When you own rental properties, you probably know that one of the challenges you face often is tenants moving out before they are supposed to. Each time this occurs, you may need to get into the unit and make repairs and perform maintenance to prepare the unit for another tenant. When this occurs, it is called a vacancy cycle, and one way to improve the profitability of your business is by shortening the cycle. If you don't know how to do this, hire a property management firm for help. They can help you shorten this cycle by performing the following steps.
Prepare the unit faster
The property management firm will help you shorten your vacancy cycles by completing steps, and the first step is getting the unit ready faster. If it normally takes you several weeks to prepare a unit after a tenant moves out, you are likely to lose at least an entire month of rental income. If you could get a unit ready within a couple of days, you could get it rented out faster, and this would help you lose less rental income. If you hire a property management company, they will come in and work hard until the unit is ready, and this will help shorten your vacancy cycles.
Finding better tenants
Property managers can also help you with this task by finding better tenants for your units. One way they do this is by screening tenants in several ways. They will perform income verification, background checks, and criminal history reports. They will also check a person's credit during the screening. When you have better tenants, you will have fewer problems. This helps shorten the vacancy cycle in several ways. First of all, good tenants will give you notice before moving out. Secondly, good tenants will leave their units clean and in good condition when they move out, and this means you will have less work to do.
Using effective advertising methods
The other key thing to understand is that property management firms know the best and most effective ways to advertise available units, and they will begin advertising as soon as they find out a unit is going to be vacant.
If you want to become more profitable, a good place to start is by finding ways to shorten your vacancy cycles. If you need help with this task, hire a property management firm, like Bradley Scott, Inc., to take over these duties.Share