As a Sarasota rental property owner, you want to keep your property occupied with tenants who are paying rent. It makes financial sense – ensuring a consistent cash flow and building your long-term ROI. When your investment property is vacant, you’re losing income and paying out of pocket for everything from utilities to landscaping. There’s also a risk that your property could be targeted by criminals who sense an opportunity because no one is living there.
Keep your property rented with some of these tips and suggestions.
Retain the Sarasota Tenants You Have
A long vacancy is most easily avoided when you keep your current tenant in place. If you already have someone who is paying rent on time, taking care of the property, and following the terms of the lease agreement, why not work extra hard to keep them? There are a number of tenant retention strategies you can put to use, and they will all reduce your vacancy cost and exposure. Here are some things to consider:
- Keep rental increases sensible. Don’t raise the rent by 10 percent at renewal time. There’s no reason to give your tenants a reason to leave.
- Offer an incentive for lease renewals. Maybe a new appliance or free Wi-Fi will keep your tenants in place.
- Provide an outstanding customer experience throughout the lease term so renewing the lease agreement is natural for your tenants.
Not only do you avoid vacancy costs when you retain tenants – you also avoid turnover costs, which include marketing, maintenance, and the cost of time when you’re showing your property and screening your applicants.
Make Your Sarasota Rental Home Pet-Friendly
A majority of tenants in Sarasota have at least one pet, and you can be sure they’re not willing to move into a home without their furry family members. A rental property that doesn’t allow pets is likely to remain vacant longer than a home that does accept them. This can make a big difference in how quickly you rent out your property.
If you’re worried about the mess, potential damage, and liability that comes with allowing pets, make sure you’re working with a Sarasota property manager who can implement and enforce a strict pet policy. This will protect your investment and ensure you’re not losing money on long vacancy periods.
Evaluate Condition and Pricing
Long vacancy periods are often due to one of two things. Either the property is overpriced or it’s not in great condition. Conduct a comparable market analysis of the Sarasota rental market so you have an accurate idea of what similar properties are renting for in your neighborhood. By accessing good data, you can be sure you’re not asking too much.
Then, take a look at how your property compares to the competition. If it looks old or it seems to be deteriorating, no one is going to want to rent it in its current condition. Make sure you invest in new paint and professional cleaning. Upgrade any old appliances and tear out carpet that’s stained or worn. Improve your curb appeal so the home looks inviting and welcoming.
When you’re offering a great property at a fair price, tenants will be eager to rent it. Avoid long vacancy periods by providing responsive service to your current tenants and offering an irresistible rental home to new tenants.
If you need some help with the marketing and leasing process or anything pertaining to Sarasota property management, please contact us at Anchor Down Property Management.