90-Day No Vacancies Challenge
Landlords know that the rental market follows pretty predictable cycles; busy Summers, slowing Fall and quieter Winters. In fact, many of our clients see see twice or three times the number of rental applications in Summer compared to Winter and Early Spring. So what happens if you suddenly have a vacancy NOW as we roll into the quieter winter-to-spring season. What measures can you take to ensure that you continue to ride the leasing wave through the quiet Winter and Early Spring months without a vacancy?
What we know: Most renters move around the first of the month and, depending on your agreement, are obligated to give 1-2 months notice if they are intent on leaving.
Therefore, get ahead of the curve. Start looking for new tenants at least 60 days before your lease end date. And if you are really committed to success, you should be prepping for this search 90 days beforehand.
As a landlord on a mission to build wealth through real estate, your goal is to minimize vacancy months. One month of vacancy will cut your annual income by nearly 10%. Two months by nearly 20%. And three months? You’re probably barely making a profit.
To minimize vacancy time, discuss your tenants plans for moving as early as possible. This is especially true in Winter when it may be more difficult to find a quality tenant replacement.
The prime time for applicants is 45 days out from the lease term. This means if you start looking for a tenant 30 days out, you’ve already missed the best wave. You’ll either have to wait another month to fill the vacancy, lower your rent, or settle for a less than ideal tenant.
With the right amount of planning, marketing, and screening, you can find an amazing tenant for your home.
Here’s your homework: Take a look at your lease agreements. If you are 1-3 months away from a vacancy, contact Home Rentals LA today.
If you’ve been following Home Rentals LA, you know about our 30-60-90 day plan for zero vacancies. We have refined it to accommodate the current times.
If you start now, you will be extra ready for the late Spring upswing of tenants. Here’s the breakdown:
Check to make sure your lease agreements are compliant with the most up-to-date California laws.
Attract new tenants to take over upcoming vacancies
Perform yearly maintenance on your property to best market to new tenants
Once the weather starts to warm up, the housing market will start to pick up and people will begin to look for new properties to lease. Home Rentals LA has perfected a system for landlords to get ahead of both administrative and seasonal maintenance of their properties.
During the upcoming Spring, landlords will need to prepare for an increase in rental applications, property viewings, and new leases. By starting NOW, you are setting up your property to attract the BEST tenant for the MOST rent at the LEAST cost to you.