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Avoid losing tenants with clear lease terms, renewal policies, and more.
Vacancy loss is one of every landlord’s deepest fears. After all, a steady and smooth rental income flow ensures that your investment property remains profitable. That’s why today, I will share proven strategies to help you manage vacancies effectively:
1. Have a clear lease agreement. Ensure that your lease clearly outlines how and when both parties should communicate; specifies whether it’s a one-year or two-year lease; and defines how much notice a tenant must give before moving out or renewing the lease. Remember: a clear lease agreement is the foundation of a successful landlord-tenant relationship.
“Investing time in effective lease management pays off by ensuring higher occupancy rates and fewer vacancies.”
2. Take advantage of pre-leasing. If the lease term is about to expire, regularly check in with your current tenants to ask if they plan to renew their lease and discuss the terms so you can explain the process and expectations for vacating the property. That way, you can start looking for new tenants before the current tenants move out.
3. Prepare for a quick turnaround. If a tenant decides not to renew, begin advertising the property as soon as possible. Ensure that the tenants move out quickly and inspect the unit to ensure that it’s clean and ready for new tenants as quickly as possible.
For personalized advice and support, reach out to us at 843-212-4065 or email team@tidepm.com. Our team can assist you in managing your property efficiently and reducing vacancy losses. Plus, if you’re worried about your vacancy loss, you can use our vacancy loss calculator to help you assess potential vacancy losses. We look forward to hearing from you!
