A vacant Los Angeles rental property is expensive. You need to earn consistent income to increase your chances of positive cash flow and establish a profitable path towards long-term ROI. Vacancies are about more than lost rental income. They also present security and maintenance problems.
We’re sharing a few tips on how to keep your Los Angeles investment property occupied with high-quality tenants and your vacancy rates down.
Provide an Appealing, Well-Priced Rental Property
Attractive, well-maintained homes in good neighborhoods will always rent quickly. Your vacancy problem can easily be avoided if you make a few important but cost-effective upgrades. Evaluate the condition of your property. If your appliances are old and the carpet is worn, make the necessary improvements that will get the attention of good tenants. Think like a resident. Install energy-efficient appliances, tear up the carpet, and put in low-maintenance hard surface flooring. Check the landscaping and common areas.
The rental home has to be priced competitively as well. One of the most common reasons that a rental property remains vacant is that it’s overpriced. Tenants today are educated and they know where your rental value should be. Take some time to complete a comparative market analysis and measure your property against the competition. Price it accordingly.
Create a Marketing Plan that Works
You’ll need more than a Craigslist ad to market your Los Angeles investment property successfully.
Strategic marketing will get your home rented quickly and avoid long vacancies. Make sure you’re taking professional-level photos and writing concise, detailed descriptions. Reach the largest possible pool of tenants by advertising your listing on all the popular rental platforms. Spread the word on social media.
Make sure you follow up when prospective tenants get in touch to ask questions or schedule a showing. If you don’t answer the phone or wait a week to get back to them, they will already have moved on and chosen another property. You have to make yourself available and you need to facilitate showings that are convenient for tenants.
Provide Responsive Maintenance and Repairs
Once a tenant is in place, you want to focus on retaining that resident. It’s the best way to avoid vacancies.
One of the most common reasons that tenants move after their lease ends is maintenance. If their repair requests go unanswered or the response is slow, they’re going to be unhappy. Make routine and emergency maintenance a priority when you’re renting out a home. It will guarantee that your tenants stay in place and continue to renew their lease agreements year after year.
Work with a Los Angeles Property Management Company
The best way to avoid a long and expensive vacancy period is to call in some professional help.
When you work with a Los Angeles property management partner, you can expect your investment property to be rented quickly, by well-qualified tenants, and for the most amount of money. Property managers have marketing and screening tools that individual landlords do not.
If you need help reducing your own vacancy rate or you’d like to talk about our LA property management experience and resources, please contact us at EGL Properties.