For rental property owners, summer often ranks as the busiest time of year. Still, summer can create real opportunities for owners looking to expand or optimize their rental property portfolio. For one thing, while summer months see greater demand for rentals, competition for strong tenants increases as well. The result can be longer vacancy periods and lower income over the year. Minimizing vacancy periods depends on the right preparation, effective planning and marketing, accurate pricing, and an efficient leasing process. Read ahead for our best summer leasing tips to help cut down vacancy problems and maintain strong, growing cash flow.
Every Empty Day Impacts Your Bottom Line
As experienced owners understand, vacancies can substantially impact how profitable a rental property is overall. Lost rental income is just part of it; higher expenses and a reduced return on investment come into play too. Unplanned vacancies can seriously disrupt a property’s operating budget as well as any future improvement plans.
Vacancy costs add up and can spell trouble for your bottom line. This is why it makes sense to take steps to reduce vacancies on your rental property.
Start Preparing Before the Property Becomes Vacant
Getting ready in advance is one of the smartest ways to reduce vacancy time during peak season. Once notice is given, you’re racing against time to plan and complete an efficient turnover. There are a few things you can do before your current renter moves out, without disturbing them, to get a head start on re-leasing. Some of these include:
- Setting up inspections well in advance
- Creating a list of needed maintenance and repair items
- Lining up repairs in advance and vetting the technicians and vendors involved
- Arranging cleaning services and their timing
- Getting marketing materials current
Having current information on your property along with a specific turnover checklist helps you speed up the transition between tenants.
Price Your Rental Strategically
Reducing summer vacancies also depends heavily on keeping your property competitively priced. An accurate rental rate is one based on a recent comprehensive local market analysis. Should it have been more than six months since your last market analysis, or you haven’t done one at all, consider completing a new one before your tenant leaves. Overpriced rentals, in particular, risk unwanted vacancies even during the height of the season. The right price, meanwhile, helps attract qualified applicants and get your property leased quickly.
Invest in High-Quality Marketing
Professional-quality marketing materials are critically important for reducing vacancy time, especially in competitive, peak-season markets. Renters today want thorough details on a property before setting foot in it. Renters also want to browse and research listings online and through their phones. For these reasons, an effective marketing strategy for any rental property should include, at a minimum:
- Professionally shot photography
- Detailed descriptions of each listing
- Virtual property walkthroughs
- Mobile-optimized property listings
- Wide exposure across online channels
When marketing materials are outdated or low-quality, plan ahead to have fresh photos and video walk-throughs completed as quickly as you can. It’s smart to start by making sure curb appeal is solid, featuring tidy landscaping, clean walkways, and flowers that add visual charm. Properties with strong visual appeal generate more inquiries, as do quality marketing materials. Both usually result in faster leasing.
Streamline the Application and Screening Process
Making applicant screening more efficient is another key way to reduce vacancy time during the busy season. Most tenants today expect the convenience of digital applications and communication, so it pays to invest in the right technology for your needs. Whichever approach you take, prioritize fast responses to tenant inquiries. Applicants during peak season are commonly in touch with several properties simultaneously. As a result, quick responses can be a real differentiator.
Have your application, screening, and lease preparation workflow figured out ahead of time, before applicants are ready to apply. This is one place where a professional property manager can prove invaluable. Leading professionals often have proprietary software that makes the process seamless for everyone involved, helping minimize vacancies.
Focus on Resident Retention
Strong retention strategies are, of course, one of the best ways to sidestep vacancies entirely. Your bottom line benefits more from keeping a good tenant than from forcing a turnover. Arguably, the most critical part of retention is year-round property care through responsive maintenance, positive ongoing communication, and fair renewal terms. A satisfied, good tenant tends to help take care of your property while providing consistent rental income throughout the year. That outcome is far better for an investment property than dealing with repeated turnover.
Systems and Expertise That Deliver Results
It can take a lot of time and effort to reduce vacancies in rental properties. For this reason, many owners choose to work with a professional property manager. Choosing this route has many advantages, with a property manager able to provide:
- Up-to-date market analysis and trend monitoring
- Accurate, data-driven rental pricing
- High-quality marketing and advertising
- Efficient, hassle-free applicant screening
- Expert-level lease preparation and completion
- Handling of tenant communications
- Coordinating tenant turnovers
- And even more!
Having a knowledgeable local expert ready to handle peak-season property management is an incredibly valuable asset. Beyond that, a quality property manager can bring benefits you may not have thought of, such as optimizing your property and growing your investments.
Hoping to reduce vacancy time and maximize your rental income this summer? Contact us today, or check out Real Property Management Copper State at Mesa to learn how our local market expertise, proven marketing strategies, and full-service property management solutions can help keep your rental property occupied and performing at its best.
This content is provided for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. Readers should consult with licensed professionals regarding their specific circumstances.
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