For anyone who has decided to invest in residential property and provide a place to live for people who can't afford a mortgage to purchase a home, the key to profitability is to ensure that there are residents who are paying rent on time. Of course, this also means that if you have vacancies in a residency, that's revenue you aren't generating, as well as a home that should be going to someone who needs it.

Here are some of the things you can do to reduce the duration of vacancies if you think you are experiencing periods that are too long.

Availability

Property management can be hectic and often takes up much time. However, when you're looking for new residents to live in vacant properties, it's crucial to set aside some time to be able to follow up on this. One of the reasons many properties miss out on a potential new resident is that people are considering multiple residencies, and if they don't get an answer to a phone call, email, or some other method of inquiry, they cross it off their list and move to the next prospect.

If your property is in a competitive area, then every missed call or email may result in a vacancy. When you're trying to convince people to live on your property, responsiveness can make all the difference.

Marketing

Similar to availability, how accessible is your marketing? Have you done the research you need to on which social media platforms are most effective for the market you're trying to reach? Have you cleaned up the properties and taken photos that show them in their best light? Is your reach large enough, or have you only picked one or two vehicles of promotion and called it a day?

The world of marketing property is much more effective today, but it is also much more complex and demanding. The days of being able to place an ad in one or two newspapers are over. Potential residents want to see photos, so they consult social media as well as a plethora of different websites and apps. You need to research where hopeful residents are looking and ensure your promotional efforts can be found there.

Your Rent May Be Too High

The single most common cause of significant vacancies is investors, understandably, wanting the highest return on their investment. Unfortunately, that need for a high return can sometimes result in pegging rent at an amount that is not competitive with the area or in sync with the actual condition and quality of the property. As a result, many people take one look at the asking price for monthly rent and never even consider taking a closer look because they've been priced out.

Profitability is about understanding the market and adapting to its characteristics. If your rent is too high, you're not doing yourself any favors paying out to maintain unoccupied apartments or other residencies for weeks, months, or even years.

 For more ways to ensure that your property investments don't suffer from extended vacancies, contact Occupancy Solutions and let us help.