If you own rental properties, your key goal should be to keep the units rented at all times. While this may seem easy, finding good tenants can be hard, and you need good tenants in all of the units you have. If you're having trouble keeping units rented, you will most likely encounter these three problems, which you could avoid by filling the units with good tenants.
No Rent Money
The first and foremost problem you will experience with vacant properties is a lack of cash flow. The goal of investing in rental property is to make money, and you will make money faster if your units are full.
If you're having trouble finding tenants for your units, you may need to:
- Spend more time advertising – The methods you are using for advertising might not be working as effectively as you hoped. Instead of using the same methods again, why not try new ones? One idea is to use social media sites to spread the word.
- Offer a move-in special – If you look at what other rental property owners are doing, you may find some great ideas you could use, and offering move-in specials is a perfect idea. With this method, you will find tenants to sign leases and move in. While you may need to give up a small amount of your profit for the first month, it will pay off later on. One idea is to offer the first month of rent for free.
Keeping your units occupied can be time-consuming, but it is vital if you want to make money from this business.
Empty rental units can also be attractive to bugs and rodents. While there may not be any food to eat in an empty unit, the entire unit offers a place for these critters to live without any worries. All types of bugs and rodents can creep into a vacant unit, and a lot of bugs come up through the drain pipes. Cock roaches are notorious for this, and they can be hard to eliminate.
If you end up with empty units, you may need to take extra steps to keep the units bug and rodent-free. Here are a few ways you can do this:
- Run the water in each of the faucets every week – This keeps water in the lines and will reduce the chances of bugs crawling up through the drain pipes.
- Keep units sealed – If your units have obvious holes or gaps, fill them in with caulk, and make any necessary repairs to keep the units closed off.
- Hire an exterminator – You could also have an exterminator come monthly to spray chemicals that may prevent bugs and rodents.
These tasks can be expensive and time-consuming, and you might be able to avoid all these things by keeping your units occupied.
Vacant and abandoned homes and buildings seem to be attractive to criminals. Criminals are always looking for places to go, and they tend to end up in vacant properties and properties that are completed abandoned.
Having vacant rental units may end up attracting people like this, and you will end up suffering damage because of this. One of the only ways to avoid this is to keep your units rented. Another option is to purchase security systems for the units, but this tends to get expensive.
If you are tired of dealing with unoccupied units and cannot seem to find tenants, it might be time for you to hire a property management company. This type of company strives to keep units full all the time, and this could help you avoid these three common problems.Share