If you feel like you’re losing money on rental property, it’s likely due to your vacancies. Today, we are sharing three best practices to reducing your vacancy rate.
Property Management of Greenville: Tenant Screening
Reducing your unit turnover starts with better tenant screening. Screen your tenants well, and look for renters who are likely to stay in your property for longer than a year. This is critical to your tenant retention rate. Past behavior is usually indicative of future behavior. So, find out how long tenants lived at their last home. Look for lease violations. Talk to previous landlords and ask about issues that might have arisen with property damage, neglected repairs, or cleanliness.
Property Management of Greenville: Property Condition
Make sure your property is in good condition. There should be no malfunctioning items, and the property must be safe and clean. Tenants are more likely to stay and renew their leases when the property is well-maintained. If something is broken, repair it right away. Then, check with your tenants and make sure they are happy with the repairs.
Property Management of Greenville: Competitive Rent
Set your rent competitively. This is particularly important because if the same quality property is cheaper elsewhere, the best tenants will rent there instead of with you. Do a rent analysis, and then market your property online. Don’t forget yard signs, because those work too.
If you’re interested in a free rental analysis, or you want to know how to calculate vacancy rates on your property, contact us at Above Property Management. We’d be happy to help you with lowering your vacancies or anything pertaining to property management in Greenville.