Real Estate Gladiators is an industry leader in the property management industry serving Issaquah, Bellevue, Kirkland, the greater eastside and surrounding areas.
Vacancies are expensive and best avoided.
If you want to earn as much income as possible with your Bellevue rental property, it’s important that you take a proactive approach to avoiding vacancies and turnover. We have some tips on how to do that, and we’re focusing on maintenance, rental price, and tenant retention.
Price Your Home Properly
Overpricing your rental property is a sure way to increase your vacancy time.
You’re looking for well-qualified tenants and you’re looking for tenants who can move right in. With an overpriced property, those tenants will ignore your home and you’ll be left with an unoccupied home for longer. This will be expensive for you, so it’s better to accurately price your property before you even list it. Make sure you’re looking at what similar properties in your area have recently rented for, and be sure you’re competitive.
Make Maintenance a Priority
A well-maintained home will always rent faster and for more money than a home that’s dated and falling apart. Make sure your rental property is move-in ready when you begin to market it and schedule showings. Everything should be functional.
Once you have a tenant in place, make sure you’re responsive to their maintenance needs. Emergencies require an immediate response, but make sure you’re available for those routine repairs as well. One of the most common reasons that tenants leave a rental property is a lack of timeliness with repairs. Let your tenants know that you welcome their repair requests, and then get the work done right away. When you make property maintenance a priority, you’re not only protecting the condition of your asset – you’re showing your tenants that you care about their comfort.
Provide a Pretty Property
First impressions are crucial, so make sure you have a lot of curb appeal going on at your rental property. Take the time to make the home look inviting and welcoming. If the shrubs are overgrown and the grass is brown and depressing, you’re going to deal with a longer vacancy than is necessary.
Retain Your Great Tenants
Tenant retention is an excellent way to avoid vacancy. Make sure you develop and maintain a good relationship with your tenants. You want to be responsive and available. Let them know you appreciate having them in your rental property. When it’s time to renew a lease, make any rental increase reasonable. Don’t chase away the tenants who pay on time and take care of your home. Those renters will be difficult to replace, and you’ll be stuck with a vacancy period that won’t help your bottom line.
Work with Professional Bellevue Property Managers
Perhaps one of the best ways to reduce and remove vacancy loss is by working with a professional Bellevue property management company. We know how to find, retain, and appreciate good tenants. We’ll make sure your home is price correctly and well-maintained. You won’t have to worry about losing money on expensive vacancy periods and tenant turnovers.
If you have any questions about how we can help you avoid vacancy with your rental property, please contact us at Real Estate Gladiators. We’d be happy to be your Bellevue property management resource.