How To Avoid Or Minimise Vacancy Losses On Your Rental Property
Vacancy losses do not please any landlord anywhere in the world. Every time you have a vacant house, you are already counting losses whether your house has been left because you did not meet your tenants’ expectations or whether your house has been left because it is in poor condition.
Furthermore, if the vacancy persists it may be difficult for you to sustain your mortgage payments and soon you can get depressed. Many situations can lead to high rates of vacancy but luckily, there are strategies you can use to fix these vacancies and smile again. This is how to avoid or minimise vacancy losses on your rental property:
Routinely Inspect Your Property
It is not surprising that when you fail to inspect your property for a long time, you can find unknown tenants living on your premises. If you do not have the time to regularly inspect your home, property managers at mynd.co recommend that you hire property managers who offer comprehensive services so that you can enjoy maximum protection of your property.
Consider property management companies that can offer you a rental income guarantee so that you are not destabilized by the lack of a steady inflow of rent. Your property manager should also offer you property damage so that you do not have to incur losses renovating structures that have been damaged by tenants.
Likewise, your management company should also offer you eviction guarantees so that you can avoid the court costs and any legal fees you will be charged to pay.
Don’t Delay Taking Legal Action
As soon as you realize there is trouble at your property take immediate legal action. Remember that landlords and tenants are guided by tenancy agreements which include legal procedures of resolving any challenges that may arise between a landlord and the tenants.
This way you can avoid damages by using effective dispute resolution mechanisms in addressing such aspects as missed rent, property damages, and chronic late payments are signs of trouble and you should report them to the legal authorities otherwise they can become bigger problems that can cost you all your tenants and cause you huge financial losses.
You can research the necessary legal actions for each problem you encounter within your property so that you are served with a notice and afterward a hearing date when your problems can be addressed.
However, always resort to the court as your last resort. Start by talking to your tenant to understand why he/she is behaving in the way they are. All the same, do not fall victim to false promises when it comes to renting payment as this can disorient you and cause you immense financial losses in the long run.
The landlord-tenant tribunals exist to help you resolve any challenges you may have with your tenants. These tribunals can help you with tenant screening and tenant background checks so that you can understand what type of tenants you are dealing with.
Strive For Tenant Retention
The simplest strategy to prevent vacancy losses is to maintain the tenants you already have. This can be reducing the amount of rent you charge old clients provided it does not bring losses and maintaining your residents such that your tenants do not want to leave them for their quality.
Keep your property clean and well maintained. Anytime there are leaks on your water tanks and sinks, fix them immediately.
Make your tenants too comfortable to leave. Also, note that good tenant retention strategies can lead to lower turnover charges and shorter turnover periods. Responsiveness is one way to make your tenants count on you. Likewise, be a listening landlord.
Also, offer tenants an opportunity to suggest strategies that can give them a better tenant experience. Never fail to fulfill your promises. Be proactive in the way you communicate to your tenants. You can also welcome your tenants with welcome gifts and once in a while surprise them with some gifts.
Every landlord detests having vacant houses as the more vacancies you have and the more time your houses are vacant, the more losses you will suffer. Effective communication is a good way to retain your tenants.
Make them know they are appreciated and address their tenants timely and accordingly. Understand various dispute resolution strategies and know when to go to a tribunal to have your issues addressed.
Do not condone tenants who give false promises as they can disrupt your rent inflow. Also, consider the services of property managers as they can help you avoid vacancy losses. Your tenants should be your priority. Keep your property clean and well maintained so that your old tenants don’t have a reason to leave.