Whether you are an experienced property investor, a DIY investor, or an unintentional landlord of an Atlanta rental property, you probably want that property to perform well. The key to a well-performing property, of course, is to have rent-paying tenants. Unfortunately, vacancies are inevitable. Or are they? Here is how to minimize the time between vacancies.
Raising rent might cover costs or increase profit for your Atlanta rental property. However, sometimes raising the rent is not the answer because increased rent may result in more vacancies. Your tenants, both existing and potential, are likely to be shopping around for the lower rent prices on homes with similar accommodations and advantages.
Before you raise your rent, especially for ‘good’ tenants that are looking to renew a lease, make sure that you do a bit of current market research on your area. If your rent prices are much lower than those of your competitors, an increase is reasonable. However, if your prices are on the higher end, a further increase will drive tenants away.
Being a good landlord and having a courteous and professional relationship with your tenants is another way to avoid vacancies. Landlords have several responsibilities, some of which are a bit more tedious than others, but, for the most part, being a good landlord is not extremely difficult. Just think of what you would want a landlord to do for you, including hassle-free rent collection, maintenance, and general property upkeep, and do the same for your Atlanta rental property tenants.
Should a concern arise, try to handle the problem calmly and diplomatically. This will not only help avoid potential conflict but will also reassure your tenants that you can be trusted and that they should stay with you versus moving to a new complex with an unknown landlord.
Open communication with your tenants helps renters understand changes to the lease at renewal. Good communication also helps build positive relationships that encourage renters to stay!
Encourage your existing tenants to let you know as soon as possible if they plan on moving. Knowing that you will have a vacancy ahead of time will help ensure that you are able to start searching for new tenants faster, which will also help you shorten vacancy times.
Starting the lease renewal process early is efficient for several reasons. Not only does an early start give you and your tenant plenty of time to get through the necessary paperwork, but it can also tell you if a tenant plans on moving out.
Property managers can help ensure that your property experiences fewer vacancies and shorter vacancy times while also giving you peace of mind and more free time. A property manager can do all of the following:
Property managers are experts at being good landlords. A property manager can collect rent, schedule routine maintenance, and even handle unpleasant emergencies. In fact, property management companies often use a calling service so that your tenants’ concerns are answered swiftly and efficiently without you getting called in the middle of the day or night to fix the problem.
Property managers tend to be experienced real estate market researchers because, in many cases, they need to do the background research prior to renting a property. Whether you need market research for a great listing or because you are considering a rent increase, a property manager in Atlanta can either guide you through the process or do the legwork of finding the details.
A good property manager will help ensure that all leases are either renewed or terminated in a timely manner. A great property manager will contact tenants well before their lease is up in order to figure out whether or not the current tenants will renew the lease. If the answer is ‘no’ and the current tenants are moving out, the property manager can then begin the search for new tenants to fill the vacancy immediately.
Property managers are great marketers and can help ensure that your listing not only looks professional but also attracts quality tenants. From having stunning photos of the property to creating a listing that attracts an audience to ensure that the listing catches the attention of quality potential renters, property managers can make marketing look easy. Creating a listing by yourself, on the other hand, can be tough—especially if you do not have the experience or resources to market your own property.
Empty properties damage your cash flow and long-term income! Partnering with Renters Warehouse Atlanta is a smart way to fill vacancies quickly with the best quality renters for your Atlanta rental property. Our team is standing by to help!
Whether you need a bit more guidance on reducing vacancies or are ready to start working with a property manager, download our free resource, “The Guide to Finding the Best Atlanta Property Management Company,” to learn more today!