We at RENEW Real Estate Services have been managing rental properties in the Nashville area for over a decade. Through the years, we have learned a few things about minimizing vacancy time between tenants. One of the biggest concerns that rental property owners have is tenant turnover. A vacant property is one that is not producing any income. In short, the goal is to minimize the amount of time between a tenant moving out, and a new tenant moving in. A proactive plan and strategic approach can make a massive difference in maintaining a consistent flow of rental income. Read along to explore some of our tried and true tips for reducing turnover time.
Prepare for Move-Outs
Communication:
Communication is one of the most crucial components when preparing for an upcoming vacancy. It is wise to encourage open communication and establish a clear date for the tenant's move-out. By communicating effectively, you can begin to prepare for the vacancy and even begin marketing the property before it is even vacant. You can also organize the necessary vendors and make sure that they have availability soon after the tenant vacates the property.
Move-Out Inspections:
Tying into the importance of communication, having a clearly set move-out date allows you to schedule the move-out inspection quickly after. By swiftly inspecting the vacant unit, you can quickly get an idea of what type of work will need to be done in order to restore the property to rent-ready condition. This proactive approach will help you address maintenance needs promptly and ensure a smooth transition between tenants.
Streamline the Process
Efficient Cleaning and Repairs:
Once the rental property has been vacated and inspected for damages, you should prioritize taking care of the necessary repairs within that same week, if possible. The sooner the better. If you stay in contact with your vendors as they complete the work, you can likely schedule a cleaning crew to go in right after the necessary repairs are made. This will allow for a swift and efficient process of getting the property rent-ready for the next tenant. Ensure that the property is in good condition before allowing applicants to view it in person. You don't want any issues that are "supposed" to be addressed turning into a deal-breaker for a new tenant.
Strategic Updates:
You can use these turnover periods as an opportunity to update your rental, increasing its appeal. It could be as simple as a fresh coat of paint and new carpets, or even a more extensive renovation if it makes sense to do so. Make sure to adequately think through each item before renovating anything. You don't want to spend a lot of money if you don't expect it to generate a substantial rent increase. Strategic updates can attract higher-quality tenants and will likely justify a rent increase.
Develop a Quality Marketing Plan
Photography and Listings:
First impressions are critical when trying to secure a high-quality tenant, especially in a competitive rental market like Nashville, TN. You should consider investing in a professional photographer to showcase your rental property at its best. On top of that, you should put effort into writing detailed and compelling property listings. Make sure to include all amenities, unique features, and any other benefits that your property may have.
Utilizing Online Platforms:
As a Nashville property management company, we are in a highly competitive market which requires us to stay ahead of the curve at all times when it comes to marketing. Outdated pictures and boring listings are not going to cut it in a competitive market. In the digital age, it is imperative that you are taking advantage of the many online platforms to market your property effectively. Listing websites, social media, and property management software will help you reach a larger audience more quickly. Consider utilizing a self-touring system to give prospective tenants more freedom when it comes to viewing the property.
Keep the Application Process Simple
Online Applications:
Streamline your application process by incorporating and online application system. These days, the vast majority of people would prefer the ability to apply for their next home online, rather than having to travel to a physical office. This increased flexibility is certain to widen the pool of applicants, increasing your chances of securing a quality tenant.
Swift Screening:
Ensure that you are thoroughly yet swiftly screening your applicants. You want to be certain that you are approving a quality tenant, but you don't want to waste time doing so. By utilizing an online screening software, you can streamline this process and be quite efficient when screening applicants. Verify their credit history, background, and rental history in order to make an informed decision quickly.
Incentivize Lease Renewals
Build Positive Tenant Relationships:
By building positive tenant relationships with your current tenants, you may encourage more of them to renew their leases. This will completely remove the need to go through the turnover process, saving you both time and money. Keeping your units occupied will reduce headaches and produce consistent cash flow.
Timely Renewal Offers:
Start the conversation around lease renewals as early as possible. Doing so will likely increase the amount of signed renewal offers and will reduce tenant turnover. You don't want to wait too long and have your tenants begin looking elsewhere for their next rental opportunity. Anything you can do to reduce turnover is a positive maneuver.
Bottom Line
Minimizing vacancy downtime requires a combination of proactive planning, efficient turnover processes, and strategic marketing efforts. By utilizing the tactics mentioned above, property management companies can greatly reduce the amount of time that a rental property sits vacant, maintaining a steadier stream of income. Property owners are not getting paid when their rental is sitting vacant. Staying ahead of the curve and consistently working on your turnover plan will lead to increased tenant satisfaction, reduced vacancy, and long-term success. If you or someone you know happens to own property in or around the Nashville area, check us out at www.renewtn.com. We have been a Nashville property management company for many years now and would love to discuss our management options with you in greater detail!
