Every day that your Los Angeles County rental property remains empty is a day that you are not making money. In fact, you’re losing money. If you’ve been dealing with longer-than-expected vacancy periods and a lot of tenant turnover, it’s time for a turnaround.
One of the best ways to keep vacancy times to a minimum is by working with a Los Angeles County property management company. We’re able to get your property rented quickly, thanks to our technology and our resources and our commitment to finding the best possible tenant in the shortest amount of time.
By minimizing vacancy time, we maximize your profits.
Let’s take a look at how we can keep downtime to a minimum and occupancy levels high.
Pricing and Los Angeles County Rental Property Condition
In our experience as local property management professionals, we have found that longer vacancies are usually due to one of these three things:
- The wrong price.
- Property condition that leaves a lot to be desired.
- Lackluster marketing and advertising.
We will talk about the marketing component in a moment, but first let’s talk about two essential topics that need consideration before you even list your home for rent.
Pricing has to be accurate and competitive and aligned with the market. Maybe you have a specific idea of how much you want to earn in rent. If that price point is outside of what the market demands, you’re going to have to be flexible, otherwise you can expect a long vacancy period.
Property managers can be helpful in reducing vacancy by ensuring your rental value is where it should be. We are collecting data and analytics daily to understand the market and the competing properties in the market and what good tenants are willing to pay for a rental home like yours. We make sure to price for profit and for a speedy leasing process.
Your Los Angeles property management partner will also be helpful when it comes to preparing your property for the market. Well-qualified tenants know that they have a lot of options when it comes to being approved for a rental home; they’re not going to choose the home with the dated floors and the deteriorating appliances and the faded paint.
Good tenants are looking for energy-efficiency, curb appeal, and a lot of comforts such as smart home technology, pet-friendly policies, and a layout that supports their working and living priorities. Be willing to make some upgrades and improvements if you want to minimize vacancy and attract good tenants quickly.
Invest in Smart Marketing and Advertising Strategies
If you’re having trouble with vacancy, a quick turnaround can come when you make more of an effort to market your home. Are you using all of the most popular rental websites? Are you leveraging a solid social media presence? How good are your photos? Are you sharing enough information?
One of the primary advantages of hiring a Los Angeles property manager is that we can help you market and advertise your rental property. We already have a presence online. We have our own website, which will showcase your property for rent.
The experience we’ve gathered leasing homes over the years tells us that an effective marketing strategy includes:
- High quality photographs
- Video tours and walk-throughs
- Concise but thorough information
- Invitations to showings that are convenient for tenants
- Responsiveness when prospective tenants call for more information
If you’re not sure how many photos you need or what should go into a compelling rental listing that attracts quality tenants, we can take care of this for you. By relying on our marketing expertise, you can avoid the hassle of marketing your property yourself, which can be time-consuming and challenging.
You might have the best, most impressive rental property in Los Angeles. If no one knows that it’s for rent, of course you’re going to experience a vacancy that’s just a bit too long. You need a management team that understands the power of online advertising and how to reach prospective tenants quickly and in a way that identifies, attracts, and retains them.
Focus on Retaining Los Angeles County Residents
One of the best ways to avoid vacancy is by holding onto the tenants who are already in place. This is something you should think about during the marketing and screening phase of the leasing process. Are you attracting and approving residents who are likely to stay in place for the long term? If you’re reviewing an applicant’s rental history and you see that they have a habit of remaining in a rental property only for a year at a time – or not even that long – you may find that the tenant does not meet your qualifying standards. You need to see a solid rental history that indicates you’ll have an easy time with retention.
We have implemented some excellent and strict screening criteria that’s also compliant with all fair housing laws. Our process is fair and consistent. We work hard to ensure that all tenants who apply meet the required qualifications. We are careful with our background and credit checks to identify those tenants who are financially stable and able to afford the rent. This tells us they’ll stay in place, and we won’t have to deal with a vacancy because the lease term could not be completed.
Retaining tenants and avoiding vacancy means creating a positive rental experience. Property managers do this by:
- Providing a clear set of expectations at move-in.
- Responding to maintenance needs promptly and with a sense of urgency.
- Communicating well, with constant availability and accessibility. We listen.
- Offering conveniences, such as online portals where tenants can pay rent electronically and send routine maintenance requests in via email.
- Keeping renewal rent increases reasonable and market-driven.
Vacancies that are created by a tenant moving out are often even more expensive than the vacancies you deal with when you’re first preparing to list a home on the market. The entire turnover process comes with costs that are often unexpected. You’ll likely have to paint, consider improvements and upgrades, spend money on marketing, and spend time showing the home and screening tenants. All of those wear and tear items have to be addressed and you could find yourself losing both money and time during the turnover process, especially if you’re doing it on your own and without the help of a Los Angeles property manager.
Creating Curb Appeal and Allowing Pets
Two quick tips we have for Los Angeles investment property owners who want to reduce vacancy and save money on turnover are these:
- Allow pets.
- Create some inviting and attractive curb appeal.
Many rental property owners struggle with whether or not they should allow pets. While there is often extra risk involved in bringing animals into a rental home, providing a pet-friendly property is sure to reduce your vacancy. The majority of tenants in Los Angeles and throughout Southern California have at least one pet, and they’re looking for homes that will welcome their furry family members.
Curb appeal is also important. Make sure the landscaping is neat and healthy, and make sure the front of the property is welcoming and inviting. You want to have enough exterior lighting, and the parking lot or driveway should be in good condition. Curb appeal is the first impression that prospective tenants often have of your property. What kind of impression do you want them to come away with? This is your opportunity to create an emotional connection. Give them a reason to see your home and rent it.
Los Angeles Property Management
Los Angeles property management provides a huge value when it comes to reducing vacancy and ensuring you’re able to maximize what you earn on the property. We can speed up a turnover process, thanks to our vendors and contractors who are committed to prioritizing the work we need, and providing their best rates. We can tell you what your property needs in order to get the attention you want on the rental market. We can talk about pricing and marketing strategies.
It’s easy enough to rent out your own home. But, if you want to rent it out faster and for more money and to better Los Angeles tenants, partner with a professional management company.
Vacancy time is a real concern for real estate investors, but it doesn’t have to be a source of stress. We can streamline all of the processes involved in the pricing, preparation, marketing and screening process. Let’s get your lease term started off on a positive and profitable foot.
We’d love to talk about this with you further. If you’re worried about vacancy or thinking about renting out a home, contact our team at El Camino Property Management.
Please note this information is deemed reliable, but not guaranteed. Please consult appropriate professionals for specific situations.
