• Reducing Vacancy Rates
• Showing Your Property to Prospects

Reducing your Properties Vacancy Rate

Vacancy is the bane of every landlord's existence. If the vacancy persists, you may be unable to make your mortgage payment. While there are many things that can lead to high vacancy rates, there are specific steps you can take to reduce the vacancy rate of your rental property.

1. Keep it clean. A clean dwelling is a place where people will want to live. If the common areas of your rental property are filthy or unkempt, it will give people a bad impression of your property. If your current tenants are contributing to this problem, set some basic rules for cleanliness of the units.
2. Make timely repairs. One of the most common reasons for vacancy is infrequent or nonexistent repairs. Invest the time and the money that is necessary to keep your rental units operating in top condition.
3. Spruce up the exterior. In addition to keeping your rental dwellings clean, you need to frequently paint or otherwise maintain the exterior. If a dwelling looks shoddy, people will not want to live there. Landscaping is also very important in attracting and keeping new tenants. Even though you may not live at your rental property, try to make it as "homey" as possible.
4. Research local rent prices. If you are finding that your tenants are not staying past their lease, you may be charging too much rent or raising rent costs too much at the end of the lease term. Find out what your competitors are charging to see if you can offer your tenants a better deal.
5. Reward existing tenants. The best way to keep a tenant happy is to not raise the rent. Although you may need to increase rent over time, try to avoid this for as long as you can. This will encourage your tenants to stick with you and decrease the number of people leaving to find a better deal.
6. Provide Amenities. Consider providing amenties such as washer-dryers, updated appliances, garbage disposals, and the like.
7. Offer paid utilities. Even a bill as small as $25 a month can seem like a lot to someone who needs to find a cheaper place to live. Offering paid heat or water can be a great way for landlords to attract new tenants and retain their existing ones.
8. Offer incentives. If a large number of tenants are leaving, offer them an incentive to stay. For example, if they sign another six-month lease, offer them a reduction in one month's rent. You can also try offering free gifts with a new rental, such as household appliances.
9. Look at your neighborhood. If your rental property is not in the best part of town, add a security system so that your tenants feel safer. Not only will this help keep your tenants safe, but it will also let them know that you care about their safety and well-being.
10. Get to know your tenants. Instead of being a feared Machiavellian landlord, try to make friends with your tenants. It is a lot harder to leave a friend's house than it is to leave a rental dwelling run by someone you don't know -- or don't like. Take the time to learn more about your tenants and do your best to make them feel at home.

These are just a few suggestions to help you keep your current tenants happy. Your individual situation may call for some different ideas, but this list will get you started on your way to a full rental property that is profitable and a joy to run and own.

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Showing Your Property to Prospective Tenants

Showing a rental property to potential tenants can be stressful. If you do own a complex or have several identical units, you may be able to keep one pristine "showroom." This allows you around-the-clock access to a furnished example of a current dwelling, without having to worry about displacing a current tenant or wondering about the condition of the inhabited apartment.

Unfortunately this option is normally non-existent when the property is currently occupied. Here are some steps to effectively showcase your property and attract quality renters.

1. Is the Property Appealing? If the exterior of your property looks rundown, the chances of getting new tenants are pretty low. Make sure that your property is well painted and inviting. Even if the dwelling is small and modest, it should still give a good first impression.
2. Does the Interior need to be fixed? If the property is unoccupied, make sure that any problems have been fixed. If your property is not vacant, stop by alone first to avoid any embarrassing situations.
3. Is it Clean? There is not much worse than a filthy house or apartment. Make sure an unoccupied property is sparkling and check on occupied properties ahead of time to make sure that they meet your approval.
4. Know your selling points. What features does your property have? Keep these in mind while showing your property. For example, if the appliances are new or if the view is spectacular, point it out.
5. Is the Carpet Clean? In rented properties, the carpet is usually the first thing to suffer. If the carpet has not been professionally cleaned, have this done in advance, allowing enough time for it to dry before showing it to anyone. If the carpet is in bad shape, you may need to replace it before you show it.
6. Show it Furnished or Unfurnished? Some people prefer a blank slate so that they can envision their own furniture inside a property. However, if you have problems renting a vacant property, try adding some furniture. It may be such a blank slate that no one can imagine anything about it. If your dwelling has some downsides, such as small rooms, you can fix this by strategically placing furniture.
7. How's the Temperature? If it is abnormally hot or cold before an appointment, go into the dwelling ahead of time to make sure it is comfortable. People will not want to stay in a place that is too hot on a summer day, and they may miss the good points of your property. The same problem is true if the property is freezing cold. If it is uncomfortable, chances are your potential renters will not stick around.
8. Are the Lights on? If your property has had the electrical service turned off, have it turned on again before showing the property. No one can see much in the dark, and your potential tenants may think you are trying to hide something. Although you may end up paying a few more dollars to have the service turned on in advance, it's generally a good investment.
9. Have you Shown the Whole Property? If your property has a pool, a roof deck, or an interesting feature outside, show it to your potential tenants. Take them on a tour of the grounds so that they can get an idea of what it would be like to live there.
10. Are you Prepared? Be prepared to hand over your form of lease and rental application. Make sure you have decided what security deposit, key deposit, or pet deposit you will impose.