Summer tends to be the busiest stretch of the year for owners of rental properties. 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. Reducing time spent vacant requires proper prep work, strategic planning and marketing, accurate pricing, and a smooth leasing process. Keep reading for our top summer leasing tips to help reduce vacancy issues and keep your cash flow growing.
Every Empty Day Impacts Your Bottom Line
Most rental property owners already know that vacancies can significantly hurt a rental’s overall profitability. 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.
Over time, the cumulative cost of vacancies can take a real toll on your bottom line. For that reason, it’s worth doing everything possible to minimize vacancies for your rental.
Start Preparing Before the Property Becomes Vacant
One effective strategy for shortening vacancy periods during peak season is early preparation. Once notice to vacate is given, planning and executing a smooth turnover becomes a time-sensitive task. Without disturbing your current tenant, there are still several things you can do ahead of their move-out to get a head start on re-leasing. They include:
- Setting up inspections well in advance
- Building a checklist covering necessary maintenance and repair tasks
- Preparing for repairs early, including researching service technicians and vendors
- Coordinating cleaning appointments in advance
- 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
Making sure your property is priced competitively is another important part of reducing summer vacancies. An accurate rental rate is one based on a recent comprehensive local market analysis. If you haven’t done a market analysis recently, or it’s been over six months, consider running a new one before your tenant moves out. Overpricing, specifically, can create unwanted vacancies even during the busiest times of year. The right price, meanwhile, helps attract qualified applicants and get your property leased quickly.
Invest in High-Quality Marketing
The role of professional-quality marketing materials in reducing vacancy time is hard to overstate, particularly in competitive markets during peak season. Modern renters expect detailed property information before they even step inside. Renters also want the ability to find and research listings online and on mobile devices. For these reasons, an effective marketing strategy for any rental property should include, at a minimum:
- Quality professional photography
- Thorough property descriptions
- Digital property tours
- Mobile-responsive listings
- Wide online visibility
Outdated or low-quality marketing materials call for advance planning to get updated photos and video walk-throughs as soon as possible. Begin by ensuring your property looks its best from the curb, with well-kept landscaping, clean walkways, and flowers that add visual appeal. Properties with strong visual appeal generate more inquiries, as do quality marketing materials. Both tend to lead to quicker leasing results.
Streamline the Application and Screening Process
Another important part of minimizing vacancy time in busy months is a streamlined applicant screening process. Since most renters today expect online or tech-based applications and communication, it’s worth investing in a platform that fits your needs. No matter how you configure it, quick responses to tenant inquiries are essential. In peak season, applicants are frequently reaching out to several properties simultaneously. That’s why responding promptly can make a major difference.
Have your application, screening, and lease preparation workflow figured out ahead of time, before applicants are ready to apply. Having a professional property manager can be especially valuable in this area. The most skilled professionals use proprietary technology to create a smooth process for owners and applicants, keeping vacancies low.
Focus on Resident Retention
One of the top ways to avoid vacancies altogether, naturally, is to invest in good retention strategies. Retaining a good tenant is much better for your bottom line than pushing for a turnover. Tenant retention likely hinges most on caring for the property all year with prompt repairs, regular positive communication, and fair lease renewals. A happy tenant typically takes good care of the property and helps ensure your rental income stays consistent throughout the year. That’s a far better outcome for any investment property than constant turnover.
Systems and Expertise That Deliver Results
It can take a lot of time and effort to reduce vacancies in rental properties. That’s why so many owners choose to rely on a professional property manager. There are numerous benefits to this choice, including what a property manager can provide, such as:
- Ongoing market analysis and trend tracking
- Accurate, data-driven rental pricing
- High-quality marketing and advertising
- Efficient, hassle-free applicant screening
- Professional-grade lease prep and execution
- Communication with tenants
- Management of the turnover process
- And so much 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.
Want to cut down on vacancy time and boost rental income this summer? Contact us today, or check out Real Property Management Supreme at Issaquah 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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