Vacancies are expensive, and they work against your ability to increase your ROI. When your property remains unoccupied, you’re losing money that you can never earn back. Today, we’re sharing a couple of important tips that will help you avoid a longer than necessary vacancy period with your Contra Costa County rental property.
Provide an Appealing Rental Property
First, make sure you are providing an outstanding rental property to your prospective tenants. You need to have a clean property, and you need to be sure that everything in it works. No one is going to rent a home that’s dirty or that has broken windows and appliances that don’t function. Create an appealing property. Pay attention to the curb appeal; when people drive or walk by, you want to be sure you’re presenting them with a welcoming and attractive home. Inside, there should be plenty of light, and everything should work. If people go to see your home, their first impression should be that it’s a nice property. Let your tenants imagine themselves living in the home. You won’t have a long vacancy period if it’s move-in ready from the moment you begin marketing it.
Price Your Property Competitively
The next step in ensuring you don’t have a long vacancy period is to make sure you price your rental property right. Owners want to earn as much as possible on their rental property, and that’s understandable. You don’t want to undervalue your home or leave any potential rental money on the table. But, you have to pay attention to the market and make sure you understand what tenants in this area are willing to pay. It really doesn’t matter how much you think your home is worth or how much you want to earn in order to cover your rent and other expenses. It’s the market that drives the price, every time.
New Development Impacts Prices
In any of the cities in Contra Costa County, more rentals are being built. This recent boom in new construction and development means the rental prices have come down a little. So, you need to realize this, and be prepared for it. Price your property to rent quickly. If you’re competitive, you’ll attract great tenants who recognize they’re getting a good value. That will help with tenant retention and limit your vacancy and turnover costs. At Stokley Properties, we take a methodical and data-drive approach to analyzing the market and helping you establish a good rental price. We use our own expertise as well as several websites. We want to look at how the competition is priced right now. Last month, maybe properties similar to yours earned a little more or a little less. But, we’re concerned with the current market. You need to have a rental price that’s in line with the competition.
If you offer a nice property that’s well-maintained and elicits a good first impression and you have priced that properly correctly, you’ll rent your home quickly in Contra Costa County. If you have any questions about pricing or property management, please contact us at Stokley Properties.
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