For a rental property investor, occupied rentals are critical to success. Owning an investment property (or several rentals) won't build long-term income without quality tenants in place to pay the rent!
However, when rentals experience long vacancy cycles, investors lose money and can't sustain consistent cash flow for emergency repairs or ongoing expenses. How can Palm Springs property owners achieve shorter vacancy cycles (and maximize returns)? Check out these insights from expert Coachella Valley property managers!
What Are "Shorter" Vacancy Cycles?
How long is your average vacancy? If you're not sure, it's time to take a look at that metric. Whether it's two weeks—or two months—investors need to know that timeframe to analyze ROI and target a potential area for income loss.
Reducing vacancy times means finding new tenants more quickly or keeping current residents for more than one lease term. With fewer empty days on the rental market, landlords enjoy more income and shorter vacancy cycles! Our Palm Spring property management experts recommend the following strategies to find quality tenants faster and keep your best residents longer.
Clear and Timely Communication
When is the last time you reached out to your resident? Was it because they did something wrong, or did you send a text simply to check in and make sure they're happy in your rental?
Your residents need to know that they can reach you if and when they need you. They also appreciate hearing from you just to check in from time to time (without pestering them too often with texts or calls that don't have a true purpose).
Find a good balance between being available and in touch while not interfering or bothering residents too often. When they know you're accessible and they can reach you by phone, text, email, or through an online portal to put in a maintenance request, residents feel valued and cared for in their rental homes!
Deliver Prompt Responses to Maintenance Requests
How long does it take to respond to a renter's maintenance request? When a client requests repairs, they should be taken care of as soon as possible, depending on the nature of the request. Emergencies should take priority for scheduled repairs within 24-48 hours of receiving a request. However, landlords can work non-emergency requests into a schedule that delivers a prompt response without incurring rush charges from a contractor.
Letting renters know you received the request and are taking care of it as soon as possible goes a long way toward building positive long-term relationships with your Palm Springs, CA tenants.
Think Through Rate Increases
Is it time to raise the rent? Make sure you've done the research and picked the right time before ruining a good relationship with tenants because of a sudden and sharp rent increase.
A Palm Springs property management company can help a landlord review market research and determine if the time is right to raise the rent (and by how much). With their knowledge of current market rates and trends, a rental manager knows competitive rental rates for similar houses in the same neighborhood. Timed around a lease renewal and being mindful of a percentage increase already in the lease and that your renters can manage, landlords can increase the rent without losing valuable residents when it's time to renew.
Prepare Early for Renewals
Did your last lease renewal sneak up on you? If it did, chances are you missed an opportunity for a rate increase, or you lost your residents to another rental property because you didn't act fast enough.
Reducing turnover is one of the best ways to shorten vacancy times! When a tenant doesn't leave your rental because they renewed their lease, you don't have any vacancy time at all.
Plan ahead for the next renewals for your Palm Springs real estate investments. Let tenants know it's time to renew about 60-90 days ahead of the end of the current lease term. Incentives like free HVAC filters, gift cards, or a one-time whole-house cleaning at renewal can help residents decide to stay!
Hire a Property Manager to Market Empty Rentals
When a resident doesn't renew, it's time to jump into action find a new tenant. As soon as your current renter lets you know they're moving out, list your upcoming vacancy and start screening new applicants.
A property manager lists empty rentals on all major rental search sites, handles the make-ready process, and helps new tenants through the screening, leasing, and move-in process without wasting time! Property owners who partner with a property management company experience better rental income (and fewer difficult tenants).
Reduce Vacancy Times With Palm Springs Property Management!
Achieving a shorter vacancy time is easier with expert property managers to market an empty rental. They'll create a compelling property listing with professional photos and work with the tenants in your property to schedule showings for potential renters. With the right experience and resources, Palm Springs investors can enjoy new residents with minimal downtime after your current tenant moves out. The right property manager also delivers expert services to build long-term positive relationships with tenants who renew their leases!
Ready to minimize vacancy times? McLean Company is here to help!
