In order to keep rental income flowing to your property, resident retention should be very high on your priority list as an owner/investor. Unit turnover is costly and results not only in expenses occurring but also a loss of rental income. When a unit is to become vacant, what do you do next?
1. Always know your local market. How much does a similar priced unit get for rent? What are the common amenities and how much do they affect the rent that you wish to obtain?
2. Have a professional sign on the outside of your building with your contact number. You would be amazed at the good traffic you can obtain, with the cost of advertising.
3. If you have a good tenant in the unit, show the unit before it is vacant. Make sure that your relationship is good and that someone is present to show the prospect.
4. Try renting it on your own first!
5. Use the web for free advertising. Place an ad in the local newspaper after first knowing the optimal traffic dates. The newspaper representative can tell you the subscriber information.
6. List it on your own website – show digital photographs of the unit unoccupied and occupied.
7. Place a card at the local supermarket, with spares below it.
8. Let the neighbors know you have a pending vacancy and that you will pay a referral fee.
9. Don’t wait for the traffic to come to you – do something. Improve your curb appeal.
10. Hire a professional!
I would have listed number ten (10) first but wanted to provide free information to any readers of my blog. Managing and maintaining property is not easy. It can be full time work on top of your already busy day.
If you don’t manage your own financial investments for retirement, why are you managing your own property? You can still view your real estate investments the same way by checking in with the manager and viewing your monthly statements.
Remember, a real estate professional works for you. We always respect the owner’s goals and objectives.
Wishing you much success with your real estate investment!
Ahearn Realty Management, Inc.