A vacant property is expensive for owners. At Elite Pacific
Properties, we work hard to limit the number of days your Oahu
rental home is unoccupied. We are strategic with pricing and
marketing, and we use our local market expertise to place a
tenant quickly. If you’re worried about a property that
won’t rent or you’re concerned about long term
vacancies, contact us. We can help you earn more and spend
less by avoiding the expense and the stress of vacant
investment properties.
Well-Maintained Homes are Rarely Vacant for Long
This might seem pretty obvious:
High quality tenants
are interested in high quality properties.
An easy way to avoid vacancy is by making sure your rental
home is appealing to the tenants you want to attract. It must
be clean, modern, and well-maintained. Don’t be afraid
to make some minor and inexpensive updates. You don’t
have to do a full rehab project, but a fresh coat of paint,
updated flooring, and better lighting can make a huge
difference in how quickly your property is rented.
Curb appeal is also important to avoiding a long vacancy
period. When you can keep your landscaping clean and healthy,
and make sure the front of the property is welcoming and
inviting, you’ll have a better chance of renting it out
quickly. Check your exterior lighting, and make sure the
parking lot or driveway should be in good condition. If
someone is driving by the home or walking through the
neighborhood, you want to make sure your property gets their
attention.
If you want to avoid a long vacancy period, provide a great
property.
Be Aggressive and Competitive with Pricing
Your price also affects whether your home is vacant or
occupied.
It’s easy to overprice a home, especially if you need to
earn a certain amount to offset your own costs. But, you need
to understand the local market if you want to arrive at an
accurate rental value. All owners want to earn the highest
rent possible. Pricing your home for more than what similar
properties in your area are renting for will only result in a
longer vacancy.
You don’t want to leave any money on the table, so
it’s important to list your home at the highest end of
the rental value spectrum. But, make sure you’re not out
of bounds. Spend some time analyzing market values and looking
at data that reflects what other properties are earning. Price
your own property at or slightly below the average if you want
to rent the home out quickly.
Effective Rental Property Marketing Reduces Vacancy
If your home is priced correctly but it still remains vacant,
it could be that you’re not marketing it well enough.
Make sure you’re using all the available online
advertising channels. Take good pictures and write a
compelling and detailed ad. When prospective tenants call for
more information, be responsive.
You cannot find good tenants fast unless you are aggressive
with your marketing and available to show the home.
Focus on Oahu Tenant Retention
The best way to avoid vacancy is by keeping your current
tenants in place. Provide a good tenant experience and a
pleasant tenancy.
When you’re responsive to maintenance requests and
willing to answer questions and solve problems quickly, your
tenants will want to stay in place. Respond to repair requests
right away, even if they’re not emergencies. Provide
multiple ways for them to pay rent on time and communicate
openly and transparently. Don’t lose your tenants every
time a lease ends. Those vacancy and turnover expenses are
hard to recover.
If you’re having trouble renting out your home quickly,
contact us
at Elite Pacific Properties. We’re your best
Oahu property management
solution.