Vacancies are an expensive problem for Big Island real estate investors. Not only does the lack of rental income stall your cash flow and damage your long-term ROI, you’re also stuck paying out-of-pocket for things like utilities and cleaning.
Avoiding vacancies is a large part of any sound investment strategy. Today, we’re sharing some easy tips to keeping your investment property occupied, which will also keep your rental income consistent and your property protected.
Price Your Big Island Rental Property According to the Market
Vacancies are often due to incorrect pricing. We know you want to earn as much as possible on your rental home, but if you price it unreasonably high, no one will rent it. Stay competitive with your price if you want to avoid a long vacancy. It’s important to study the market and to know where your property falls in terms of rental value. The size of your home and its condition and location are important. However, nothing affects price more than market strength. Know the real estate trends in your area.
Strategic Marketing Reduces Vacancy
Avoiding vacancy also depends on good marketing. Most tenants are looking for their next rental home online. You’ll need to take some great photos and write some detailed descriptions. Then, post those listings on sites that tenants are using.
The photos are important. They are the first impression and an introduction to your property. Tenants are going to look at the pictures before they ready anything about the home.
Include all of your contact information and pertinent details like the rental amount, number of bedrooms, and when the home will be available to see. Once you have your listing out there, be responsive to all the phone calls and messages you will likely receive about the property. Answer promptly and schedule showings.
Pet-Friendly Properties Rent Faster
Pets can be a touchy subject, and if you don’t want to accept pets, we understand why you’d hesitate. For pet owners, animals are part of the family. But, they can bring extra liability into your rental property. So we know a lot of owners prefer tenants without pets. But, more than half of the tenants looking for homes own at least one pet. If you want to rent your property quickly and avoid a high vacancy rate, you might want to open your doors to pets.
Put a Tenant Retention Plan in Place
The easiest way to avoid a vacancy is by keeping the tenants you currently have. If you’re renting to people who pay on time and take care of your property, make sure that they know how much you value and appreciate them. Continue to be responsive to their maintenance needs and repair requests. Check in with them from time to time and communicate openly. Put some effort into retaining your great residents so you don’t have to deal with a potentially expensive turnover.
We can help you avoid long vacancies with your rental property. Big Island property management focuses on finding and placing reliable long term residents and then serving their needs so they stay in place. Our experience in this market has helped us with pricing, marketing, and tenant relations. Contact us at Hawaiian Dream Properties, and we’ll talk about how to get your property rented quickly.