What Might Increase Your Void Period
In your career as a landlord, a long void period can be a cause for concern sometimes, especially if it seems like there’s no way out of it. While some level of vacancy is inevitable in the rental market, there are factors that can contribute to an extended void period you should be aware of.
Now that we’ve caught your attention, let’s explore the potential reasons why your property might experience a longer void period than anticipated.
High Asking Price
One common factor that can increase your void period is setting a rental price that is way too high for the current market. If your property is priced significantly above similar properties in the area, it may deter potential tenants from even considering your listing.
You can conduct thorough market research to determine the appropriate rental price based on the local market trends, property conditions, and amenities. Pricing your property competitively can attract more interested tenants and reduce the time it takes to secure a new lease.
Inadequate Tenant Screening
Nothing will turn a profitable property rental experience on its head like poor tenants. If you happen to not have high-quality tenants renting your home, it can cost you in more ways than one.
The quality of your tenants can have a direct impact on your void period since if you do not conduct thorough tenant screening, you run the risk of leasing to unreliable tenants who may default on their rent or break the lease prematurely. To Avoid this, make sure to implement a comprehensive tenant screening process, including credit checks, rental history verification, and employment verification. This can help you select reliable and responsible candidates who are more likely to fulfill their lease terms, reducing the chances of a prolonged void period.
Effective marketing and advertising can be key for minimizing void periods. If you fail to invest in marketing your property or rely solely on outdated methods, it can significantly limit your reach and result in a prolonged vacancy.
Utilize various marketing channels, both online and offline, to showcase your property to a wide audience. Leverage online platforms, social media, real estate websites, and local advertising methods to increase visibility and attract potential renters. Highlight the unique features and selling points of your property to stand out from the competition.
Lack Of Proper Conditions
The condition of your property plays a crucial role in attracting tenants. If your property is in a state of disrepair, outdated, or lacks proper maintenance, it can cause an increase in your vacant period.
Potential tenants are often seeking well-maintained and comfortable living spaces so you need to ensure that your property is in good condition, addressing any necessary repairs, updating outdated features, and maintaining cleanliness. A well-presented and inviting property is more likely to attract tenants quickly.
Rigid Lease Terms
Lease terms that are too rigid or fail to meet the needs of the candidates interested can also be a contributor to a long void period, as tenants often appreciate flexibility, like shorter lease durations or reasonable pet policies.
If your lease terms are restrictive and do not align with tenant preferences, it may limit the pool of interested renters. Consider offering lease options that cater to various needs, within reasonable limits. Flexibility in lease terms can attract a wider range of prospects and reduce the time it takes to fill vacancies.
Lack Of Management Support
The availability of responsive property management or maintenance support can impact the tenant's experience and influence their decision to stay. If you fail to provide adequate property management services or to address maintenance issues promptly, it may lead to tenant dissatisfaction and increased turnover.
Consider partnering with a reliable property manager to make sure you have a dedicated maintenance team in place. Promptly addressing tenant concerns and providing a well-maintained property can increase tenant satisfaction and reduce the likelihood of extended void periods.
In today's competitive rental market, tenants are found to be seeking properties that offer modern and convenient amenities. If your property lacks the amenities that a modern property would be located nearby such as a fitness center, laundry facilities, high-speed internet access, or community spaces, it may be perceived as falling behind in meeting the needs and expectations of tenants.
Assessing the demand and investing in relevant and attractive amenities can significantly improve your property's attractiveness and tenant appeal. Making them want to stay for longer and not terminate the lease early.
By knowing these factors, you can stay attentive and make sure that your rental units are always full.
A property manager can help you by being always up to date with what can increase or decrease your profit. They are skilled professionals who know the industry in and out and can aid you in having the most flourishing business possible.
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