As a real estate investor, there’s nothing worse than having an investment property that’s just sitting there. The property still requires money for maintenance, property taxes and even things like utilities when nobody is living there. The only difference is that you have to pay those things instead of the tenant that you are renting to. That’s why it’s so important to take steps to fill an empty investment property as soon as possible. Utilize these simple guidelines to help fill up those empty properties. Reduce your total expenses before you get stuck with costs you could have avoided.
When you know your current tenant isn’t renewing their lease on your investment property, it’s time to start searching for someone else. Advertise using online and paper classifieds to help drum up interest. Consider talking with property managers or even agents that specialize in finding renters for a property. By acting quickly and being proactive about your property, you can usually avoid too much downtime in between tenants.
Make sure that you are advertising in as many different locations as you can effectively, including websites like Craigslist, realtor.com, Zillow, and others. Try out different ad formats and include flattering pictures of your space in the advertisement. Include as much helpful information as possible on the ad, and always keep things up-to-date so potential tenants aren’t surprised when they come in to look at your space. If you are putting high-quality advertisements out there, you are much more likely to get a positive response than you are by using more limited advertisements.
It’s always a good idea to search for long-term tenants when you start to locate a new renter. Set up your lease so that it’s at least a year long and make note of that requirement when advertising the space. Reduce your chances of getting stuck with a tenant that’s ready to move out before you’re ready to fill that vacancy. You could also look into a lease clause that asks tenants to let you know whether they will be renewing their lease or not in advance, so you know to start looking to fill the spot.
If you don’t already have a team in place to help you market, maintain and watch over your rental property, it’s beneficial to have a property manager. They would help you take care of those responsibilities when you’re busy with other tasks. If you don’t want your rental properties to become your life’s focus, a property manager is a good investment. For an affordable monthly or annual cost, you’ll enjoy access to a team that can maintain your property and works to find and screens new applicants so that your space isn’t vacant for very long.
With help from a property manager, you’ll spend less time managing your property, and you’ll have a lower chance of suffering from major losses due to vacancies. Always research different property managers carefully before deciding to hire one. Look at reviews of the different managers in your area. Try to stick with a larger company with lots of experience in the area. Large companies have more resources. They can offer you more user-friendly services than what you can expect from a smaller company. That is one of the many benefits of trusting your property to Blueground.
Struggling to fill one of your properties with a qualified tenant? Shift from trying to find a long-term lease tenant to a short-term tenant. You can find tenants that simply can’t stay in the same location as long. This opens you up to travelers and business clients. It might be the move you need to make to fill up your investment property. Avoid letting it sit for too long and costing you money. , Unfortunately, short-term leases are more work, more upkeep and more difficult to get right. That’s why many property owners choose to rely on other companies to handle these things such as a high-quality property manager.
Managing rental vacancies can be a real hassle when managing investment properties yourself. By working with Blueground you’ll enjoy fast tenant turnarounds, as well as major maintenance and even property furnishing to be handled by our team. It feels horrible to have an investment property sitting there costing you money. There are many steps that you can take to resolve this problem. Act fast, make intelligent decisions and you can fill up your space and start earning from your property once again.