When you want to reduce the vacancy rate for your Atlanta rental home, there are three things that must align for you: price, condition and advertising. Let’s take a closer look at all three of these important topics.
Curb appeal is essential and the first impression a tenant gets is very important. You have to consider how the yard looks and whether the lawn is cut and weeds need attention. It’s not going to help your vacancy rate if the tenant can’t even tell she’s at the right place because the weeds have grown up over the mailbox. When a tenant walks into the house, think about how it smells. The house doesn’t have to smell like freshly baked cookies but it does need to smell clean and fresh. It also has to look inviting. Get there a few minutes early to take a look around. Clear away any cobwebs and dead bugs. Wipe things down and open up the blinds to let the sunlight in. Make sure the utilities are turned on. This is important because you want your tenants to be comfortable and take their time. Give them the opportunity to see every aspect of the home.
You have worked hard making the property look good, so you need to focus on your advertising. Talk to your property manager or agent and find out how the advertising is planned. Find out which websites the listing will appear on and whether it will be listed on the MLS. Discuss how the house will be shown and make sure you’re clear on the standards in place to get a tenant into your property. You need a sign in the yard and you need to have a large online presence if you want the property to be seen. Most people are using the Internet to find their next rental home.
As an owner you have high expectations of what you think your house is worth. As property managers, we have to be realistic. We can’t promise you’ll get your mortgage payment covered or your ideal amount in rent each month. If you want to reduce your vacancy, you need to price your house according to the local market. Ask your property manager to do a comparable market analysis. When you take a look at the average days on the market and the prices similar homes have rented for, you’ll get an idea of what kind of price range you’re working with. Some properties average 30 or 45 days on the market, so when you have realistic price expectations, you’ll know how long it’s going to take.
If you have any questions about vacancy and how to keep your property rented, please contact us at Solutions Realty Network, and we’d be happy to help you.