How Property Managers Help Reduce Vacancy in Single-Family Rental Homes
As a rental property owner, experiencing vacancies between renters can cause a lot of stress. Whether it’s multiple short vacancies over a span of time or one long vacancy over the span of a few months, both of them can have the same effects. A vacant rental means no income, which in turn means tighter budgets and potentially even raising rent on other tenants, running the risk of even more vacancies. In the Augusta rental market, you shouldn’t have to worry about vacancies. With Sherman & Hemstreet, our property managers can guide you in learning how to reduce vacancy rates in your single-family rentals.
Strategic Pricing Based on the Local Market
If your tenants keep leaving around the time they should be renewing, or you’re having a hard time drawing new tenants in, the price of your rent may be the culprit. You have to be strategic with the price that you set, but you also have to be fair.
So how do you set a fair, yet competitive rental price? At Sherman & Hemstreet, we can provide you with market data from properties similar to yours throughout Augusta and even the entire CSRA. If you are pricing your rental above what other similar properties price theirs, tenants will naturally gravitate towards other options first.
Have a fair rent price set but you’re still seeing a prolonged vacancy? We can help you determine the perfect incentive to attract the tenant you are targeting. Whether it be referral bonuses, included amenities, or even a reduced first month’s rent.
Use Effective Marketing to Reach the Right Tenants
The next thing that a property management company could help you do to decrease vacancies would be to have an effective marketing campaign. Once you determine your ideal tenant, we’ll create a listing for your rental that highlights certain parts and amenities of your rental property that should attract that tenant. For example, what sets your rental apart? Does it have a newly remodeled kitchen or big, walk-in closets? Is it pet friendly? You want to highlight these things!
Next, we will push your listings not only on our website, but also on other large advertising rental platforms like Zillow and Realtor.com.
Consistent Showing and Availability
One way to decrease vacancy times between tenants is simply by being available whenever someone wants to view the rental. By going through the property management by yourself, and especially if you have multiple properties, you won’t always be available when someone needs you. Whether it’s for another showing, maintenance, or just a simple tenant question.
By utilizing professional property management, you never have to worry about someone not being available. Sherman & Hemstreet prioritizes good communication and customer service when acting as the primary contact for anything related to your rental.
Screening for Qualified Tenants
One of the main ways that we help our rental owners reduce vacancy rates is by having a well crafted tenant screening process. We briefly mentioned earlier that we can market your rental through the listing to the right tenant. But if you get 10 inquiries, how do you narrow it down to the best fit?
Once we know the type of tenant that you are looking for, we can help you design a comprehensive rental application, conduct credit and background checks, verify employment, conduct interviews, and more. This process really helps to create a solid foundation for your rental business.
Maximize Your Rental Performance with the Right Approach
Taking the steps outlined above on how to reduce your vacancy rates is a sure way to see long-term success as an Augusta rental property owner. Working with a property management company that has thoroughly educated, experienced, and designated property managers such as Sherman & Hemstreet is a great way to guarantee return on investment, tenant satisfaction, and even expansion in the world of property management for yourself.
If you are ready to maximize your rental performance and put an end to long-term or frequent vacancies, reach out to our team.