Are your rental property marketing strategies working efficiently and preventing vacancies in your North Carolina rental properties during the summer months? The heat and humidity of summer can easily lull us into laziness. As a landlord, however, summer is no time to be lazy when it comes to vacant rental properties. Instead, you should do the exact opposite and get aggressive in July to prevent vacancies before the arrival of fall.
Why Successful Landlords Focus on Avoiding Vacancies Heading Into Late Summer
You should get aggressive this month to avoid any vacancies with your rental homes in North Carolina. As mentioned in a previous post, families make it a priority to move before the school year, and many tenants need to be settled in their location in August for school or work. If you go into August with a vacant rental unit, your risk of experiencing a significant vacancy begins to increase. The further into fall you go without a tenant, the greater the risk of a longer vacancy.
Make sure time doesn’t run out on your opportunity to access a large pool of potential tenants. If you have a vacant unit in July, it is time to focus your energy on aggressively marketing to potential tenants to fill your vacant rental properties.
Put Your Rental Property’s Best Foot Forward
If you are going to attract high-quality tenants to your North Carolina rental homes, then you need to ensure your rental property is in excellent condition and that it stands out from other vacant properties in the area. Rental property owners should focus on enhancing curb appeal, giving rental units a professional cleaning and preparing rental properties with necessary repairs. Also, when marketing and advertising rental properties, landlords should emphasize the qualities which make their properties stand out from other available rental units – items like amenities (pool, workout area), proximity to public transportation, shopping, and entertainment, sufficient parking for tenants, etc.
Pricing Your Rental Property Aggressively
To fill rental property vacancies fast in summer, landlords should reevaluate the rental rates on their rental units and research market rent rates to ensure they are positioned correctly to attract tenants and maximize rental property income. As the summer winds down, landlords should also consider getting aggressive with rental rates to fill vacancies. It can be challenging to balance potential vacancy with your cash flow needs. With their local market expertise, an experienced North Carolina property management company can help you achieve this balance and fill your vacancies while still maximizing rents.
Employing an Effective Rental Property Marketing Strategy to Prevent Vacancies
If your North Carolina rental property is ready to rent and you have settled on a competitive rental rate, the next step is to implement an aggressive rental property marketing strategy. Make sure you are advertising and marketing your rental property online and offline. Knowing where families and tenants are searching for rental homes is key to filling your vacancies fast. A professional property management company can be a valuable asset when it comes to effectively marketing rental property.
Evaluate Your Tenant Retention Strategy
Are your rental homes vacant this summer because you are not receiving lease renewals from tenants? If you answered “yes” to this question, then it is time to take a look at your tenant retention strategy and determine what you can do to improve renewal rates. Keeping high-quality tenants in your rental units is the most efficient way to prevent vacancies, avoid marketing and advertising costs, protect your rental investments and maintain the cash flowing.
To learn how you can avoid vacancies and maximize your investment in your rental homes in Raleigh, Durham and Chapel Hill, contact Red Door Company today.