Vacancies are a nightmare for property owners. Lots of costs are involved when a unit goes empty — maintenance, repairs, advertising, tenant screening and so on. These are all very taxing. That’s why a lot of owners look for property managers to handle the nitty-gritty stuff.
If you have high vacancy rates on your units, you probably want to hire property management services in Denver, CO. In a cutthroat property business, Bergan & Company knows you could very well use the extra help to keep your profits intact. Here are some strategies property managers use to reduce vacancies:
1. Establish a good relationship with tenants.
Property managers are skillful in dealing with tenants. And this goes two ways, the negative and the positive: (1) they address tenant complaints efficiently and (2) they reward good tenant behavior.
The first one requires getting into the root of the problem and letting the tenant know that their voices matter. A lot of renters look for other properties because they have noisy neighbors — which, when they reported to landlords, were dismissed and disregarded.
The second way property managers deal with tenants is they reward good tenants, especially those who have been living with them for years. If you could delay raising rent prices for long-time tenants, there’s a high chance they’ll stay with you. And that’s probably more profitable than increasing their fees.
2. Maintain the property.
No one wants to live in a poorly maintained space. So property managers make timely repairs for rental units and keep a neat, beautiful exterior. If you would need to fill a vacancy, you already have a good property that can make the right impression on would-be tenants.
If you’ll be able to provide additional amenities in your property, like washer-dryers, trash disposals, or security tech, that would also help in making your rental units more attractive.
3. Understand the market.
Often, tenants leave their present residence to look for other apartments that they can get for a lower rental fee. So, if you’re having a massive exodus of renters, it’s probably because of this.
Property managers are researchers. They’re up to date on local rental rates, so they’re able to set tenant’s fees reasonably and competitively.
Vacancies suck the profits out of your business. Don’t let it. Perhaps it’s time to get help from property managers.