A landlord without tenants is just a property owner losing money in Destin, Florida. It sounds harsh, but it’s true!
There are many factors that go into being a great landlord, and filling vacancies with quality tenants is one of them. Without a tenant living in your property, you’re losing money paying your mortgage (or other expenses) while waiting and searching for someone to sign a lease.
Having a vacant property is a landlord’s nightmare next to dealing with terrible tenants and having to evict them. Luckily, there are some pretty simple ways you can actually reduce vacancy rates, so you don’t have to worry about it.
By the end of this article, you’ll have a toolbox full of different tactics to keep your rental property in Destin filled with tenants and reduce vacancy rates.
1. Focus on Tenant Retention
Too many landlords focus on the wrong thing when it comes to tenants. They focus on how to acquire new tenants rather than retaining the ones they already have.
It’s actually quite expensive to find new tenants, what with advertising costs, deep cleaning the property in preparation of new tenants, and paying any commissions to real estate agents or property managers.
So, if you find a great tenant with who you can build a relationship and respect your property, hold on to them as tightly as you can! Provide a pleasant experience for them while they live in your Destin rental property. This will encourage them to want to keep living there.
Offer Renewal Incentives
If you have a tenant who is a perfect fit for you and your property, encourage them to renew their lease with an incentive.
These incentives could include a discount on one month’s rent, a renovation or upgrade to the property, or including a utility charge such as electricity or water.
When your tenant sees that you’re willing to do something for them as a reward for their renewal, they are more likely to do it. Plus, if they have a good relationship with you, they’ll value that over getting to know a new landlord.
2. Set the Right Rental Price
Setting the rental price for your property is a true challenge. If you set the price too high, you won’t have enough people, if any, interested in the property. If you set the price too low, you’ll have too many people interested, some that may not be the highest quality tenants.
To figure out the right price for your rental, you should compare it to other rental properties in your area. How much did they rent? Do they have special amenities that make raise the price?
For a more accurate understanding of how you should set your rent price, it’s a good idea to consult a real estate professional. They can conduct a market analysis and give their expert opinion.
When you set the right price for your vacancy, you’ll reduce your vacancy rate because you’ll have someone interested in renting sooner than later.
3. Keep the Property Well Maintained
Nobody wants to live in a property that’s run down and doesn’t look like it’s been taken care of. As a landlord, it’s your responsibility to maintain your property and keep it in tip-top shape for your tenants.
When someone is on the hunt for a new apartment or house, they’ll notice if your property isn’t maintained, which will deter them from renting it. When people see that a property is taken care of, they will be more inclined to sign a lease.
It also speaks to your character as a landlord. Your tenants will know that if there’s a problem, you’ll fix it and not just leave it.
4. Create a Killer Advertisement
Most people search for vacant apartments online. So, it’s your job to create an attractive advertisement for your property.
What makes an outstanding property listing? The first – and most important – thing is the photos of the property. These should be updated photos taken with plenty of natural light in a clean, empty space. Ensure photos accurately represent the property and show rooms in full.
The second thing that makes a killer advertisement is a clear and interesting description. Mention the layout of the property, the awesome features and benefits, and the neighborhood where it’s located. Try to get your reader to imagine themselves living in the apartment through the description.
If you’re targeting millennial renters, it’s important to advertise your property online, preferably on social media platforms.
5. Start Looking for Tenants Early
Don’t wait to start searching for new tenants until after your current tenant moves out. Require your current tenant to make a decision about whether or not they will renew their lease at least 30 days before their lease ends.
If you know you’ll have a vacancy, start advertising the property before the current tenant actually moves out. This allows you to get attention from potential renters and schedule showings for when the current tenant moves out.
Searching for tenants early can help reduce your vacancy rate. If everything works out, you’ll only have a few days between your tenants.
6. Offer an Enticing Amenity
What separates your property from the rest in Destin? It’s important to stand out from other rental listings and have an amenity that draws attention.
This enticing amenity could be as simple as having a washer and dryer in the property or as luxurious as a pool in the backyard or walk-in closets.
You don’t have to go over the top with amenities, but something that makes your property stand out from the rest can go a long way to reduce vacancy rates.
7. Let a Property Manager Handle Everything
There are many hats you have to wear as a landlord who self-manages one or more properties. However, you can increase your ROI and reduce vacancy rates when you hire a professional property manager.
Property managers will handle everything from marketing the property and acquiring new tenants to making repairs and even following through on evictions. In fact, 70.8% of landlords search for property managers who offer to market and lease their properties.
Not only will they take these tasks off your hands, but they could provide a more pleasant and professional experience to your tenants, therefore boosting the retention rate. Plus, they can fill properties faster thanks to their professional resources and tools.
All American Realty Can Reduce Your Vacancy Rates
All American Realty is Destin’s leading property management company. In fact, it only takes us about a week to fill a vacant property.
As a full-service property management company, we’re here to make owning a rental property much easier and help you boost your profits.
Call us today and see how we can help you fill your vacant property faster.