Vacancies are best avoided by Los Angeles landlords, and not just because they’re expensive. They’re also stressful and can lead you to desperately approve tenants that may not be well-qualified. When rent isn’t coming in and you’re worried about the vacancy days piling up, you may lower your standards and allow a risky tenant to move into your property.
Today, we’re talking about how to avoid long term vacancies when you’re renting out a property.
Price and Market your Los Angeles Rental Home Strategically
Avoid long vacancy periods by attaching the right rental value to your property. You want to earn as much as possible in rent, but you also want to stay competitive. This requires a deep understanding of the local market and what other homes are renting for. If you price your property too high, prospective tenants won’t rent it. They know what the market demands and what they’re willing to pay.
You can limit your vacancy time with a good marketing plan and strategic online advertising as well. Make sure your property is ready for the rental market and attractive to tenants. Spruce up your curb appeal and make sure the home is clean and functional before you begin showing it. Get your listing as much attention as possible. Dozens of popular rental sites can be used to get a lot of traffic from prospective tenants. With great pictures and detailed description, you should generate a lot of interest.
Responsive Maintenance Leads to Tenant Retention
A great way to avoid vacancy is by keeping the tenants you currently have. When you focus on tenant retention, you won’t have to worry about turnover expenses or the risk of a long vacancy period. When you have residents who are paying rent on time and taking care of your property, give them good reasons to continue renewing their lease agreement.
If a tenant is unhappy and counting the days until the lease ends, it’s usually because maintenance concerns are not being addressed. Respond to repairs promptly, whether they’re emergency situations or routine maintenance items.
Screening for high quality tenants can also help with retention. While it’s always important to consider credit and income standards, make sure you’re thinking about an applicant’s rental history as well. Look for tenants with a history of staying in place for a couple of years.
Professional Los Angeles Property Management Reduces Vacancy
A good Los Angeles property management company will help you avoid vacancy and keep your property occupied by high quality tenants. You need a property manager with experience and insight into the Los Angeles rental market. This is how you’ll know your property is going to be priced accurately and marketed aggressively. You’ll get a high quality tenant, and you will enjoy the peace of mind that comes with having an experienced management professional develop and maintain a good working relationship with that tenant. Maintenance will be addressed and both your tenants and your property will be taken care of expertly and professionally.
If you’d like some help keeping your vacancy times to a minimum, contact us at Bell Properties. We can help with all your Los Angeles property management needs.