To earn the most rental income and long-term ROI on your Santa Rosa rental property, avoiding a long term vacancy is essential. Only occupied properties earn you money. When you face a vacancy, you’re not only missing out on rental income; you’re also paying for routine maintenance and landscaping and covering the costs of keeping the utilities on.
There are a few things you can do to avoid vacancies in Santa Rosa. Try these tips, and remember that professional Santa Rosa property managers are very good at keeping your rental property occupied with a high quality tenant.
Well-Maintained Rental Homes are Rarely Vacant
Avoid vacancy by providing an attractive and appealing Santa Rosa rental home.
You want to make sure that your property is clean and functional. Good tenants will avoid homes that are dirty, run down, or plagued with broken windows, peeling paint, and appliances that at the point of breaking.
Offer an appealing property. Curb appeal is worth your attention because that first impression will determine whether a prospective tenant decides to see the inside of your home. When you do have tenants inside the property, make sure there’s plenty of light and a welcoming atmosphere. You want tenants to imagine themselves living in the home. You can avoid vacancy when your property is move-in ready from the moment you begin the marketing and showing process.
Competitive Pricing Helps in Santa Rosa
The next step in ensuring you don’t have a long vacancy period is to make sure you price your rental property correctly. Owners want to earn as much as possible, and that’s important. Your rental value should bring in as much rent as possible every month. But, don’t sabotage that goal by overpricing your home. Check the pulse of the market and respond accordingly. It really doesn’t matter how much you think your home is worth or how much you want to earn in order to cover your mortgage and other expenses.
It’s the market that drives the price, every time. Tenants are educated and they know what they’re willing to pay. If your home is overpriced, they won’t bother looking at it, and your vacant property will continue to lose far more money than it would have if you had lowered your price a bit.
Focus on Retaining Your Santa Rosa Tenants
One of the best ways to avoid vacancy is by keeping the tenants you already have in place. Tenant turnover creates a vacancy, and those turnover costs will add up. You’ll have to clean, market, and fix up the property when one tenant moves out and another prepared to move in.
Good tenants will renew their leases year after year if you’re responsive to maintenance, available to help them with questions, and willing to communicate honestly and transparently. Show your good tenants that you value and appreciate them. Be sensible when considering rental increases and let them know you appreciate on-time rental payments. Provide a good rental experience.
When you offer a well-maintained home that’s priced competitively and you do everything you can to keep your high performing tenants in place, you won’t have to worry about losing money on vacancy. For more information or to talk about Santa Rosa property management, please contact us at Redwood Residential Property Management.