Summer brings with it warm weather, the end of the school year, and of course the perfect time to move for many people. It also seems to be the time of year when the need for rental homes hits fever pitch. For those of you who have been in the rental business for a while, you probably already know this is the hottest time of the year for tenant turnover.
Real Property Management states that the cost of a turning over a rental property is approximately three months’ worth of rent. However, if you know how to streamline the entire process, you can cut these costs significantly. Consider these four hot tips.
Do Your Own Market Research
You can’t afford to wait, once you have a tenant give notice, you need start doing your homework, especially if the tenant has been in residence for a long time. You may find that rents in the area have gone up, allowing you to raise your current rent to match. At the same time, you may find they have gone down and that you might have to lower your rent in order to avoid an extended vacancy.
Conduct a Walk-Through Inspection
Once your tenant has completed moving out, you need to conduct a thorough walk-through inspection of the property. This will help you spot any major repairs that need to be completed before the unit is placed back on the market. Look for things like damaged walls, stained carpets, broken appliances, and anything else that is broken or not working. Now is the time to have these items repaired or replaced. Once everything is up to par, have the unit professionally cleaned to make it ready for a new tenant. Also, be sure to have the locks changed for the new tenants.
Check Out Your Competition
The rental market in the Pasadena area is highly competitive. Once your rental unit is squeaky clean and ready to go, you might be tempted to put it on the market immediately. However, jumping the gun can be costly and a big mistake. Take a little extra time to research your competition and look at comparable rental listings in the area. See what they are offering, look at the pictures, what amenities are they offering, and most of all, what are they doing to attract new tenants?
Market Your Rental Units
Now that your rental unit is 100 percent ready to go, it’s time to break out the camera and start taking pictures. You can use the camera on your smartphone for this, all you need are a series of quality pictures highlighting the unit and its features. Consider adding a walk-through video, these have become a major feature in most listings. Draw up a floor plan to help prospective tenants get a better feel for the unit.
Doing all of this will help you market your rental unit more effectively and should help you find the perfect tenant who will be there for at least the next year.