When real estate investors buy a rental property, they’re often concerned about things like bad tenants, property damage, or the potential for eviction and other terrible situations.
One of the real dangers, however, is vacancy. This doesn’t get as much attention as tenants who tear a property apart, but it can be just as expensive.
Today, we’re talking about the dangers of vacancy and how you can avoid the expense.
Vacancy is Expensive for Kelowna Investors
When your rental property is unoccupied, you’re losing money.
Not only are you losing money by not collecting rent, you’re also losing money because of the expenses that are required to maintain your vacant property. You’ll be responsible for all the utility payments and the general upkeep. You’ll have to pay for pest control, landscaping, and cleaning. If you’re not working with a Kelowna property management company, you’ll also have to take time to market the home and show it to prospective tenants.
Vacancy costs you money. It’s often more expensive than chasing down late rent or keeping up with small and preventative maintenance issues. Each day that you don’t have a tenant in place is an extra expense.
Vacancy Leads to Bad Kelowna Property Management Decisions
Another danger is that a vacant property can make you feel a bit desperate. When your Kelowna rental home is empty, you might feel like you should rent it out to any prospective tenant who shows interest. This can lead to allowing unqualified renters to move into your property. It’s important to rent your vacancy property as quickly as possible, but allowing tenants with a terrible rental history, lack of income or prior evictions to lease the home will only lead to additional problems.
Kelowna Property Management Tips for Avoiding Vacancy
The strength of the current rental market will often impact how long it takes you to rent out a home. But, there are a few things you can do to avoid a long and expensive vacancy.
First, make sure it’s priced correctly. You want to get a good understanding of what competing properties are renting for. Your rental value needs to be in the right range, otherwise, good tenants won’t bother applying for your property. A Kelowna property management company can help you collect reliable data on what similar homes in your area are renting for.
Second, provide a well-maintained and clean property. Good tenants want to live in a home that’s well-located, attractive, and in great condition. If your appliances are old and not working well, replace them. Make sure there’s new paint on the walls and clean floors. Your rental home has to be move-in ready, otherwise, it will be vacant for a lot longer.
Finally, pay attention to your marketing strategies. You need to be sure your home is listed on all the popular rental websites that prospective tenants are using. Online advertising is the best way to reach a large pool of renters. You’ll also benefit from sharing your property on social media, posting professional signs at the property, and working within a network of people who can send prospective tenants in your direction.
A great way to avoid long vacancies is by working with a professional Kelowna property management company. We can rent your property out faster and to better tenants. If you’d like some help, please contact us at Vantage West Property Management.