In the first quarter of 2022, vacancy rates for rental properties were down to 0.8%.
That was great for all property investors; many people were searching for places to live, and many decided to rent instead of buy due to the high home prices. While vacancy rates are low right now, they won't stay like that forever.
Property management can be a difficult task, especially if you don't know how to keep occupancy rates up. In this article, we are going to tell you four things you can do to keep your investment property occupied.
Invest in Marketing
If you don't know much about marketing, then hiring a professional is going to be a game-changer for you. There are so many great ways to market your property, and just posting your listing on your Instagram or Facebook it's going to cut it.
Someone who specializes in marketing real estate will know exactly where to put your listing online and otherwise, so people will see it. This may include websites, social media, brochures, and other tactics.
Prioritize Communication With Your Tenants
If you want your tenants to resign, then you need to communicate with them. This doesn't mean you have to give them your phone number. There are landlord/tenant portals that you can use to ensure safe communication.
If the AC breaks and your tenants can't get a hold of you, they are going to get frustrated, and that will decrease the chances of them returning. Tenants want to rent from a landlord that cares about their comfort and safety, and if you talk to them on a regular basis, then you are more likely to increase your tenant occupancy rate.
Make Changes Based on Tenant Reviews
Anytime a tenant moves out, be sure to get feedback. Then make changes based on those comments. If you have a vacation rental and people are constantly coming in and out, set up a system so you can track tenant satisfaction.
If people are happy with their experience, they will likely return. The same goes for your long-term tenants. Even if your renters move out if they had a good experience, they may recommend your place to others which will increase your occupancy rate.
Maintain Your Property
Property management isn't always easy, but keeping your property maintained is key. People won't want to live in a place that is run down and falling apart. You can't always control how your tenants keep the inside, but you can help with the outside.
Before having a new tenant move in take the time to do some maintenance. This could be a number of different things. You might want to repaint the walls, update appliances, clean the gutters, or pressure wash the sidewalk.
All of these things may not seem like a big deal, but they are. People will be more likely to choose your property over someone else's in the area if it's clean.
Property Management Guide
If you're struggling to keep your occupancy rates up, it may be time to make some changes. There are many ways you can increase the rates.
Good property management is key. As an investor, it can be hard to manage your entire real estate portfolio alone. Having a management company to help you will make all the difference.
If you want to increase the money you're making on your property, contact us. We have a lot of resources that can help you. We have a great team available to answer all your questions.