A vacancy is the number one cause of money loss. Property owners lose thousands of dollars because of prolonged vacancy periods. It is typically the highest expense for a rental property and you need to avoid them as much as possible.
A vacancy can happen for several reasons:
- A tenant might decide to move because of factors such as rent amount or maintenance not being performed
- A tenant might be transferred because of the military
- A tenant might lose their jobs
- A property is priced too high
- Make Improvements to your home
- Have the unit professionally clean
- Have the carpets professionally cleaned
- Drywall touch up
- Put a fresh layer of paint on the walls
- Clean windows
- Fix anything that is broken
- Check that all appliances are working
- Make sure the grass is cut
- If the paint is wearing out repaint property
- Place for rent sign outside the property
- Spray for pests
- Take HD photos of the property
- Write a detailed rental description
- Put a yard sign
- Market rental listings online: Hotpads, Trulia, Oodle & Zillow
- Market rental listings offline: post an ad in the local paper & on bulletin boards at local restaurants, shops, and schools