Vacancies are one of the largest and most inconvenient expenses that landlords face. When your rental property is vacant, you aren’t bringing in any income, and you’re also required to pay for things like utilities, landscaping, and general cleaning and upkeep while you’re looking for a tenant.
To avoid long term vacancies, make sure you are offering a well-maintained property that’s priced competitively. Provide a great rental experience, market the home well, and do your best to keep the residents you already have in place.
These are our tips for keeping your Hamilton rental property occupied and producing income.
Price the Home Properly
You need to have a good understanding of the market so you can price your rental property correctly. Every landlord wants to earn as much as possible in rent, but if you keep your rental price unreasonably high, you’ll face a longer vacancy period, and that will be more costly than dropping your price a bit. Take a comprehensive look at your market and get to know what properties similar to yours are renting for so you can be competitive. The best tenants are going to be well-informed, and they won’t be willing to pay more than they have to. If you are finding that your home is vacant for longer than others on the market, you might want to re-evaluate your price.
Pay Attention to Property Condition
Modern, clean, and well-maintained homes rent faster than those that are dated, falling apart, and unappealing. Make sure your property is one that people will want to rent. Take some time to inspect it thoroughly and confirm that everything is functional and appealing. If there’s a broken appliance, faded paint, or overgrown weeds in the garden, tenants are going to pass.
Spend some time making minor and cost-effective upgrades and updates. Fresh paint on the walls, new carpets or floors, and updated lighting and fixtures all make a difference. Invest in curb appeal so you present a home that’s welcoming.
Embrace Strategic Marketing Plans
Marketing and advertising has an impact on how long your rental property is vacant. Make sure you have high-quality photos and descriptions that are attention-grabbing. List your property on all the rental sites that prospective tenants are using. Signs and flyers are still useful, but most tenants are looking for their next home online. Make sure your listing has the exposure you need to avoid long vacancies.
Tenant Retention Avoids Vacancy
The best way to avoid any kind of vacancy is by keeping the tenants that you currently have in place. Provide responsive and transparent customer service when they have a problem or make a maintenance request. You need to be available to them, and it’s important to be proactive in responding to the repairs that they report. Show them that you appreciate them, and give them every reason to stay in your property. This will cut down on your vacancy time and turnover costs.
Working with an Ontario property management company is always a good way to reduce your vacancy time. For more information or help getting your Hamilton investment property rented quickly, contact us at Spotted Properties.