There is nothing more worrisome for a landlord than to have a vacant property. Well, maybe having a tenant who can’t pay their rent, but it’s equally alarming.
When faced with a vacant property, you’re losing money. Not only in rental income, but also the money you’re spending to advertise it for rent.
The best way to reduce vacancy rates in Ogden is to get ahead of the game before your property becomes vacant. By the end of this article, you’ll have 11 essential tips to reduce your vacancy rates and keep your rental properties full and prosperous.
1. Maintain the Property Well
Nobody wants to live in a house that’s falling apart or looks rundown from the outside. It’s essential to maintain your property and make it look attractive to potential tenants.
When people walk by the home, you don’t want them to look away, embarrassed by the sight of it. Instead, you want people to say, “I’d love to live in a house like this!” So, enhance your curb appeal and keep your property well maintained.
It’s incredible how a little TLC can reduce your rental’s vacancy rate in Ogden.
2. Set the Right Price
If you set the price too high when advertising your vacant home, you risk people not paying attention to it. It’s important to be realistic with the rent you’re asking. Every landlord wants to ask top dollar for their property, but sometimes it just doesn’t live up to it.
Before setting your price, analyze the current market and find comparable properties in the area. What are other, similar properties priced at? Have they been rented already? You can also have a real estate professional give you a price based on their opinion and research too.
3. Offer High-End Features and Amenities
Have your rental property stand out from the rest and be like no other with high-end features and amenities. Whether you choose to have updated kitchen appliances, a washer and dryer in the unit, or an extra luxurious bathroom, these features can help reduce vacancy rates.
Think about high tech features that renters value. This could be a smart doorbell or even surround sound speakers throughout the house. Maybe it’s a gas fireplace your tenants can curl up next to with a good book during the winter.
No matter what you choose, make sure to amplify the features when advertising your property to get the attention of prospective tenants.
4. Upgrade Security
Is your rental property located in a questionable neighborhood or one that is having higher than usual crime rates? Then you may want to invest in some upgraded security.
Some ways to make your property more secure is to add a monitored alarm system, security cameras, and an intercom at the front door. These are simple and effective ways to keep your property and tenants safe while reducing tenant turnovers.
When your tenants feel safe and see that you care about their safety, they will be more likely to rent your property and renew the lease.
5. Step Up Your Advertising
In order to fill a vacancy, you must let people know that you have one! With a lot of competition in the real estate market, you have to step up your advertising strategy for your rental property in Ogden.
Write an enticing description highlighting the property’s best features. Make potential tenants imagine themselves living in your property. Upload recent high-quality photos of the home or unit for people to click through.
Post your listing to multiple platforms (not just old school Craigslist) and utilize social media and word of mouth. You can even offer a referral gift if a previous tenant or friend recommends a tenant.
6. Take Responsibility for Some Utilities
Another thing you can do to reduce vacancy rates is to offer to take responsibility for some utilities. Renters are more attracted to properties where they can save some extra money each month.
Even if it’s a $50 utility bill like water or WiFi, your property will instantly become more attractive. Think of it as your investment to keeping your property full or finding tenants quickly.
7. Set Up Virtual Tours
Make it super convenient for potential tenants to tour your vacant property with a virtual tour. This is especially beneficial for renters who are moving from out of state and can’t see the property right away.
Posting a virtual tour will also narrow down the number of people who are actually interested in the property. After seeing the virtual tour, they’ll have a better idea of whether or not they want to see it in person. Therefore, you save time and only connect with interested renters.
8. Focus on Tenant Retention
The best way to reduce vacancy rates in Ogden is to focus on retaining the tenants you already have. It costs more to find new tenants and fill a vacancy than to keep the ones you currently have.
One of the best ways to do this by offering a discount if your tenants renew their lease for another year. Plus, always offer great service and business throughout their lease to make them enjoy living in your home.
9. Make Repairs Promptly
Another way to retain tenants is to make requested repairs quickly. When they see that you actually care about the property and their comfort, they will appreciate you as their landlord and the property more.
Plus, making repairs in a timely manner also keeps up the maintenance and quality of the property. So, when potential tenants tour the house, they won’t notice things that need to be fixed.
10. Act Professionally
As a landlord, you are taking on another profession. Therefore, you should act professionally when handling tenants and leasing your rental property. You want potential tenants to trust you and the property you’re renting to them.
Acting in a professional manner also gives you more credibility. Tenants will respect you more and appreciate your rental business. Your reputation will be good throughout the community and attract more potential renters when you do have a vacancy.
11. Hire a Property Management Company
Being a landlord on your own is hard, especially when trying to fill vacancies. Let a property management company in Ogden take care of the hard work for you.
With professional resources and a broad network, property management companies can reduce vacancy rates quickly. 42.3% of landlords work with these companies because they don’t want to deal with tenants and everything that comes with that.
These companies use professional advertising tactics, trained sales skills when showing your property, and will handle the leasing and maintenance. This is the professional manner tenants respect and appreciate.
Most property management companies also screen tenants before they can sign a lease, which means you’re getting only the highest quality people in your property. These tenants are also likely to renew their lease.
Reduce Vacancy Rates in Ogden with Key Renter Elite
Key Renter Elite is Ogden’s leading property management company. Hundreds of landlords just like you have relied on us to reduce vacancy rates, maintain their properties, and even maximize their profits.
Contact us to see how Key Renter Elite can help you fill your properties faster and retain tenants longer.