10 Ways To Reduce Your Rental Property Vacancies

Hi, this is Frank Chen with REIClub.com, your link to creative real estate. Today I’ve got a quick video on 10 ways you can reduce your rental property vacancies.

*Note: Mention – “Click “show more” in the description below to follow along.

I like to give a more Hands-on approach to “landlording”.

1. Schedule Bi-Annual Walk Through – Twice a year, make sure everything is being taken care of, so in case they move-out last minute notice, you are not stuck scrambling to fix everything up in a few days so it's ready to re-rent.
2. Referral Fees – Give your tenants $100 cash for any referral that lease's with you.
3. Advertise Your Rentals Aggressively – the month or two prior to move-out hit every Ad opportunity there is, free and affordable. Local newspapers (physical paper) still works great.
4. Find Good Tenants – screen them well, and you could end up with a great tenant for 10+ years.
5. Offer Incentives – Ex: If they are NOT the first tenant, and carpet is old from the previous tenant. Offer to update their carpet, paint, front door, etc… when it's time to renew their lease.
6. Sell Not Just Show – Although this is a rental property, be sure to still highlight the selling points.
7. Know Your Market Rent – Doesn’t have to be the lowest, but it doesn’t have to be the highest either.
8. Long Term Leases – reduce rent rate with a 2 year commitment. Do the math, and make sure you aren’t eating into your operational costs. Find a number that works for you.
9. Rent-To-Own – 3-5 years based on your agreement. You get cash upfront, monthly, and if they don’t execute their option, you keep everything, and advertise your property
10. Show You Care – bringing a christmas ham that costs $30 to a tenant of over a year, will mean more to them than you know. Small gestures go a long way.

* IF possible, try to never reduce rents, instead, give upgrades that improve the home.

Vacant real estate is every Landlord’s headache, but vacancies can dramatically be reduced well in advance. High vacancy rates usually indicate, poor management or failure to shift WITH the rental market, rates, rental programs, etc… So as a landlord, reflect on your own actions first before immediately blaming your tenant, or the location of your investment.

Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you’ll be automatically notified when we upload more quick video tips for you. Take care and good investing.