Keeping your rental property rented is priority one to ensure your optimum ROI.
Rule number one: Keep tenants (really good tenants) in your rental property. Remember the reason you took on the job of being a landlord was an investment to increase revenue. So, if your property stands vacant – even for a short time – that means you’re paying money out, not bringing money in.
Granted, keeping a rental property occupied is not always easy, but there are safeguards to follow that will help you avoid vacancies. Naturally, there may be circumstances that unavoidably cause a property to be vacant, however, this should be the exception and not the rule.
There are a variety of things that you can do to ensure that your rental properties are rented on a consistent basis and are occupied by top-tier, responsible tenants. Here are some important tips to follow that will help you avoid problems with vacant rental property:
1. Keep your rental rates competitive based on the area where the property is located. Stay updated on market fluctuations and impacts on the economy overall.
2. Does your rental property have great curb appeal? From landscape to rooftop, is the property an eye-catcher for prospective tenants driving by?
3. When the front door opens, is the interior visually appealing? Does it draw the visitors into the room and make them want to see more?
4. Excellent amenities and technologies are a big draw, such as a dishwasher, microwave, refrigerator, stove, garbage disposal, ceiling fans, washer/dryer connections, and digital connections. Security systems are also a consideration.
5. Advertise your rental properties online or in print publications that attract people who are interested in the type of rental property you have available. Be consistent and do this often.
6. If you have carpet, make sure that the carpet looks good, is recently cleaned, and is not noticeably worn. You may want to consider installing wood flooring, which most tenants prefer.
7. Maintaining the lawn and landscape is very important. It adds to the overall curb appeal.
8. Make sure that everything is working properly regarding the rental such as appliances, A/C unit, heating system, plumbing, and power outlets. Get systems checked prior to new tenants.
9. If you do any updates on painting, inside or out, be sure to select colors that are neutral.
10. A golden rule for any new landlord is — treat your tenants with respect and a willingness to listen to them. You may not be able to provide everything they ask for, but listening and discussing goes a long way.
If you have been renting properties for any significant time period, you probably understand that property management can be time-consuming and frustrating. If you find that to be true, you can call on Cousin James Management to take a load off. We can deal with the day-to-day property management responsibilities, find the best possible tenants, and even collect the rent for you.
We’ve been handling property management for clients throughout North Texas for more than 25 years and have the expertise and resources to make your investment easier for you to manage with more time to enjoy the benefits.
Contact us and let’s discuss what we can do for you. Take advantage of our checklist How to Select the Best Property Management Company and download it here.