during summer. 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. Setting the price too high, in particular, can result in unwanted vacancies even at peak season. The correct rental rate, however, attracts stronger applicants and helps your property lease as quickly as possible.
Invest in High-Quality Marketing
It’s difficult to overstate how much professional marketing materials matter in reducing vacancy time, especially during peak, competitive periods. Renters now want comprehensive details about a property before they ever walk through the door. They also expect to search for and research properties online and via mobile. For these reasons, an effective marketing strategy for any rental property should include, at a minimum:
- Quality professional photography
- Thorough property descriptions
- Digital property tours
- Mobile-responsive listings
- Wide online visibility
Outdated or low-quality marketing materials call for advance planning to get updated photos and video walk-throughs as soon as possible. Start by making sure the property’s curb appeal is dialed in, with neat landscaping, clean walkways, and pretty flowers for visual interest. Properties that look visually appealing tend to draw more inquiries, and so does quality marketing. Together, both usually contribute to faster leasing outcomes.
Streamline the Application and Screening Process
Another important part of minimizing vacancy time in busy months is a streamlined applicant screening process. Today’s renters generally expect digital applications and communication, making it worthwhile to invest in the right technology or platform. Whatever system you use, be sure to reply quickly to tenant inquiries. In peak season, applicants are frequently reaching out to several properties simultaneously. This is why fast responses matter so much.
Have your application, screening, and lease preparation process worked out in advance of applicants being ready to apply. This is one area in which a professional property manager truly earns their value. The best property managers rely on proprietary software that streamlines the process for owners and applicants alike, minimizing 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. Tenant retention likely hinges most on caring for the property all year with prompt repairs, regular positive communication, and fair lease renewals. A happy tenant typically takes good care of the property and helps ensure your rental income stays consistent throughout the year. That’s a far better outcome for any investment property than constant turnover.
Systems and Expertise That Deliver Results
Cutting down on rental vacancies can require significant time and effort. That’s why many owners opt to hand their properties over to a professional property manager. There are numerous benefits to this choice, including what a property manager can provide, such as:
- Current, data-backed market analysis and trend tracking
- Accurate, data-driven rental pricing
- Professional-grade marketing and advertising
- An efficient applicant screening process
- Professional-grade lease prep and execution
- Ongoing tenant communication
- Oversight of turnover coordination
- And so much more!
Just having a local expert on your team who’s ready to manage the hard work during peak season offers tremendous value. A good property manager can also bring value you haven’t yet imagined, from optimizing your rental to growing your investment portfolio.
Looking to minimize vacancies and get the most from your rental income this summer? Contact us today, or check out Real Property Management Reliant at Moberly 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.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
