Minimizing Vacancy Losses on Your Rental Property

01 Mar Minimizing Vacancy Losses on Your Rental Property

If you rent out property, then you know that vacancy losses are definitely something to be concerned about. A vacant unit could cost you between $1,500 and $5,000 per month, when you factor in the costs associated with advertising, incentives, and preparing property for potential tenants. To reduce expenses, then, it’s important to make sure that your units are sitting empty for as short a period of time as possible. Here are a few techniques that property owners use for minimizing vacancy losses on their property.

Scheduling move-out times carefully

Taking control over unit move-out times can help you reduce maintenance costs in times between tenants. If you were to have 20 units become vacant at the end of the month, for example, then all of those units would need to be maintained and turned at exactly the same time. That will cause some units to sit vacant as they await needed maintenance. Staggering move-out dates throughout the month can help you spread out all of that property maintenance, allowing you to get individual units turned over much faster. Even specifying certain days of the week for your move-out dates help the property maintenance process run more smoothly.

Scheduling junk-outs as needed

Unfortunately, tenants do not always leave units clean and empty of personal possessions. Some tenants move away and break their leases without notice. Others leave things behind after being evicted. And others simply do not want to deal with moving large items. Furniture, old mattresses, clothing, garbage, and more may be left behind. When this happens, it can complicate the process of preparing property for the next tenant significantly. Promptly scheduled clean outs, or junk outs, are necessary to remove items from vacant units so that they can be turned over properly.

Conducting thorough property turns

Property managers must, of course, also handle property turns between tenants. Property turns involve thorough cleaning, updating paint, fixing major and minor problems, changing locks, and more within a unit. Fast and efficient property turns are important for minimizing vacant time between tenants—and, in turn, for minimizing vacancy losses on units. Hiring an experienced crew of property turn specialists can help you get your properties turned over and ready for the next tenant in no time.

Maintaining occupied property efficiently

Remember—a well maintained property can be prepared much more quickly than one that is run down and in dire need of repair. So in addition to using that time between tenants as efficiently as possible, it is important to keep all occupied units well maintained as well. As an added bonus, having well maintained property can make your tenants less likely to move out in the first place.