Vacancy is an expense that can often be avoided. While every Charlotte rental property owner understands that a few days of vacancy are to be expected before the property is listed and during tenant turnovers, no one wants an extended period where no rent is coming in and the property is unoccupied.
As professional Charlotte property managers, we work hard to keep vacancy to a minimum. There are several things we can do to keep your property rented and your income consistent.
Price Your Property According to Charlotte’s Rental Market
Pricing has an impact on vacancy. While it’s important to price your rental home as high as possible in order to maximize what you earn, we don’t want to over-price your property. Tenants have access to most of the same pricing data you do; they’re not going to pay more than they have to for a home, especially if similar homes are available for less.
We conduct a comparative analysis that shows you the rental values of properties similar to yours in the immediate area. We gather information about what they rented for and how long they were on the market. This will help to establish the right price for your property.
Market Your Charlotte Rental Home Strategically
Marketing is also a big part of avoiding vacancy. If you’re simply throwing up a yard sign or posting a two-line advertisement on Craigslist without any pictures, you aren’t going to rent your home quickly.
Some really great photos can serve as the foundation for a marketing campaign. Using good lighting and making sure to include photos of everything, including bedrooms, the kitchen and any outdoor space will help a lot. Tenants are going to look at photos first when they’re searching for a home. We have to make them count.
Listing your home on all the popular rental websites that tenants are using, including Zumper and Zillow and HotPads and Rentals.com is best. We want as much exposure for your property to generate interest and limit vacancy.
Being responsive when prospective tenants call or email is essential. We show the home when it’s convenient for them, and are prepared to answer any questions and offer an application.
Provide a Great Tenant Experience and Focus on Retention
The best way to avoid vacancy is to keep the tenants that are currently in place.
Tenant retention is a secret weapon. When you have the same resident in place for three or five years or even longer – you’re saving a lot of money on vacancy and turnover costs. We make it easy for your residents to renew their lease agreements year after year. We’re sure to be responsive when it comes to maintenance and repairs, staying in touch with your tenants, and nurturing a positive and professional relationship.
Providing incentives can be a great idea. Most tenants expect that rent will go up every year. But, we can offset that sting by offering a free carpet cleaning or a new appliance if one of theirs is aging or in need of repairs.
Avoiding vacancy needs to be a priority when you’re renting out a Charlotte investment property. We can help you save money by keeping your home occupied. Contact us to learn more. We are Southern Living Property Management & Investments, a Charlotte property management company serving single-family & multifamily owners throughout the Queen City metropolitan area and the South Carolina cities of York and Lancaster Counties, including Rock Hill, Indian Land and Fort Mill.
