It's simple real estate investment math: rental properties don't make money without renters to pay the rent. When Philadelphia investors deal with frequent (and extended) vacancies, they lose money!
Keeping a rental occupied can be as simple as placing the first person who sends in an application. However, without a thorough screening process to review every applicant, investors can't trust that "anyone" is a quality renter who will pay the rent on time and take good care of their rental. Squatters don't count as legitimate renters, either.
Often, "just any" renter isn't likely to stay to renew their lease for another term. Without carefully placing residents in rentals, how can investors renew more renters and achieve shorter vacancy cycles? You need a strategic approach! Check out these insights from our expert Philadelphia property management team.
Retain More Renters
Renters who stay for more than one lease term mean that you don't have to spend time (or money) marketing your property to find a new resident. Improving resident retention is one of the best ways to reduce vacancies—and improve ROIs!
What's the trick to keeping residents longer? There's no trick, but the right expert strategies can encourage renters to stay in your Philadelphia rental home for more than one lease term. The best retention strategies include:
- Being a good property owner. Develop positive (and professional) relationships. Respond promptly to resident requests and deliver timely repairs. Communicate well, and make sure your renters know you appreciate them!
- Applying rent increases appropriately. When renters stay for more than one lease term, it's okay to raise the rent (if rental market analysis supports a reasonable increase). However, extreme rate increases or inappropriate timing can send residents looking for a new place to live.
Residents need to feel safe, comfortable, and appreciated. When your renters know they are more than just a rent check to put money in your pocket, they're more likely to stay in a rental home with Philadelphia property management that takes good care of them—even with a small rent increase at renewal.
Anticipate Upcoming Renewals
Staying on top of lease renewals helps reduces vacancy time, too! The more time you have to find a new resident when a renter doesn't renew, the more likely you'll be able to welcome them soon after your current renter moves out.
However, waiting until a few days before a lease expires to take action can leave you with an empty property for several weeks before you find a new resident. Planning ahead gives you time to market your property, screen every applicant, and have a signed lease before your current resident moves out.
Philadelphia real estate investors can market an occupied property immediately after learning that a renter doesn't want to renew. Be sure to follow all laws about renter privacy before entering the home to show the rental to potential residents. A professional property manager understands the rules and can accommodate showings to work with residents and prospective renter schedules to minimize your property's vacancy time.
Partner With a Property Manager
The most effective marketing and retention strategies start with professional Philadelphia property management. Investors don't have to worry about privacy laws, scheduling showings, notifying current residents, or long vacancy times with an expert property manager handling everything!
With the right property manager, you have a team that:
- Monitors lease terms and renewals to plan ahead for a vacancy
- Finds the best quality residents who are more likely to renew a lease
- Delivers the best renter and property management to build positive relationships and help residents feel welcome and cared for—for the long haul
- Understands the Philadelphia market and how to advertise your rentals to find quality renters quickly
- Applies rental market analysis to set ideal (and competitive) rental rates to attract the best residents
We know that without quality renters, investors lose money. We're motivated by your financial goals to work quickly and effectively to find quality residents with minimal downtime between paying renters. The best property manager also works hard because we don't get paid while your properties stay vacant. Without rental income for you, we aren't doing our job.
We Have the Best Resources To Minimize Vacancies
Losing rental income from vacant rentals becomes an expensive problem. Without a solution, the problem compounds into significant financial loss from your long-term income goals. From a fully-staffed team to the best resources and expert strategies, Rentwell has everything Philadelphia investors need to reduce vacancy cycles.
If you struggle with keeping quality renters and long vacancy times, you need the best Philadelphia property management company to resolve those issues—and boost your income! Contact us to learn how Rentwell can go the extra mile to make sure your properties stay occupied.
Learn more about what you need from a professional property management company! Download your free copy of our "Guide to Finding the Best Tri-State Property Management Company."
