Are you struggling to keep occupancy rates in your rental properties high?
Having a vacant rental is the bane of being a landlord. You have a mortgage and other bills to pay every month. You cannot afford to go without a tenant for several months.
There are a handful of strategies landlords employ to maintain high occupancy rates, but not many beat hiring a property management company. 51% of individual landlords in the US have hired full-service property managers because these pros are able to keep rentals occupied all year round.
But how do they pull it off? Find out below!
1. Quality Tenants
There's a direct link between the quality of your tenants and the occupancy rate.
Bad tenants can vacate the property before the lease is due for renewal, leaving you needing to find a new tenant, which can take longer than a month. Tenants who default on rent might require eviction, which, depending on your state's laws, can take between one and three months.
You're not likely to get bad tenants when the management of your rental property is handled by a professional. Property managers do comprehensive tenant screening. They check a renter's credit, criminal background, and employment history.
As a result, the tenants they place in your rental are far less likely to violate lease terms and conditions.
2. Tenant Placement
In a tough market, finding tenants can be a challenge. The good news is property management companies have a solution for that. Some of these companies partner with tenant placement service providers, effectively gaining access to pools of prospective renters.
With such a service, property managers don't have to advertise your vacant rental and wait for interested renters to apply. Instead, they'll get direct access to pre-vetted applicants and conduct further screening to pick the best tenant. This shortens the tenant turnover process, helping increase the rental occupancy rate.
3. Tenant Management
You want a good tenant to stay in your rental for as long as possible. Finding a quality tenant helps, but they aren't going to stay if you're a negligent landlord.
You might be struggling with tenant relations because you have a full-time job. Or you have several properties and keeping tabs on all of them is taking its toll. Whatever your reason is, it's no excuse.
Outsourcing to a property management company is your only solution. They have the expertise and resources to stay on top of tenant affairs, keeping them happy and satisfied.
Such tenants won't need to move out of your property because it's poorly managed. That's how you keep tenant retention high.
Let's Help You Achieve High Occupancy Rates
When you set out to be a landlord, your primary goal was to have a steady rental income. That won't happen unless your rentals have high occupancy rates.
The housing market has its ups and downs. It takes a professional to keep a rental occupied regardless of market conditions. At PMI San Jose, we're the professionals you're looking for. We're a full-service property management firm serving the San Jose, California area.
Contact us for more information.
