How to Make Sure Your Rental Properties Stay Occupied for Longer
If you own a rental property or portfolio of properties, it’s likely that you often have tenants coming and going. It’s also common for some rental properties to be unoccupied sometimes for months in between tenants – especially commercial properties.
It’s said that vacant properties are a target for trouble, often causing stress for the owner or management company sometimes becoming a dumping ground, attracting everything from squatters to vandals or even thieves stealing the roof tiles or copper pipes.
This is why it’s so important for property owners to take steps in keeping their rental properties occupied and protected. We’ve outlined 3 tips below to help you keep your property occupied all year round.
Choosing the right Property Management Company
Lots of landlords choose not to manage their property themselves, opting for a property management company to take care of the property for them. Our sources tell us that the number of disputes with property management companies is on the rise, so it’s no surprise that selecting a reputable property management company will help to keep your tenants happier for longer, resulting in a longer-term rental period (we can highly recommend our sister company – Furness Bay for all your property management needs – Email: firstname.lastname@example.org).
Property management companies are responsible for communicating with tenants as well as the upkeep and general maintenance of the property. If particular attention is not paid to these factors, the result will most certainly be a very unhappy tenant! That’s why it’s so important that you can rely on your property management company to take care of these important tasks.
Negotiate a longer tenancy agreement and be proactive with renewals
You could perhaps consider offering a lower monthly rent as an incentive to try and encourage tenants to sign a longer lease agreement. Having a tenant on a 24-month contract as opposed to a 12-month one will result in lower admin time needed to manage the property and will allow you to produce financial forecasts for a longer time period.
When the lease is due to run out, get in touch with your tenant at least 3 months before and get a feel for whether they will be renewing the lease. If they choose not to, you’ll get a head start on advertising the property, resulting in a shorter change over period. You’ll be able to get a new tenant without losing a single month of rent.
Don’t neglect the little things
Your property management company is most likely dealing with hundreds of properties. Whilst they can keep on top of the important aspects, it’ll be your job to manage ‘the little things’ such as showing respect for privacy. Even offering some initial gifts such as coffee beans, baked goods or even a bottle of champagne can go a long way. Keeping the area surrounding your rental property safe and showing general concern for your tenants is a must if you want to maintain a long term, happy relationship and keep your property occupied for longer.
To summarise, a secured unoccupied property is a good thing if you’re looking to refurbish the space and have the money to do so whilst not earning any rent, however, if you’re looking to keep your property rent flowing, focus on keeping your tenants happy. This, coupled with longer contacts and proactive end of lease action will help landlords to avoid empty properties for long periods of time.