7 Tips To Lower Vacancy in Park City Property Management
I don't want to start this post by tooting my own horn but my vacancy rates are really low. Over the last year I can't recall a single Park City long term rental that has sat vacant for more than a few weeks. Most of the properties I handle in Park City property management are rented again before the current tenant even moves out. So how can you keep your vacancy rates at optimum levels? Well I have a few tips that have worked well for me that I would like to share. I feel that any of these would be beneficial and taken together they will supercharge your Salt Lake City property management operation.
Know The Market Rent
This is one of the first and most obvious steps in keeping your vacancy low. If you are pricing yourself out of your market you will find yourself with a vacant property. Now I'm not suggesting that you price yourself below market just to stay occupied. You can do that if circumstances warrant but ideally you should be competitively priced to maximize your investment. Survey comparable units in the area and take an honest assessment of your property. Are there additional factors that would make your property more or less desirable in Park City property management?
Good Online Ads
The basic one sentence description of your Park City long term rentals really doesn't do much to entice new tenants. Consider beefing up the description by covering all the amenities your property has to offer. Highlight things that would be selling points for your property like a large kitchen or master bedroom. If your property is part of a homeowners association and there are amenities in the property you should list them. Use interesting or descriptive words and you will generate a lot more interest from online customers. Anything you can do to differentiate yourself from your competition in Salt Lake City property management is a good thing.
Sell The Property
When you meet prospective tenants for a tour don't just throw open the door, let the tenants wander about and then call it good. You should walk the prospects through the property, point out any unique selling points and give a little information about the place. There is no need to be a smarmy used car salesman, just highlight the positives. If there are any upgrades you have done point them out. The idea is to help the prospective tenants visualize themselves living there, anything to that end will help your Park City property management business.
Offer Incentives
This is a great way to get people interested in your property. Things like "$200 off first month's rent with immediate move in" not only speak to a value for a potential tenant but also create a sense of urgency, if they don't act now they could lose this place! There are other ways to incentivize a move in too so be creative. Maybe offer a new microwave or TV if that makes more sense for you. If it seems like I'm hammering this same point it is because it is important: look for ways to set yourself apart from your competition in a positive way.
Presentation
Little things that stand out initially can have a big effect on potential tenants. Things like a beat up or scratched door, a dirty entryway or a poorly maintained front yard can set things off on the wrong foot immediately. Consider simple and easy ways to spruce up the presentation of your property.
Have A Website
There are simple ways to create a basic and professional looking website for your Park City property management operation. Considering the volume of searching that is done online for rental properties I think it pays to have yourself a digital storefront.
Be Responsive
Always return phone calls from prospective tenants in a timely manner. Tenants are the lifeblood of your business so do them a common courtesy by calling them back. Even if your properties are occupied it is a good business practice to return phone calls in Park City property management.
If you would like more information on reducing vacancy, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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