Summer tends to be the busiest stretch of the year for owners of rental properties. At the same time, summer can offer valuable opportunities for owners looking to optimize or expand their rental portfolio. As demand for rental housing climbs during summer, competition for quality tenants tends to rise right along with it. The result can be longer vacancy periods and lower income over the year. Cutting down on vacancy time takes proper preparation, strategic planning and marketing, accurate pricing, and an efficient 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. It’s not only lost income that matters, but also rising expenses and a diminished return on investment. 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. For that reason, it’s worth doing everything possible to minimize vacancies for your rental.
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. Although you don’t want to disrupt your current renter, a few steps can still be taken before they move out to jump-start re-leasing. Some of these include:
- Arranging property inspections early on
- Compiling a checklist of upcoming maintenance and repair tasks
- Preparing for repairs early, including researching service technicians and vendors
- Lining up and scheduling cleaning services
- Revising marketing materials as needed
Updated property condition data combined with a clear turnover task list can help shorten the gap 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. If it’s been six-plus months since your last market analysis, or you’ve never done one, plan to complete a new one before your tenant moves out. Overpricing, specifically, can create unwanted vacancies even during the busiest times of year. On the flip side, pricing it correctly attracts more qualified applicants and helps lease the property faster.
Invest in High-Quality Marketing
Professional-quality marketing materials are critically important for reducing vacancy time, especially in competitive, peak-season markets. Modern renters expect detailed property information before they even step inside. They also prefer to discover and look into properties through online and mobile channels. For these reasons, an effective marketing strategy for any rental property should include, at a minimum:
- Professionally shot photography
- In-depth descriptions of the property
- Virtual property walkthroughs
- Listings optimized for mobile
- Wide exposure across online channels
Outdated or low-quality marketing materials call for advance planning to get updated photos and video walk-throughs as soon as possible. Start by making sure the property’s curb appeal is dialed in, with neat landscaping, clean walkways, and pretty flowers for visual interest. Strong visual appeal drives more inquiries, and so does high-quality marketing. Both tend to lead to quicker leasing results.
Streamline the Application and Screening Process
Streamlining applicant screening is another important piece of reducing vacancy time during the busy season. Since most renters today expect online or tech-based applications and communication, it’s worth investing in a platform that fits your needs. Whichever approach you take, prioritize fast responses to tenant inquiries. In peak season, prospective tenants are typically inquiring about multiple properties at once. Because of this, a prompt response can make all the difference.
Have your application, screening, and lease preparation workflow figured out ahead of time, before applicants are ready to apply. A professional property manager can be especially useful when it comes to this part of the process. The most skilled professionals use proprietary technology to create a smooth process for owners and applicants, keeping vacancies low.
Focus on Resident Retention
Strong retention strategies are, of course, one of the best ways to sidestep vacancies entirely. Keeping a strong tenant is much better for your finances than pushing 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. This beats dealing with ongoing turnover for any investment property by a wide margin.
Systems and Expertise That Deliver Results
Reducing vacancies takes considerable time and effort on the part of the owner. That’s why many owners opt to hand their properties over to 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
- Skilled marketing and advertising support
- Efficient, hassle-free applicant screening
- Expert lease preparation and execution
- Communication with tenants
- Coordinating tenant turnovers
- And additional benefits!
It’s incredibly valuable to have a local market expert on your team, prepared to take on the demanding work of property management during peak season. 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 Luxury at Katy 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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